Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 06, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | RAND | |
Entity Registrant Name | Rand Capital Corporation | |
Entity Central Index Key | 0000081955 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 2,581,021 | |
Title of 12(b) Security | Common Stock, $0.10 par value | |
Security Exchange Name | NASDAQ | |
Entity File Number | 814-00235 | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 16-0961359 | |
Entity Address, Address Line One | 1405 Rand Building | |
Entity Address, City or Town | Buffalo | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 14203 | |
City Area Code | 716 | |
Local Phone Number | 853-0802 | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Total Investments at Fair Value | $ 74,684,285 | $ 61,504,259 |
Cash | 3,479,772 | 1,368,996 |
Interest receivable | 237,193 | 208,338 |
Prepaid income taxes | 76,396 | |
Deferred tax asset, net | 134,087 | 28,160 |
Other assets | 504,345 | 295,043 |
Total assets | 79,039,682 | 63,481,192 |
Liabilities: | ||
Due to investment adviser | 268,609 | 562,221 |
Accounts payable and accrued expenses | 169,995 | 66,680 |
Income taxes payable | 29,577 | |
Line of credit (see Note 6) | 13,750,000 | 2,550,000 |
Capital gains incentive fees | 2,907,700 | 2,167,000 |
Deferred revenue | 561,524 | 413,971 |
Total liabilities | 17,687,405 | 5,759,872 |
Commitments and contingencies (see Note 5) | ||
Stockholders' equity (net assets): | ||
Common stock, $0.10 par; shares authorized 100,000,000; shares issued: 2,648,916; shares outstanding: 2,581,021 at 9/30/23 and 12/31/22 | 264,892 | 264,892 |
Capital in excess of par value | 51,464,267 | 51,464,267 |
Treasury stock, at cost: 67,895 shares at 9/30/23 and 12/31/22 | (1,566,605) | (1,566,605) |
Total distributable earnings | 11,189,723 | 7,558,766 |
Total stockholders' equity (net assets) (per share - 9/30/23: $23.77; 12/31/22: $22.36) | 61,352,277 | 57,721,320 |
Total liabilities and stockholders' equity (net assets) | 79,039,682 | 63,481,192 |
Control Investments | ||
ASSETS | ||
Total Investments at Fair Value | 4,083,489 | 3,536,207 |
Affiliate Investments | ||
ASSETS | ||
Total Investments at Fair Value | 51,097,315 | 38,241,589 |
Non-Control/Non-Affiliate Investments | ||
ASSETS | ||
Total Investments at Fair Value | $ 19,503,481 | $ 19,726,463 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited) (Parenthetical) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Investment at Cost | $ 66,261,908 | $ 55,716,237 |
Common shares, par value | $ 0.1 | $ 0.1 |
Common shares, authorized | 100,000,000 | 100,000,000 |
Common shares, issued | 2,648,916 | 2,648,916 |
Common shares, outstanding | 2,581,021 | 2,581,021 |
Treasury stock, shares | 67,895 | 67,895 |
Net assets (per share) | $ 23.77 | $ 22.36 |
Control Investments | ||
Investment at Cost | $ 5,207,299 | $ 4,660,017 |
Affiliate Investments | ||
Investment at Cost | 43,946,584 | 30,204,160 |
Non-Control/Non-Affiliate Investments | ||
Investment at Cost | $ 17,108,025 | $ 20,852,060 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Investment income: | ||||
Total interest from portfolio companies | $ 1,535,677 | $ 1,100,005 | $ 4,306,120 | $ 3,016,976 |
Total interest from other investments | 456 | 48 | 692 | 49 |
Total dividend and other investment income | 154,416 | 421,659 | 821,756 | 911,169 |
Total fee income | 50,565 | 32,553 | 279,476 | 104,001 |
Total investment income | 1,741,114 | 1,554,265 | 5,408,044 | 4,032,195 |
Operating Expenses [Abstract] | ||||
Base management fee (see Note 8) | 268,609 | 225,730 | 769,869 | 696,772 |
Capital gains incentive fees (see Note 8) | (41,300) | 22,000 | 740,700 | (880,760) |
Interest expense | 290,522 | 26,042 | 707,834 | 26,042 |
Professional fees | 120,828 | 126,089 | 392,110 | 569,310 |
Stockholders and office operating | 57,097 | 41,739 | 206,481 | 163,327 |
Directors' fees | 66,550 | 47,800 | 197,791 | 137,783 |
Administrative fees | 37,250 | 111,750 | ||
Insurance | 10,380 | 9,525 | 33,720 | 31,788 |
Corporate development | 4,267 | 3,753 | ||
Other operating | 34 | 124 | ||
Total expenses | 809,936 | 498,959 | 3,164,522 | 748,139 |
Net investment income before income taxes: | 931,178 | 1,055,306 | 2,243,522 | 3,284,056 |
Income taxes, including excise tax expense | 132,595 | 45,140 | 237,393 | 83,750 |
Net investment income | 798,583 | 1,010,166 | 2,006,129 | 3,200,306 |
Net Realized (Loss) Gain On Sales And Dispositions Of Investments [Abstract] | ||||
Net realized (loss) gain on sales and dispositions of investments, before income taxes | (2,802,731) | 1,919 | 1,068,904 | 690,591 |
Income tax expense | 338,158 | |||
Net realized (loss) gain on sales and dispositions of investments | (2,802,731) | 1,919 | 730,746 | 690,591 |
Net change in unrealized appreciation/ depreciation on investments: | ||||
Change in unrealized appreciation/ depreciation before income taxes | 2,599,652 | 92,817 | 2,634,355 | (5,092,921) |
Deferred income tax benefit | (66,441) | |||
Net change in unrealized appreciation/depreciation on investments | 2,599,652 | 92,817 | 2,700,796 | (5,092,921) |
Net realized and unrealized (loss) gain on investments | (203,079) | 94,736 | 3,431,542 | (4,402,330) |
Net increase (decrease) in net assets from operations | $ 595,504 | $ 1,104,902 | $ 5,437,671 | $ (1,202,024) |
Weighted average shares outstanding, Basic | 2,581,021 | 2,581,021 | 2,581,021 | 2,581,021 |
Weighted average shares outstanding, Diluted | 2,581,021 | 2,581,021 | 2,581,021 | 2,581,021 |
Increase (decrease) in net assets from operations per share, Basic | $ 0.23 | $ 0.43 | $ 2.11 | $ (0.47) |
Increase (decrease) in net assets from operations per share, Diluted | $ 0.23 | $ 0.43 | $ 2.11 | $ (0.47) |
Control investments | ||||
Investment income: | ||||
Total interest from portfolio companies | $ 175,962 | $ 124,408 | $ 506,800 | $ 124,408 |
Total fee income | 4,515 | 3,900 | 12,726 | 3,900 |
Affiliate investments | ||||
Investment income: | ||||
Total interest from portfolio companies | 1,002,553 | 581,911 | 2,731,575 | 1,767,024 |
Total dividend and other investment income | 13,126 | 305,959 | 419,951 | 552,469 |
Total fee income | 40,072 | 19,340 | 246,816 | 72,160 |
Net Realized (Loss) Gain On Sales And Dispositions Of Investments [Abstract] | ||||
Net realized (loss) gain on sales and dispositions of investments, before income taxes | 2,596,094 | 167,159 | ||
Net change in unrealized appreciation/ depreciation on investments: | ||||
Change in unrealized appreciation/ depreciation before income taxes | (886,698) | 47,841 | ||
Non-Control/Non-Affiliate investments | ||||
Investment income: | ||||
Total interest from portfolio companies | 357,162 | 393,686 | 1,067,745 | 1,125,544 |
Total interest from other investments | 456 | 48 | 692 | 49 |
Total dividend and other investment income | 141,290 | 115,700 | 401,805 | 358,700 |
Total fee income | 5,978 | 9,313 | 19,934 | 27,941 |
Net Realized (Loss) Gain On Sales And Dispositions Of Investments [Abstract] | ||||
Net realized (loss) gain on sales and dispositions of investments, before income taxes | (2,802,731) | 1,919 | (1,527,190) | 523,432 |
Net change in unrealized appreciation/ depreciation on investments: | ||||
Change in unrealized appreciation/ depreciation before income taxes | $ 2,599,652 | $ 92,817 | $ 3,521,053 | $ (5,140,762) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Net assets at beginning of period | $ 61,402,028 | $ 57,664,184 | $ 57,721,320 | $ 60,745,416 |
Net investment income | 798,583 | 1,010,166 | 2,006,129 | 3,200,306 |
Net realized (loss) gain on sales and dispositions of investments | (2,802,731) | 1,919 | 730,746 | 690,591 |
Net change in unrealized appreciation/depreciation on investments | 2,599,652 | 92,817 | 2,700,796 | (5,092,921) |
Net increase (decrease) in net assets from operations | 595,504 | 1,104,902 | 5,437,671 | (1,202,024) |
Declaration of dividend | (645,255) | (387,153) | (1,806,714) | (1,161,459) |
Net assets at end of period | $ 61,352,277 | $ 58,381,933 | $ 61,352,277 | $ 58,381,933 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net increase (decrease) in net assets from operations | $ 5,437,671 | $ (1,202,024) |
Adjustments to reconcile net increase (decrease) in net assets to net cash (used in) provided by operating activities: | ||
Investments in portfolio companies | (18,060,000) | (3,142,086) |
Proceeds from sale of portfolio investments | 5,907,298 | 3,529,549 |
Proceeds from loan repayments | 3,511,481 | 90,175 |
Net realized gain on sales and dispositions of portfolio investments | (1,068,904) | (690,591) |
Change in unrealized (appreciation) depreciation on investments | (2,634,355) | 5,092,921 |
Deferred income tax benefit | (105,927) | (48,395) |
Amortization | 18,750 | 6,250 |
Original issue discount amortization | (17,006) | (18,754) |
Non-cash conversion of debenture interest | (813,599) | (516,391) |
Changes in operating assets and liabilities: | ||
Increase in interest receivable | (28,855) | (92,617) |
Increase in other assets | (232,993) | (147,111) |
Decrease in prepaid income taxes | 76,396 | 200,874 |
Increase in income taxes payable | 29,577 | |
Increase in accounts payable and accrued expenses | 103,315 | 22,453 |
Decrease in due to investment adviser | (293,612) | (665,453) |
Increase (decrease) in capital gains incentive fees payable | 740,700 | (880,760) |
Increase (decrease) in deferred revenue | 147,553 | (50,001) |
Total adjustments | (12,720,181) | 2,690,063 |
Net cash (used in) provided by operating activities | (7,282,510) | 1,488,039 |
Cash flows from financing activities: | ||
Proceeds from line of credit | 11,200,000 | |
Payment of cash dividends | (1,806,714) | (1,161,459) |
Payment of closing fee | (125,000) | |
Net cash provided by (used in) financing activities | 9,393,286 | (1,286,459) |
Net increase in cash | 2,110,776 | 201,580 |
Cash: | ||
Beginning of period | 1,368,996 | 833,875 |
End of period | $ 3,479,772 | $ 1,035,455 |
CONSOLIDATED SCHEDULE OF PORTFO
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS (Unaudited) | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 USD ($) Units $ / shares shares | Dec. 31, 2022 USD ($) Unit Units $ / shares shares | Dec. 31, 2021 USD ($) | ||||
Schedule of Investments [Line Items] | ||||||
Cost | $ 66,261,908 | $ 55,716,237 | ||||
Fair Value | $ 74,684,285 | $ 61,504,259 | ||||
Investment, Identifier [Axis]: 117,371 Series B Convertible Preferred | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Aug. 31, 2015 | [1],[2],[3] | Aug. 31, 2015 | [4],[5],[6] | ||
Cost | $ 250,000 | [1],[2] | $ 250,000 | [4],[5] | ||
Fair Value | $ 250,000 | [1],[2],[7],[8] | $ 250,000 | [4],[5],[9],[10] | ||
Number of Shares Owned | shares | 117,371 | [1],[2],[11] | 117,371 | [4],[5],[12] | ||
Investment, Identifier [Axis]: ACV Auctions, Inc, - 194,934 shares | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [2],[3],[13],[14],[15] | Aug. 12, 2016 | ||||
Equity | [2],[13],[14],[15],[16] | 1% | ||||
Cost | [2],[13],[14],[15] | $ 53,094 | ||||
Fair Value | [2],[7],[8],[13],[14],[15] | $ 2,959,098 | ||||
Percent of Net Assets | [2],[13],[14],[15] | 4.80% | ||||
Number of Shares Owned | shares | [2],[11],[13],[14],[15] | 194,934 | ||||
Value of shares owned per share | $ / shares | [2],[11],[13],[14],[15] | $ 15.18 | ||||
Investment, Identifier [Axis]: ACV Auctions, Inc, - 319,934 shares | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [5],[6],[17],[18],[19] | Aug. 12, 2016 | ||||
Equity | [5],[17],[18],[19],[20] | 1% | ||||
Cost | [5],[17],[18],[19] | $ 87,219 | ||||
Fair Value | [5],[9],[10],[17],[18],[19] | $ 2,517,881 | ||||
Percent of Net Assets | [5],[17],[18],[19] | 4.40% | ||||
Number of Shares Owned | shares | [5],[12],[17],[18],[19] | 319,934 | ||||
Value of shares owned per share | $ / shares | [5],[12],[17],[18],[19] | $ 7.87 | ||||
Investment, Identifier [Axis]: Affiliate Investments | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | $ 51,097,315 | $ 38,241,589 | $ 30,279,873 | |||
Net Change in Unrealized Appreciation (Depreciation) | (886,698) | 4,692,512 | ||||
Gross Additions | 18,231,405 | [21] | 7,592,100 | [22] | ||
Gross Reductions | (4,488,981) | [23] | (4,322,896) | [24] | ||
Net Realized Gains (Losses) | 2,596,094 | 167,159 | ||||
Amount of Interest/Dividend/Fee Income | $ 3,398,342 | [25] | $ 3,434,155 | [26] | ||
Investment, Identifier [Axis]: Affiliate Investments – Net assets | ||||||
Schedule of Investments [Line Items] | ||||||
Percent of Net Assets | 83.30% | [1],[2] | 66.30% | [5],[17] | ||
Investment, Identifier [Axis]: Affiliate Investments: SciAps, Inc.Type of Investment 113,636 Series C Convertible Preferred | ||||||
Schedule of Investments [Line Items] | ||||||
Number of Shares Owned | shares | 113,636 | |||||
Investment, Identifier [Axis]: Applied Image, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | $ 1,750,000 | [1],[2] | $ 1,750,000 | [4],[5] | ||
Fair Value | 1,750,000 | [1],[2],[7],[8] | 1,750,000 | [4],[5],[9],[10] | 1,750,000 | |
Amount of Interest/Dividend/Fee Income | $ 137,287 | [25] | $ 184,022 | [26] | ||
Investment, Identifier [Axis]: Applied Image, Inc. - $1,750,000 Term Note | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Dec. 31, 2021 | [1],[2],[3] | Dec. 31, 2021 | [4],[5],[6] | ||
Equity | 12% | [1],[2],[16] | 12% | [4],[5],[20] | ||
Cost | $ 1,750,000 | [1],[2] | $ 1,750,000 | [4],[5] | ||
Fair Value | $ 1,750,000 | [1],[2],[7],[8] | $ 1,750,000 | [4],[5],[9],[10] | ||
Percent of Net Assets | 2.90% | [1],[2] | 3% | [4],[5] | ||
Principle Amount | [4],[5],[12] | $ 1,750,000 | ||||
Interest Rate | 10% | [1],[2],[11] | 10% | [4],[5],[12] | ||
Due Date | Feb. 01, 2029 | [1],[2],[11] | Feb. 01, 2029 | [4],[5],[12] | ||
Investment owned face amount | [1],[2],[11] | $ 1,750,000 | ||||
Investment, Identifier [Axis]: Applied Image, Inc. - $1,750,000 Term Note at 10% | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | $ 1,750,000 | $ 1,750,000 | 1,750,000 | |||
Principle Amount | $ 1,750,000 | |||||
Interest Rate | 10% | 10% | ||||
Due Date | Feb. 01, 2029 | Feb. 01, 2029 | ||||
Investment owned face amount | $ 1,750,000 | |||||
Amount of Interest/Dividend/Fee Income | $ 137,287 | [25] | $ 184,022 | [26] | ||
Investment, Identifier [Axis]: Applied Image, Inc. - Warrant for 1,167 shares | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [4],[5],[6] | Dec. 31, 2021 | ||||
Number of Shares Owned | shares | 1,167 | |||||
Number of Warrants Owned | Units | [4],[5],[12] | 1,167 | ||||
Investment, Identifier [Axis]: Applied Image, Inc. -Warrant for 1,167 shares | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [1],[2],[3] | Dec. 31, 2021 | ||||
Number of Warrants Owned | Units | [1],[2],[11] | 1,167 | ||||
Investment, Identifier [Axis]: Ares Capital Corporation - 21,000 shares | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Mar. 16, 2020 | [2],[3],[13],[14] | Mar. 16, 2020 | [5],[6],[17],[18] | ||
Equity | 1% | [2],[13],[14],[16] | 1% | [5],[17],[18],[20] | ||
Cost | $ 267,140 | [2],[13],[14] | $ 267,140 | [5],[17],[18] | ||
Fair Value | $ 408,870 | [2],[7],[8],[13],[14] | $ 389,130 | [5],[9],[10],[17],[18] | ||
Percent of Net Assets | 0.70% | [2],[13],[14] | 0.70% | [5],[17],[18] | ||
Number of Shares Owned | shares | 21,000 | [2],[11],[13],[14] | 21,000 | [5],[12],[17],[18] | ||
Value of shares owned per share | $ / shares | $ 19.47 | $ 18.53 | ||||
Investment, Identifier [Axis]: BMP Food Service Supply | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | [1],[2],[27],[28] | $ 5,169,953 | ||||
Fair Value | [1],[2],[7],[8],[27],[28] | 5,169,953 | ||||
Investment, Identifier [Axis]: BMP Food Service Supply Holdco, LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | [4],[5],[29] | $ 3,100,000 | ||||
Fair Value | 5,169,953 | 3,100,000 | [4],[5],[9],[10],[29] | |||
Gross Additions | 2,320,000 | [21] | 3,100,000 | [22] | ||
Gross Reductions | [23] | (250,047) | ||||
Amount of Interest/Dividend/Fee Income | 464,575 | [25] | $ 33,533 | [26] | ||
Investment, Identifier [Axis]: BMP Food Service Supply Holdco, LLC - $2,500,000 Term Note | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [4],[5],[6],[29] | Nov. 22, 2022 | ||||
Equity | [4],[5],[20],[29] | 24% | ||||
Cost | [4],[5],[29] | $ 2,500,000 | ||||
Fair Value | [4],[5],[9],[10],[29] | $ 2,500,000 | ||||
Percent of Net Assets | [4],[5],[29] | 5.40% | ||||
Principle Amount | [4],[5],[12],[29] | $ 2,500,000 | ||||
Interest Rate | [4],[5],[12],[29] | 12% | ||||
Due Date | [4],[5],[12],[29] | Nov. 22, 2027 | ||||
Investment, Identifier [Axis]: BMP Food Service Supply Holdco, LLC - $2,500,000 Term Note at 12% | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | $ 2,500,000 | |||||
Principle Amount | $ 2,500,000 | |||||
Interest Rate | 12% | |||||
Due Date | Nov. 22, 2027 | |||||
Gross Additions | [22] | $ 2,500,000 | ||||
Amount of Interest/Dividend/Fee Income | [26] | 33,533 | ||||
Investment, Identifier [Axis]: BMP Food Service Supply Holdco, LLC - $4,820,000 Term Note at 12% | ||||||
Schedule of Investments [Line Items] | ||||||
Investment owned face amount | 4,820,000 | |||||
Investment, Identifier [Axis]: BMP Food Service Supply Holdco, LLC - $4,820,000 Term Note at 12% | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | $ 4,779,953 | 2,500,000 | ||||
Interest Rate | 12% | |||||
Due Date | Nov. 22, 2027 | |||||
Gross Additions | [21] | $ 2,320,000 | ||||
Gross Reductions | (40,047) | |||||
Amount of Interest/Dividend/Fee Income | [25] | $ 464,575 | ||||
Investment, Identifier [Axis]: BMP Food Service Supply Holdco, LLC - 16.7% Preferred Interest | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [1],[2],[3],[27],[28] | Nov. 22, 2022 | ||||
Cost | [1],[2],[27],[28] | $ 390,000 | ||||
Fair Value | $ 390,000 | [1],[2],[7],[8],[27],[28] | 600,000 | |||
Membership Interest | [4],[5],[12],[28],[29] | 16.70% | ||||
Gross Reductions | [23] | $ (210,000) | ||||
Investment, Identifier [Axis]: BMP Food Service Supply Holdco, LLC - 24.83% Preferred Interest | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | [4],[5],[29] | 600,000 | ||||
Fair Value | [4],[5],[9],[10],[29] | $ 600,000 | ||||
Membership Interest | [4],[5],[12],[29] | 24.83% | ||||
Gross Additions | [22] | $ 600,000 | ||||
Investment, Identifier [Axis]: BMP Food Service Supply Holdco, LLC - 4,820,000 Term Note | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [1],[2],[3],[27],[28] | Nov. 22, 2022 | ||||
Equity | [1],[2],[16],[27],[28] | 17% | ||||
Cost | [1],[2],[27],[28] | $ 4,779,953 | ||||
Fair Value | [1],[2],[7],[8],[27],[28] | $ 4,779,953 | ||||
Percent of Net Assets | [1],[2],[27],[28] | 8.40% | ||||
Interest Rate | [1],[2],[11],[27],[28] | 12% | ||||
Due Date | [1],[2],[11],[27],[28] | Nov. 22, 2027 | ||||
Investment owned face amount | [1],[2],[11],[27],[28] | $ 4,820,000 | ||||
Investment, Identifier [Axis]: BMP Swanson | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | [1],[2],[27] | 1,933,448 | ||||
Fair Value | [1],[2],[7],[8],[27] | 1,933,448 | ||||
Investment, Identifier [Axis]: BMP Swanson Holdco, LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | [4],[5],[29] | 1,833,333 | ||||
Fair Value | 1,933,448 | 1,833,333 | [4],[5],[9],[10],[29] | 1,833,333 | ||
Gross Additions | [21] | 100,115 | ||||
Amount of Interest/Dividend/Fee Income | $ 153,114 | [25] | $ 201,334 | [26] | ||
Investment, Identifier [Axis]: BMP Swanson Holdco, LLC - $1,600,000 Term Note | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Mar. 04, 2021 | [1],[2],[3],[27],[30] | Mar. 04, 2021 | [4],[5],[6],[29] | ||
Equity | 9% | [1],[2],[16],[27],[30] | 9% | [4],[5],[20],[29] | ||
Cost | $ 1,700,115 | [1],[2],[27],[30] | $ 1,600,000 | [4],[5],[29] | ||
Fair Value | $ 1,700,115 | [1],[2],[7],[8],[27],[30] | $ 1,600,000 | [4],[5],[9],[10],[29] | ||
Percent of Net Assets | 3.20% | [1],[2],[27],[30] | 3.20% | [4],[5],[29] | ||
Principle Amount | [4],[5],[12],[29] | $ 1,600,000 | ||||
Interest Rate | 12% | [1],[2],[11],[27],[30] | 12% | [4],[5],[12],[29] | ||
Due Date | Sep. 04, 2026 | [1],[2],[11],[27],[30] | Sep. 04, 2026 | [4],[5],[12],[29] | ||
Investment owned face amount | [1],[2],[11],[27],[30] | $ 1,600,000 | ||||
Investment, Identifier [Axis]: BMP Swanson Holdco, LLC - $1,600,000 Term Note at 12% | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | $ 1,700,115 | $ 1,600,000 | 1,600,000 | |||
Principle Amount | $ 1,600,000 | |||||
Interest Rate | 12% | 12% | ||||
Due Date | Sep. 04, 2026 | Sep. 04, 2026 | ||||
Investment owned face amount | $ 1,600,000 | |||||
Gross Additions | [21] | 100,115 | ||||
Amount of Interest/Dividend/Fee Income | $ 153,114 | [25] | $ 201,334 | [26] | ||
Investment, Identifier [Axis]: BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.29% | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Mar. 04, 2021 | [1],[2],[3],[27] | Mar. 04, 2021 | [4],[5],[6],[29] | ||
Cost | $ 233,333 | [1],[2],[27] | $ 233,333 | [4],[5],[29] | ||
Fair Value | $ 233,333 | [1],[2],[7],[8],[27] | $ 233,333 | [4],[5],[9],[10],[29] | 233,333 | |
Membership Interest | 9.29% | [1],[2],[11],[27] | 9.29% | [4],[5],[12],[29] | ||
Investment, Identifier [Axis]: Barings BDC, Inc. - 40,000 shares | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Aug. 13, 2020 | [2],[3],[13],[14] | Aug. 13, 2020 | [5],[6],[17],[18] | ||
Equity | 1% | [2],[13],[14],[16] | 1% | [5],[17],[18],[20] | ||
Cost | $ 333,352 | [2],[13],[14] | $ 333,352 | [5],[17],[18] | ||
Fair Value | $ 356,400 | [2],[7],[8],[13],[14] | $ 326,400 | [5],[9],[10],[17],[18] | ||
Percent of Net Assets | 0.60% | [2],[13],[14] | 0.60% | [5],[17],[18] | ||
Number of Shares Owned | shares | 40,000 | [2],[11],[13],[14] | 40,000 | [5],[12],[17],[18] | ||
Value of shares owned per share | $ / shares | $ 8.91 | $ 8.16 | ||||
Investment, Identifier [Axis]: Caitec, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | $ 4,011,704 | [2],[13],[31] | $ 3,955,882 | [5],[17],[32] | ||
Fair Value | $ 4,011,704 | [2],[7],[8],[13],[31] | $ 3,955,882 | [5],[9],[10],[17],[32] | ||
Investment, Identifier [Axis]: Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Nov. 06, 2020 | [2],[3],[13],[31] | Nov. 06, 2020 | [5],[6],[17],[32] | ||
Equity | 4% | [2],[13],[16],[31] | 4% | [5],[17],[20],[32] | ||
Cost | $ 1,855,852 | [2],[13],[31] | $ 1,827,941 | [5],[17],[32] | ||
Fair Value | $ 1,855,852 | [2],[7],[8],[13],[31] | $ 1,827,941 | [5],[9],[10],[17],[32] | ||
Percent of Net Assets | 6.50% | [2],[13],[31] | 6.90% | [5],[17],[32] | ||
Principle Amount | $ 1,750,000 | [2],[11],[13],[31] | $ 1,750,000 | [5],[12],[17],[32] | ||
Interest Rate | 12% | [2],[11],[13],[31] | 12% | [5],[12],[17],[32] | ||
Reference Rate and Spread (+), PIK | [2],[11],[13],[31] | 2% | ||||
Reference Rate and Spread (+), PIK | [5],[12],[17],[32] | 2% | ||||
Due Date | Jun. 01, 2026 | [2],[11],[13],[31] | Jun. 01, 2026 | [5],[12],[17],[32] | ||
Investment, Identifier [Axis]: Caitec, Inc. - 150 Class A Units | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Nov. 06, 2020 | [2],[3],[13],[31] | Nov. 06, 2020 | [5],[6],[17],[32] | ||
Cost | $ 150,000 | [2],[13],[31] | $ 150,000 | [5],[17],[32] | ||
Fair Value | $ 150,000 | [2],[7],[8],[13],[31] | $ 150,000 | [5],[9],[10],[17],[32] | ||
Number of Units Owned | Units | 150 | [2],[11],[13],[31] | 150 | [5],[12],[17],[32] | ||
Investment, Identifier [Axis]: Carlyle Secured Lending Inc. - 86,000 shares | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Aug. 13, 2020 | [2],[3],[13],[14] | Aug. 13, 2020 | [5],[6],[17],[18] | ||
Equity | 1% | [2],[13],[14],[16] | 1% | [5],[17],[18],[20] | ||
Cost | $ 899,749 | [2],[13],[14] | $ 899,749 | [5],[17],[18] | ||
Fair Value | $ 1,247,000 | [2],[7],[8],[13],[14] | $ 1,229,227 | [5],[9],[10],[17],[18] | ||
Percent of Net Assets | 2% | [2],[13],[14] | 2.10% | [5],[17],[18] | ||
Number of Shares Owned | shares | 86,000 | [2],[11],[13],[14] | 86,000 | [5],[12],[17],[18] | ||
Value of shares owned per share | $ / shares | $ 14.5 | $ 14.29 | ||||
Investment, Identifier [Axis]: Carolina Skiff LLC - 6.0825% Class A Common | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Jan. 30, 2004 | [1],[2],[27] | Jan. 30, 2004 | [4],[5],[6],[29] | ||
Equity | 7% | [1],[2],[7],[8],[16],[27] | 7% | [4],[5],[20],[29] | ||
Cost | $ 15,000 | [1],[2],[27] | $ 15,000 | [4],[5],[29] | ||
Fair Value | $ 1,957,000 | [1],[2],[7],[8],[27] | $ 1,957,000 | [4],[5],[9],[10],[29] | ||
Percent of Net Assets | 3.20% | [1],[2],[27] | 3.40% | [4],[5],[29] | ||
Membership Interest | 6.0825% | [1],[2],[3],[11],[27] | 6.0825% | [4],[5],[12],[29] | ||
Investment, Identifier [Axis]: Carolina Skiff LLC - 6.0825% Class A Common Membership Interest | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | $ 1,957,000 | $ 1,957,000 | 1,300,000 | |||
Membership Interest | 6.0825% | 6.0825% | ||||
Net Change in Unrealized Appreciation (Depreciation) | $ 657,000 | |||||
Amount of Interest/Dividend/Fee Income | $ 299,173 | [25] | 653,437 | [26] | ||
Investment, Identifier [Axis]: Control Investments | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | 4,083,489 | 3,536,207 | ||||
Net Change in Unrealized Appreciation (Depreciation) | (748,810) | |||||
Gross Additions | 547,282 | [21] | 4,285,017 | [22] | ||
Amount of Interest/Dividend/Fee Income | $ 519,526 | [25] | $ 286,855 | [26] | ||
Investment, Identifier [Axis]: Control Investments - 6.1 % of net assets ITA Acquisition, LLC. | ||||||
Schedule of Investments [Line Items] | ||||||
Percent of Net Assets | [4],[5],[33] | 100% | ||||
Investment, Identifier [Axis]: Control Investments - 6.1% of net assets | ||||||
Schedule of Investments [Line Items] | ||||||
Percent of Net Assets | [4],[5],[33] | 6.10% | ||||
Investment, Identifier [Axis]: Control Investments - 6.6% of net assets | ||||||
Schedule of Investments [Line Items] | ||||||
Percent of Net Assets | [34] | 6.70% | ||||
Investment, Identifier [Axis]: Control and Affiliate Investments | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | $ 55,180,804 | $ 41,777,796 | 30,279,873 | |||
Net Change in Unrealized Appreciation (Depreciation) | (886,698) | 3,943,702 | ||||
Gross Additions | 18,778,687 | [21] | 11,877,117 | [22] | ||
Gross Reductions | (4,488,981) | [23] | (4,322,896) | [24] | ||
Net Realized Gains (Losses) | 2,596,094 | 167,159 | ||||
Amount of Interest/Dividend/Fee Income | 3,917,868 | [25] | 3,721,010 | [26] | ||
Investment, Identifier [Axis]: DSD | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | [4],[5],[29],[32] | 4,207,282 | ||||
Fair Value | [4],[5],[9],[10],[29],[32] | 5,093,980 | ||||
Investment, Identifier [Axis]: DSD Operating, LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | 5,093,980 | 3,826,683 | ||||
Net Change in Unrealized Appreciation (Depreciation) | (886,698) | 886,698 | ||||
Gross Additions | 31,652 | [21] | 380,599 | [22] | ||
Gross Reductions | [23] | (4,238,934) | ||||
Net Realized Gains (Losses) | 2,537,765 | |||||
Amount of Interest/Dividend/Fee Income | 386,565 | [25] | 720,247 | [26] | ||
Investment, Identifier [Axis]: DSD Operating, LLC - $3,063,276 Term Note at 12% | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | 3,139,782 | 2,759,183 | ||||
Principle Amount | $ 3,063,276 | $ 3,063,276 | ||||
Interest Rate | 12% | 12% | ||||
Reference Rate and Spread (+), PIK | 2% | 2% | ||||
Due Date | Sep. 30, 2026 | Sep. 30, 2026 | ||||
Gross Additions | $ 31,652 | [21] | $ 380,599 | [22] | ||
Gross Reductions | [23] | (3,171,434) | ||||
Amount of Interest/Dividend/Fee Income | $ 324,000 | [25] | 720,247 | [26] | ||
Investment, Identifier [Axis]: DSD Operating, LLC - 1,067 Class A Preferred shares | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | [4],[5],[29],[32] | 1,067,500 | ||||
Fair Value | $ 1,954,198 | [4],[5],[9],[10],[29],[32] | 1,067,500 | |||
Number of Shares Owned | shares | 1,067 | 1,067 | [4],[5],[12],[29],[32] | |||
Net Change in Unrealized Appreciation (Depreciation) | $ (886,698) | $ 886,698 | ||||
Gross Reductions | [23] | (1,067,500) | ||||
Net Realized Gains (Losses) | 2,537,765 | |||||
Amount of Interest/Dividend/Fee Income | $ 62,565 | |||||
Investment, Identifier [Axis]: DSD Operating, LLC - 1,067 Class B Common shares | ||||||
Schedule of Investments [Line Items] | ||||||
Number of Shares Owned | shares | 1,067 | 1,067 | ||||
Investment, Identifier [Axis]: DSD Operating, LLC - 1,067 Class B Common sharesInvestments – 66.3% of net assets DSD Operating, LLC Type of Investment 1,067 Class B Preferred Shares. | ||||||
Schedule of Investments [Line Items] | ||||||
Number of Shares Owned | shares | [4],[5],[12],[29],[32] | 1,067 | ||||
Investment, Identifier [Axis]: DSD Operating, LLC - 3,063,276 Term Note | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [4],[5],[6],[29],[32] | Sep. 30, 2021 | ||||
Equity | [4],[5],[20],[29],[32] | 11% | ||||
Cost | [4],[5],[29],[32] | $ 3,139,782 | ||||
Fair Value | [4],[5],[9],[10],[29],[32] | $ 3,139,782 | ||||
Percent of Net Assets | [4],[5],[29],[32] | 8.80% | ||||
Principle Amount | [4],[5],[12],[29],[32] | $ 3,063,276 | ||||
Interest Rate | [4],[5],[12],[29],[32] | 12% | ||||
Reference Rate and Spread (+), PIK | [4],[5],[12],[29],[32] | 2% | ||||
Due Date | [4],[5],[12],[29],[32] | Sep. 30, 2026 | ||||
Investment, Identifier [Axis]: FCM Industries Holdco LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | $ 3,807,147 | |||||
Gross Additions | [21] | 3,807,147 | ||||
Amount of Interest/Dividend/Fee Income | [25] | 96,134 | ||||
Investment, Identifier [Axis]: FCM Industries Holdco LLC - $3,380,000 Term Note at 13% | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | 3,380,000 | |||||
Principle Amount | $ 3,380,000 | |||||
Interest Rate | 13% | |||||
Due Date | Jul. 31, 2028 | |||||
Gross Additions | [21] | $ 3,380,000 | ||||
Amount of Interest/Dividend/Fee Income | [25] | 88,987 | ||||
Investment, Identifier [Axis]: FCM Industries Holdco LLC - $420,000 Convertible Note at 10% | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | 427,147 | |||||
Principle Amount | $ 420,000 | |||||
Reference Rate and Spread (+), PIK | 10% | |||||
Due Date | Jul. 31, 2033 | |||||
Gross Additions | [21] | $ 427,147 | ||||
Amount of Interest/Dividend/Fee Income | [25] | 7,147 | ||||
Investment, Identifier [Axis]: FCM Industries Holdco, LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | [1],[2],[30] | 3,807,147 | ||||
Fair Value | [1],[2],[7],[8],[30] | $ 3,807,147 | ||||
Investment, Identifier [Axis]: FCM Industries Holdco, LLC - $3,380,000 Term Note at 13% | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [1],[2],[3],[30] | Jul. 31, 2023 | ||||
Equity | [1],[2],[16],[30] | 12% | ||||
Cost | [1],[2],[30] | $ 3,380,000 | ||||
Fair Value | [1],[2],[7],[8],[30] | $ 3,380,000 | ||||
Percent of Net Assets | [1],[2],[30] | 6.20% | ||||
Interest Rate | [1],[2],[11],[30] | 13% | ||||
Due Date | [1],[2],[11],[30] | Jul. 31, 2028 | ||||
Investment owned face amount | [1],[2],[11],[30] | $ 3,380,000 | ||||
Investment, Identifier [Axis]: FCM Industries Holdco, LLC - $420,000 Convertible Note at 10% | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [1],[2],[3],[30] | Jul. 31, 2023 | ||||
Cost | [1],[2],[30] | $ 427,147 | ||||
Fair Value | [1],[2],[7],[8],[30] | $ 427,147 | ||||
Interest Rate | [1],[2],[11],[30] | 10% | ||||
Due Date | [1],[2],[11],[30] | Jul. 31, 2033 | ||||
Investment owned face amount | [1],[2],[11],[30] | $ 420,000 | ||||
Investment, Identifier [Axis]: FS KKR Capital Corp. - 48,000 shares | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Mar. 16, 2020 | [2],[3],[13],[14] | Mar. 16, 2020 | [5],[6],[17],[18] | ||
Equity | 1% | [2],[13],[14],[16] | 1% | [5],[17],[18],[20] | ||
Cost | $ 755,058 | [2],[13],[14] | $ 755,058 | [5],[17],[18] | ||
Fair Value | $ 945,120 | [2],[7],[8],[13],[14] | $ 835,360 | [5],[9],[10],[17],[18] | ||
Percent of Net Assets | 1.60% | [2],[13],[14] | 1.40% | [5],[17],[18] | ||
Number of Shares Owned | shares | 48,000 | [2],[11],[13],[14] | 48,000 | [5],[12],[17],[18] | ||
Value of shares owned per share | $ / shares | $ 19.69 | $ 17.4 | ||||
Investment, Identifier [Axis]: Filterworks | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | $ 3,603,069 | [1],[2],[27],[30] | $ 3,398,580 | [4],[5],[29],[32] | ||
Fair Value | 3,233,820 | [1],[2],[7],[8],[27],[30] | 3,029,331 | [4],[5],[9],[10],[29],[32] | ||
Investment, Identifier [Axis]: Filterworks Acquisition USA, LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | 3,233,820 | 3,029,331 | 2,703,611 | |||
Gross Additions | 204,489 | [21] | 325,720 | [22] | ||
Amount of Interest/Dividend/Fee Income | $ 287,392 | [25] | 358,545 | [26] | ||
Investment, Identifier [Axis]: Filterworks Acquisition USA, LLC - $2,283,702 Term Note at 12% | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | 2,633,105 | 2,446,617 | ||||
Principle Amount | $ 2,283,702 | |||||
Interest Rate | 12% | |||||
Reference Rate and Spread (+), PIK | 2% | |||||
Investment interest payable rate | 6% | |||||
Investment modified PIK | 8% | |||||
Due Date | Dec. 04, 2023 | |||||
Gross Additions | [22] | $ 186,488 | ||||
Amount of Interest/Dividend/Fee Income | [26] | 358,545 | ||||
Investment, Identifier [Axis]: Filterworks Acquisition USA, LLC - $2,283,702 Term Note modified to 12% | ||||||
Schedule of Investments [Line Items] | ||||||
Interest Rate | 12% | |||||
Reference Rate and Spread (+), PIK | 2% | |||||
Investment, Identifier [Axis]: Filterworks Acquisition USA, LLC - $2,283,702 Term Note modified to 6% | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | $ 2,837,594 | 2,633,105 | ||||
Principle Amount | $ 2,283,702 | |||||
Reference Rate and Spread (+), PIK | 8% | |||||
Gross Additions | [21] | $ 204,489 | ||||
Amount of Interest/Dividend/Fee Income | [25] | $ 287,392 | ||||
Investment, Identifier [Axis]: Filterworks Acquisition USA, LLC - 2,283,702 Term Note modified to 6% | ||||||
Schedule of Investments [Line Items] | ||||||
Interest Rate | 6% | |||||
Investment, Identifier [Axis]: Filterworks Acquisition USA, LLC - 417.7 shares Class A-0 Units | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | $ 139,232 | $ 139,232 | ||||
Number of Shares Owned | shares | 417.7 | 417.7 | ||||
Gross Additions | [22] | $ 139,232 | ||||
Investment, Identifier [Axis]: Filterworks Acquisition USA, LLC - 626.2 shares Class A-1 Units | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | $ 256,994 | $ 256,994 | 256,994 | |||
Number of Shares Owned | shares | 626.2 | 626.2 | ||||
Investment, Identifier [Axis]: Filterworks Acquisition USA, LLC DBA Autotality - $2,283,702 Term Note | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [4],[5],[6],[29],[32] | Nov. 18, 2019 | ||||
Equity | [4],[5],[20],[29],[32] | 8% | ||||
Cost | [4],[5],[29],[32] | $ 2,633,105 | ||||
Fair Value | [4],[5],[9],[10],[29],[32] | $ 2,633,105 | ||||
Percent of Net Assets | [4],[5],[29],[32] | 5.30% | ||||
Principle Amount | [4],[5],[12],[29],[32] | $ 2,283,702 | ||||
Interest Rate | [4],[5],[12],[29],[32] | 12% | ||||
Reference Rate and Spread (+), PIK | [4],[5],[12],[29],[32] | 2% | ||||
Investment interest payable rate | [4],[5],[12],[29],[32] | 6% | ||||
Investment modified PIK | [4],[5],[12],[29],[32] | 8% | ||||
Due Date | [4],[5],[12],[29],[32] | Dec. 04, 2023 | ||||
Investment, Identifier [Axis]: Filterworks Acquisition USA, LLC DBA Autotality - 626.2 shares Class A-1 Units | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [4],[5],[6],[29],[32] | Jun. 03, 2022 | ||||
Cost | [4],[5],[29],[32] | $ 626,243 | ||||
Fair Value | [4],[5],[9],[10],[29],[32] | $ 256,994 | ||||
Number of Shares Owned | shares | [4],[5],[12],[29],[32] | 626.2 | ||||
Investment, Identifier [Axis]: Filterworks Acquisition USA, LLC DBA Autotality -417.7 shares Class A-0 Units | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [4],[5],[6],[29],[32] | Sep. 30, 2022 | ||||
Cost | [4],[5],[29],[32] | $ 139,232 | ||||
Fair Value | [4],[5],[9],[10],[29],[32] | $ 139,232 | ||||
Number of Shares Owned | shares | [4],[5],[12],[29],[32] | 417.7 | ||||
Investment, Identifier [Axis]: Filterworks Acquisition USA, LLC d/b/a Autotality - $2,283,702 Term Note | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [1],[2],[3],[27],[30] | Nov. 18, 2019 | ||||
Equity | [1],[2],[16],[27],[30] | 8% | ||||
Cost | [1],[2],[27],[30] | $ 2,837,594 | ||||
Fair Value | [1],[2],[7],[8],[27],[30] | $ 2,837,594 | ||||
Percent of Net Assets | [1],[2],[27],[30] | 5.30% | ||||
Investment, Identifier [Axis]: Filterworks Acquisition USA, LLC d/b/a Autotality - $2,283,702 Term Note Modified to 12% | ||||||
Schedule of Investments [Line Items] | ||||||
Interest Rate | [1],[2],[3],[11],[27],[30] | 12% | ||||
Reference Rate and Spread (+), PIK | 2% | |||||
Due Date | [1],[2],[11],[27],[30],[31] | Aug. 30, 2024 | ||||
Investment, Identifier [Axis]: Filterworks Acquisition USA, LLC d/b/a Autotality - $2,283,702 Term Note Modified to 6% | ||||||
Schedule of Investments [Line Items] | ||||||
Interest Rate | [1],[2],[3],[11],[27],[30] | 6% | ||||
Reference Rate and Spread (+), PIK | 8% | |||||
Due Date | [1],[2],[11],[27],[30],[31] | Nov. 30, 2023 | ||||
Investment owned face amount | [1],[2],[3],[11],[27],[30] | $ 2,283,702 | ||||
Investment, Identifier [Axis]: Filterworks Acquisition USA, LLC d/b/a Autotality - 626.2 shares Class A-1 Units | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [1],[2],[3],[27],[30] | Jun. 03, 2022 | ||||
Cost | [1],[2],[27],[30] | $ 626,243 | ||||
Fair Value | [1],[2],[7],[8],[27],[30] | $ 256,994 | ||||
Number of Shares Owned | shares | [1],[2],[3],[11],[27],[30] | 626.2 | ||||
Investment, Identifier [Axis]: Filterworks Acquisition USA, LLC d/b/a Autotality -417.7 shares Class A-0 Units | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [1],[2],[3],[27],[30] | Sep. 30, 2022 | ||||
Cost | [1],[2],[27],[30] | $ 139,232 | ||||
Fair Value | [1],[2],[7],[8],[27],[30] | $ 139,232 | ||||
Number of Shares Owned | shares | [1],[2],[3],[11],[27],[30] | 417.7 | ||||
Investment, Identifier [Axis]: GoNoodle, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | $ 1,422,445 | [31] | $ 1,411,831 | [5],[17],[32],[35] | ||
Fair Value | $ 1,422,445 | [7],[8],[31] | $ 1,411,831 | [5],[9],[10],[17],[32],[35] | ||
Investment, Identifier [Axis]: GoNoodle, Inc. - 1,500,000 Secured Note | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Nov. 01, 2019 | [2],[3],[13],[31] | Nov. 01, 2019 | [5],[6],[17],[32],[35] | ||
Equity | 1% | [2],[13],[16],[31] | 1% | [5],[17],[20],[32],[35] | ||
Cost | $ 1,422,382 | [2],[13],[31] | $ 1,411,768 | [5],[17],[32],[35] | ||
Fair Value | $ 1,422,382 | [2],[7],[8],[13],[31] | $ 1,411,768 | [5],[9],[10],[17],[32],[35] | ||
Percent of Net Assets | 2.30% | [2],[13],[31] | 2.40% | [5],[17],[32],[35] | ||
Principle Amount | $ 1,500,000 | [2],[11],[13],[31] | $ 1,500,000 | [5],[12],[17],[32],[35] | ||
Interest Rate | 12% | [2],[11],[13],[31] | 12% | [5],[12],[17],[32],[35] | ||
Reference Rate and Spread (+), PIK | [2],[11],[13],[31] | 1% | ||||
Reference Rate and Spread (+), PIK | [5],[12],[17],[32],[35] | 1% | ||||
Due Date | Sep. 30, 2024 | [2],[11],[13],[31] | Sep. 30, 2024 | [5],[12],[17],[32],[35] | ||
Investment, Identifier [Axis]: GoNoodle, Inc. - Warrant for 21,948 Series D Preferred | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Nov. 01, 2019 | [2],[3],[13],[31] | Nov. 01, 2019 | [5],[6],[17],[32],[35] | ||
Cost | $ 38 | [2],[13],[31] | $ 38 | [5],[17],[32],[35] | ||
Fair Value | $ 38 | [2],[7],[8],[13],[31] | $ 38 | [5],[9],[10],[17],[32],[35] | ||
Number of Warrants Owned | Units | 21,948 | [2],[11],[13],[31] | 21,948 | [5],[12],[17],[32],[35] | ||
Investment, Identifier [Axis]: GoNoodle, Inc. - Warrant for 47,324 Series C Preferred | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Mar. 01, 2015 | [2],[3],[13],[31] | Mar. 01, 2015 | [5],[6],[17],[32],[35] | ||
Cost | $ 25 | [2],[13],[31] | $ 25 | [5],[17],[32],[35] | ||
Fair Value | $ 25 | [2],[7],[8],[13],[31] | $ 25 | [5],[9],[10],[17],[32],[35] | ||
Number of Warrants Owned | Units | 47,324 | [2],[11],[13],[31] | 47,324 | [5],[12],[17],[32],[35] | ||
Investment, Identifier [Axis]: HDI Acquisition LLC. - $1,245,119 Term Loan | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Nov. 08, 2019 | [2],[3],[13],[28],[31] | Nov. 08, 2019 | [5],[6],[17],[32] | ||
Equity | 0% | [2],[13],[16],[28],[31] | 0% | [5],[17],[20],[32] | ||
Cost | $ 1,044,964 | [2],[13],[28],[31] | $ 1,327,782 | [5],[17],[32] | ||
Fair Value | $ 1,044,964 | [2],[7],[8],[13],[28],[31] | $ 1,327,782 | [5],[9],[10],[17],[32] | ||
Percent of Net Assets | 1.70% | [2],[13],[28],[31] | 2.30% | [5],[17],[32] | ||
Principle Amount | $ 1,245,119 | [2],[11],[13],[28],[31] | $ 1,245,119 | [5],[12],[17],[32] | ||
Interest Rate | 12% | [2],[11],[13],[28],[31] | 12% | [5],[12],[17],[32] | ||
Reference Rate and Spread (+), PIK | [2],[11],[13],[28],[31] | 2% | ||||
Reference Rate and Spread (+), PIK | [5],[12],[17],[32] | 2% | ||||
Due Date | Jun. 30, 2025 | [2],[11],[13],[28],[31] | Jun. 20, 2023 | [5],[12],[17],[32] | ||
Investment, Identifier [Axis]: Highland All About People Holdings, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | [1],[2],[30] | $ 4,018,000 | ||||
Fair Value | [1],[2],[7],[8],[30] | 4,018,000 | ||||
Gross Additions | [21] | 4,018,000 | ||||
Amount of Interest/Dividend/Fee Income | [25] | $ 74,774 | ||||
Investment, Identifier [Axis]: Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12% | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [1],[2],[3],[30] | Aug. 07, 2023 | ||||
Equity | [1],[2],[16],[30] | 12% | ||||
Cost | [1],[2],[30] | $ 3,018,000 | ||||
Fair Value | [1],[2],[7],[8],[30] | $ 3,018,000 | ||||
Percent of Net Assets | [1],[2],[30] | 6.50% | ||||
Principle Amount | $ 3,000,000 | |||||
Interest Rate | [1],[2],[11],[30] | 12% | ||||
Reference Rate and Spread (+), PIK | [1],[2],[11],[30] | 4% | ||||
Due Date | [1],[2],[11],[30] | Aug. 07, 2028 | ||||
Investment owned face amount | [1],[2],[11],[30] | $ 3,000,000 | ||||
Investment, Identifier [Axis]: Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12% | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | $ 3,018,000 | |||||
Interest Rate | 12% | |||||
Reference Rate and Spread (+), PIK | 4% | |||||
Due Date | Aug. 07, 2028 | |||||
Gross Additions | [21] | $ 3,018,000 | ||||
Amount of Interest/Dividend/Fee Income | [25] | $ 74,774 | ||||
Investment, Identifier [Axis]: Highland All About People Holdings, Inc. - 1,000,000 Class A Units | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [1],[2],[3],[30] | Aug. 07, 2023 | ||||
Cost | [1],[2],[30] | $ 1,000,000 | ||||
Fair Value | [1],[2],[7],[8],[30] | $ 1,000,000 | ||||
Number of Shares Owned | shares | [1],[2],[11],[30] | 1,000,000 | ||||
Gross Additions | [21] | $ 1,000,000 | ||||
Investment, Identifier [Axis]: ITA Acquisition, LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | 5,207,299 | [27],[31],[34] | $ 4,660,017 | [4],[5],[18],[32],[33] | ||
Fair Value | 4,083,489 | [7],[8],[27],[31],[34] | 3,536,207 | [4],[5],[9],[10],[18],[32],[33] | ||
Net Change in Unrealized Appreciation (Depreciation) | (748,810) | |||||
Gross Additions | 547,282 | [21] | 4,285,017 | [22] | ||
Amount of Interest/Dividend/Fee Income | $ 519,526 | [25] | $ 286,855 | [26] | ||
Investment, Identifier [Axis]: ITA Acquisition, LLC - $1,500,000 Term Note | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Jun. 22, 2021 | [3],[27],[31],[34] | Jun. 22, 2021 | [4],[5],[6],[18],[32],[33] | ||
Cost | $ 1,625,657 | [27],[31],[34] | $ 1,560,091 | [4],[5],[18],[32],[33] | ||
Fair Value | $ 1,625,657 | [7],[8],[27],[31],[34] | 1,560,091 | [4],[5],[9],[10],[18],[32],[33] | ||
Principle Amount | [4],[5],[12],[18],[32],[33] | $ 1,500,000 | ||||
Interest Rate | 12% | [11],[27],[31],[34] | 12% | [4],[5],[12],[18],[32],[33] | ||
Reference Rate and Spread (+), PIK | [11],[27],[31],[34] | 5% | ||||
Reference Rate and Spread (+), PIK | [4],[5],[12],[18],[32],[33] | 2% | ||||
Due Date | Jun. 21, 2026 | [11],[27],[31],[34] | Jun. 21, 2026 | [4],[5],[12],[18],[32],[33] | ||
Investment owned face amount | [11],[27],[31],[34] | $ 1,500,000 | ||||
Investment, Identifier [Axis]: ITA Acquisition, LLC - $1,500,000 Term Note at 12% | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | 1,625,657 | $ 1,560,091 | 1,516,152 | |||
Principle Amount | $ 1,500,000 | $ 1,500,000 | ||||
Interest Rate | 12% | 12% | ||||
Reference Rate and Spread (+), PIK | 5% | 2% | ||||
Due Date | Jun. 21, 2026 | |||||
Gross Additions | $ 65,566 | [21] | $ 23,151 | [22] | ||
Gross Reductions | [24] | (1,539,303) | ||||
Amount of Interest/Dividend/Fee Income | $ 216,586 | [25] | $ 110,373 | [26] | ||
Investment, Identifier [Axis]: ITA Acquisition, LLC - $1,900,000 Term Note | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Jun. 22, 2021 | [3],[27],[31],[34] | Jun. 22, 2021 | [4],[5],[6],[18],[32],[33] | ||
Equity | 37% | [16],[27],[31],[34] | 37% | [4],[5],[18],[20],[32],[33] | ||
Cost | $ 2,457,832 | [27],[31],[34] | $ 1,976,116 | [4],[5],[18],[32],[33] | ||
Fair Value | $ 2,457,832 | [7],[8],[27],[31],[34] | $ 1,976,116 | [4],[5],[9],[10],[18],[32],[33] | ||
Percent of Net Assets | 6.70% | [27],[31],[34] | 6.10% | [4],[5],[33] | ||
Principle Amount | [4],[5],[12],[18],[32],[33] | $ 1,900,000 | ||||
Interest Rate | [4],[5],[12],[18],[32],[33] | 12% | ||||
Reference Rate and Spread (+), PIK | [4],[5],[12],[18],[32],[33] | 2% | ||||
Due Date | Jun. 21, 2026 | [11],[27],[31],[34] | Jun. 21, 2026 | [4],[5],[12],[18],[32],[33] | ||
Investment, Identifier [Axis]: ITA Acquisition, LLC - $1,900,000 Term Note at 12% | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | $ 1,976,116 | 1,920,459 | ||||
Principle Amount | $ 1,900,000 | |||||
Interest Rate | 12% | |||||
Reference Rate and Spread (+), PIK | 2% | |||||
Due Date | Jun. 21, 2026 | |||||
Gross Additions | [22] | $ 29,324 | ||||
Gross Reductions | [24] | (1,949,783) | ||||
Amount of Interest/Dividend/Fee Income | [26] | $ 139,547 | ||||
Investment, Identifier [Axis]: ITA Acquisition, LLC - $2,297,808 Term Note | ||||||
Schedule of Investments [Line Items] | ||||||
Interest Rate | [11],[27],[31],[34] | 12% | ||||
Reference Rate and Spread (+), PIK | [11],[27],[31],[34] | 5% | ||||
Investment owned face amount | [11],[27],[31],[34] | $ 2,297,808 | ||||
Investment, Identifier [Axis]: ITA Acquisition, LLC - $2,297,808 Term Note at 12% | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | 2,457,832 | |||||
Principle Amount | $ 2,297,808 | |||||
Interest Rate | 12% | |||||
Reference Rate and Spread (+), PIK | 5% | |||||
Due Date | Jun. 21, 2026 | |||||
Gross Additions | [21] | $ 481,716 | ||||
Amount of Interest/Dividend/Fee Income | [25] | $ 302,940 | ||||
Investment, Identifier [Axis]: ITA Acquisition, LLC - 1,124 Class A Preferred Units | ||||||
Schedule of Investments [Line Items] | ||||||
Number of Shares Owned | shares | 1,124 | [11],[27],[31],[34] | 1,124 | [4],[5],[12],[18],[32],[33] | ||
Investment, Identifier [Axis]: ITA Acquisition, LLC - 1,124 Class A Preferred Units and 1,924 Class B Common Units | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Jun. 22, 2021 | [3],[27],[31],[34] | Jun. 22, 2021 | [4],[5],[6],[18],[32],[33] | ||
Cost | $ 1,123,810 | [27],[31],[34] | $ 1,123,810 | [4],[5],[18],[32],[33] | ||
Fair Value | 125,000 | |||||
Net Change in Unrealized Appreciation (Depreciation) | (748,810) | |||||
Gross Additions | [22] | 623,810 | ||||
Gross Reductions | [24] | $ (748,810) | ||||
Investment, Identifier [Axis]: ITA Acquisition, LLC - 1,924 Class B Common Units | ||||||
Schedule of Investments [Line Items] | ||||||
Number of Shares Owned | shares | 1,924 | [11],[27],[31],[34] | 1,924 | [4],[5],[12],[18],[32],[33] | ||
Investment, Identifier [Axis]: ITA Acquisition, LLC. - $1,500,000 Term Note at 12% | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | $ 1,560,091 | |||||
Principle Amount | $ 1,500,000 | |||||
Interest Rate | 12% | |||||
Reference Rate and Spread (+), PIK | 2% | |||||
Due Date | Jun. 21, 2026 | Jun. 21, 2026 | ||||
Gross Additions | [22] | $ 1,560,091 | ||||
Amount of Interest/Dividend/Fee Income | [26] | 127,117 | ||||
Investment, Identifier [Axis]: ITA Acquisition, LLC. - $1,900,000 Term Note at 12% | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | 1,976,116 | |||||
Principle Amount | $ 1,900,000 | |||||
Interest Rate | 12% | |||||
Reference Rate and Spread (+), PIK | 2% | |||||
Due Date | Jun. 21, 2026 | |||||
Gross Additions | [22] | $ 1,976,116 | ||||
Amount of Interest/Dividend/Fee Income | [26] | 159,738 | ||||
Investment, Identifier [Axis]: ITA Acquisitions, LLC - 1,124 Class A Preferred Units and 1,924 Class B Common Units | ||||||
Schedule of Investments [Line Items] | ||||||
Gross Additions | [22] | 748,810 | ||||
Investment, Identifier [Axis]: Inter-National Electronic Alloys LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | $ 4,332,836 | |||||
Gross Additions | [21] | 4,332,836 | ||||
Amount of Interest/Dividend/Fee Income | [25] | 236,424 | ||||
Investment, Identifier [Axis]: Inter-National Electronic Alloys LLC - $3,288,235 Term Note at 12% | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | 3,321,071 | |||||
Principle Amount | $ 3,288,235 | |||||
Interest Rate | 12% | |||||
Reference Rate and Spread (+), PIK | 2% | |||||
Due Date | Apr. 04, 2028 | |||||
Gross Additions | [21] | $ 3,321,071 | ||||
Amount of Interest/Dividend/Fee Income | [25] | 236,424 | ||||
Investment, Identifier [Axis]: Inter-National Electronic Alloys LLC - 75.3 Class B Preferred Units | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | $ 1,011,765 | |||||
Number of Shares Owned | shares | 75.3 | |||||
Gross Additions | [21] | $ 1,011,765 | ||||
Investment, Identifier [Axis]: Inter-National Electronic Alloys LLC d/b/a EFINEA | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | [1],[2],[27],[30] | 4,332,836 | ||||
Fair Value | [1],[2],[7],[8],[27],[30] | $ 4,332,836 | ||||
Investment, Identifier [Axis]: Inter-National Electronic Alloys LLC d/b/a EFINEA - $3,288,235 Term Note Modified to 12% | ||||||
Schedule of Investments [Line Items] | ||||||
Reference Rate and Spread (+), PIK | [1],[2],[11],[27],[30] | 2% | ||||
Investment, Identifier [Axis]: Inter-National Electronic Alloys LLC d/b/a EFINEA - 75.3 Class B Preferred Units | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [1],[2],[3],[27],[30] | Apr. 04, 2023 | ||||
Cost | [1],[2],[27],[30] | $ 1,011,765 | ||||
Fair Value | [1],[2],[7],[8],[27],[30] | $ 1,011,765 | ||||
Number of Shares Owned | shares | [1],[2],[11],[27],[30] | 75.3 | ||||
Investment, Identifier [Axis]: Inter-National Electronic Alloys LLC d/b/a EFINEA-$3,288,235 Term Note Modified to 12% | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [1],[2],[3],[27],[30] | Apr. 04, 2023 | ||||
Equity | [1],[2],[16],[27],[30] | 6% | ||||
Cost | [1],[2],[27],[30] | $ 3,321,071 | ||||
Fair Value | [1],[2],[7],[8],[27],[30] | $ 3,321,071 | ||||
Percent of Net Assets | [1],[2],[27],[30] | 7% | ||||
Interest Rate | [1],[2],[11],[27],[30] | 12% | ||||
Due Date | [1],[2],[11],[27],[30] | Apr. 04, 2028 | ||||
Investment owned face amount | [1],[2],[11],[27],[30] | $ 3,288,235 | ||||
Investment, Identifier [Axis]: Investments - 106.6 % | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | [4],[5],[33] | 55,716,237 | ||||
Fair Value | [4],[5],[9],[10],[33] | $ 61,504,259 | ||||
Percent of Net Assets | [4],[5],[33] | 106.60% | ||||
Investment, Identifier [Axis]: Investments, NET ASSETS - 100% | ||||||
Schedule of Investments [Line Items] | ||||||
Net Assets | $ 61,352,277 | [7],[8] | $ 57,721,320 | [4],[5],[9],[10],[33] | ||
Percent of Net Assets | 100% | |||||
Investment, Identifier [Axis]: Knoa | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | [4],[5],[29],[32] | 1,229,155 | ||||
Fair Value | [4],[5],[9],[10],[29],[32] | 100,000 | ||||
Investment, Identifier [Axis]: Knoa Software, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | [1],[2] | $ 1,229,155 | ||||
Fair Value | 100,000 | [1],[2],[7],[8] | 100,000 | 479,155 | ||
Net Change in Unrealized Appreciation (Depreciation) | $ (379,155) | |||||
Amount of Interest/Dividend/Fee Income | [25] | $ 34,850 | ||||
Investment, Identifier [Axis]: Knoa Software, Inc. - 1,876,922 Series B Preferred | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Jun. 09, 2014 | [1],[2],[3] | Jun. 09, 2014 | [4],[5],[6],[19] | ||
Cost | $ 479,155 | [1],[2] | $ 479,155 | [4],[5],[19] | ||
Fair Value | $ 100,000 | [1],[2],[7],[8] | $ 100,000 | [4],[5],[9],[10],[29],[32] | 479,155 | |
Number of Shares Owned | shares | 1,876,922 | [1],[2],[11] | 1,876,922 | [4],[5],[12],[19] | ||
Net Change in Unrealized Appreciation (Depreciation) | $ (379,155) | |||||
Investment, Identifier [Axis]: Knoa Software, Inc. - 973,533 Series A-1 Convertible Preferred | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Nov. 20, 2012 | [1],[2],[3] | Nov. 20, 2012 | [4],[5],[6],[19] | ||
Equity | 7% | [1],[2],[16] | 7% | [4],[5],[19],[20] | ||
Cost | $ 750,000 | [1],[2] | $ 750,000 | [4],[5],[19] | ||
Percent of Net Assets | 0.20% | [1],[2] | 0.20% | [4],[5],[19] | ||
Number of Shares Owned | shares | 973,533 | [1],[2],[11] | 973,533 | [4],[5],[12],[19] | ||
Amount of Interest/Dividend/Fee Income | [25] | $ 34,850 | ||||
Investment, Identifier [Axis]: LIABILITIES IN EXCESS OF OTHER ASSETS - (14.8%) | ||||||
Schedule of Investments [Line Items] | ||||||
Liabilities in Excess of Other Assets | [7],[8] | $ (13,332,008) | ||||
Percentage of Liabilities in excess of other assets | (21.70%) | |||||
Investment, Identifier [Axis]: LIABILITIES IN EXCESS OF OTHER ASSETS - (6.6%) | ||||||
Schedule of Investments [Line Items] | ||||||
Liabilities in Excess of Other Assets | [4],[5],[9],[10],[33] | $ (3,782,939) | ||||
Percentage of Liabilities in excess of other assets | [4],[5],[33] | (6.60%) | ||||
Investment, Identifier [Axis]: Lumious - $850,000 Replacement Term Note | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Nov. 16, 2018 | [2],[3],[13] | Nov. 16, 2018 | [5],[6],[17],[35] | ||
Equity | 0% | [2],[13],[16] | 0% | [5],[17],[20],[35] | ||
Cost | $ 789,944 | [2],[13] | $ 789,944 | [5],[17],[35] | ||
Fair Value | $ 789,944 | [2],[7],[8],[13] | $ 789,944 | [5],[9],[10],[17],[35] | ||
Percent of Net Assets | 1.30% | [2],[13] | 1.40% | [5],[17],[35] | ||
Principle Amount | $ 850,000 | [2],[11],[13] | $ 850,000 | [5],[12],[17],[35] | ||
Interest Rate | 14% | [2],[11],[13] | 14% | [5],[12],[17],[35] | ||
Due Date | Dec. 01, 2024 | [2],[11],[13] | Nov. 15, 2023 | [5],[12],[17],[35] | ||
Investment, Identifier [Axis]: Mattison Avenue Holdings LLC. - $1,794,944 Third Amended, Restated and Consolidated Promissory Note | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Jun. 23, 2021 | [2],[3],[13],[31] | Jun. 23, 2021 | [5],[6],[17],[32] | ||
Equity | 0% | [2],[13],[16],[31] | 0% | [5],[17],[20],[32] | ||
Cost | $ 1,884,836 | [2],[13],[31] | $ 1,856,536 | [5],[17],[32] | ||
Fair Value | $ 1,884,836 | [2],[7],[8],[13],[31] | $ 1,856,536 | [5],[9],[10],[17],[32] | ||
Percent of Net Assets | 3.10% | [2],[13],[31] | 3.20% | [5],[17],[32] | ||
Principle Amount | $ 1,794,944 | [2],[11],[13],[31] | $ 1,794,944 | [5],[12],[17],[32] | ||
Interest Rate | 12% | [2],[11],[13],[31] | 12% | [5],[12],[17],[32] | ||
Reference Rate and Spread (+), PIK | [2],[11],[13],[31] | 2% | ||||
Reference Rate and Spread (+), PIK | [5],[12],[17],[32] | 2% | ||||
Due Date | Dec. 09, 2023 | [2],[11],[13],[31] | Dec. 09, 2023 | [5],[12],[17],[32] | ||
Investment, Identifier [Axis]: Mezmeriz, Inc. - 1,554,565 Series Seed Preferred | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | May 14, 2015 | [1],[2],[3],[15] | May 14, 2015 | [4],[5],[6],[19] | ||
Equity | 12% | [1],[2],[15],[16] | 12% | [4],[5],[19],[20] | ||
Cost | $ 742,850 | [1],[2],[15] | $ 742,850 | [4],[5],[19] | ||
Percent of Net Assets | 0% | [1],[2],[15] | 0% | [4],[5],[19] | ||
Number of Shares Owned | shares | 1,554,565 | [1],[2],[11],[15] | 1,554,565 | [4],[5],[12],[19] | ||
Investment, Identifier [Axis]: Microcision - Membership Interest Purchase Warrant for 5% | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | 85,000 | |||||
Investment warrant rate | 5% | |||||
Gross Reductions | [24] | $ (85,000) | ||||
Net Realized Gains (Losses) | 190,000 | |||||
Investment, Identifier [Axis]: Microcision LLC - Membership Interest Purchase Warrant for 5% | ||||||
Schedule of Investments [Line Items] | ||||||
Investment warrant rate | 5% | |||||
Net Realized Gains (Losses) | $ 58,329 | |||||
Investment, Identifier [Axis]: Nailbiter, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | 2,250,000 | [2],[13] | 2,250,000 | [5],[17] | ||
Fair Value | $ 2,250,000 | [2],[7],[8],[13],[15] | $ 2,250,000 | [5],[9],[10],[17] | ||
Investment, Identifier [Axis]: Nailbiter, Inc. - $2,250,000 Subordinated Secured Promissory Note | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Nov. 22, 2021 | [2],[3],[13] | Nov. 22, 2021 | [5],[6],[17] | ||
Equity | 1% | [2],[13],[16] | 1% | [5],[17],[20] | ||
Cost | $ 2,250,000 | [2],[13] | $ 2,250,000 | [5],[17] | ||
Fair Value | $ 2,250,000 | [2],[7],[8],[13],[15] | $ 2,250,000 | [5],[9],[10],[17] | ||
Percent of Net Assets | 3.70% | [2],[13] | 3.90% | [5],[17] | ||
Principle Amount | [5],[12],[17] | $ 2,250,000 | ||||
Interest Rate | 9% | [2],[11],[13] | 9% | [5],[12],[17] | ||
Due Date | Nov. 23, 2024 | [2],[11],[13] | Nov. 23, 2024 | [5],[12],[17] | ||
Investment owned face amount | [2],[11],[13] | $ 2,250,000 | ||||
Investment, Identifier [Axis]: Nailbiter, Inc. - Interest Receivable $52,901 | ||||||
Schedule of Investments [Line Items] | ||||||
Interest Receivable | [2],[11],[13],[31] | $ 58,319 | ||||
Investment, Identifier [Axis]: Nailbiter, Inc. - Warrants for Preferred Stock | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [2],[3],[13] | Nov. 22, 2021 | ||||
Investment, Identifier [Axis]: New Monarch Machine Tool, Inc. - 22.84 Common | ||||||
Schedule of Investments [Line Items] | ||||||
Number of Shares Owned | shares | 22.84 | |||||
Net Realized Gains (Losses) | $ (22,841) | |||||
Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments - Net assets | ||||||
Schedule of Investments [Line Items] | ||||||
Percent of Net Assets | 31.80% | [2],[13] | 34.20% | [5],[17] | ||
Investment, Identifier [Axis]: OnCore Golf Technology, Inc. - 300,483 Preferred AA | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Nov. 30, 2018 | [2],[3],[13],[15] | Nov. 30, 2018 | [5],[6],[17],[19] | ||
Equity | 3% | [2],[13],[15],[16] | 3% | [5],[17],[19],[20] | ||
Cost | $ 752,712 | [2],[13],[15] | $ 752,712 | [5],[17],[19] | ||
Fair Value | $ 100,000 | [2],[7],[8],[13],[15] | $ 100,000 | [5],[9],[10],[17],[19] | ||
Percent of Net Assets | 0.20% | [2],[13],[15] | 0.20% | [5],[17],[19] | ||
Number of Shares Owned | shares | 300,483 | [2],[11],[13],[15] | 300,483 | [5],[12],[17],[19] | ||
Investment, Identifier [Axis]: Open Exchange | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | $ 1,401,940 | [2],[13],[15] | $ 1,401,940 | [5],[17],[19] | ||
Fair Value | $ 700,000 | [2],[7],[8],[13],[15] | $ 1,401,940 | [5],[9],[10],[17],[19] | ||
Investment, Identifier [Axis]: Open Exchange, Inc - 397,899 Common | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Oct. 22, 2019 | [2],[3],[13],[15] | Oct. 22, 2019 | [5],[6],[17],[19] | ||
Cost | $ 208,243 | [2],[13],[15] | $ 208,243 | [5],[17],[19] | ||
Fair Value | [5],[9],[10],[17],[19] | $ 208,243 | ||||
Number of Shares Owned | shares | 397,899 | [2],[11],[13],[15] | 397,899 | [5],[12],[17],[19] | ||
Investment, Identifier [Axis]: Open Exchange, Inc - 397,899 Series C Preferred | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Nov. 13, 2013 | [2],[3],[13],[15] | Nov. 13, 2013 | [5],[6],[17],[19] | ||
Equity | 3% | [2],[13],[15],[16] | 3% | [5],[17],[19],[20] | ||
Cost | $ 1,193,697 | [2],[13],[15] | $ 1,193,697 | [5],[17],[19] | ||
Fair Value | $ 700,000 | [2],[7],[8],[13],[15] | $ 1,193,697 | [5],[9],[10],[17],[19] | ||
Percent of Net Assets | 1.10% | [2],[13],[15] | 2.40% | [5],[17],[19] | ||
Number of Shares Owned | shares | 397,899 | [2],[11],[13],[15] | 397,899 | [5],[12],[17],[19] | ||
Investment, Identifier [Axis]: PennantPark Investment Corporation - 195,000 shares | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Aug. 13, 2020 | [2],[3],[13],[14] | Aug. 13, 2020 | [5],[6],[17],[18] | ||
Equity | 1% | [2],[13],[14],[16] | 1% | [5],[17],[18],[20] | ||
Cost | $ 892,212 | [2],[13],[14] | $ 892,212 | [5],[17],[18] | ||
Fair Value | $ 1,283,100 | [2],[7],[8],[13],[14],[15] | $ 1,109,550 | [5],[9],[10],[17],[18] | ||
Percent of Net Assets | 2% | [2],[13],[14] | 1.90% | [5],[17],[18] | ||
Number of Shares Owned | shares | 195,000 | [2],[11],[13],[14] | 195,000 | [5],[12],[17],[18] | ||
Value of shares owned per share | $ / shares | $ 6.58 | $ 5.69 | ||||
Investment, Identifier [Axis]: PostProcess Technologies, Inc. - 360,002 Series A1 Preferred | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Nov. 01, 2019 | [2],[3],[13],[15] | Nov. 01, 2019 | [5],[6],[17],[19] | ||
Equity | 1% | [2],[13],[15],[16] | 1% | [5],[17],[19],[20] | ||
Cost | $ 348,875 | [2],[13],[15] | $ 348,875 | [5],[17],[19] | ||
Fair Value | $ 100,000 | [2],[7],[8],[13],[15] | $ 100,000 | [5],[9],[10],[17],[19] | ||
Percent of Net Assets | 0.20% | [2],[13],[15] | 0.20% | [5],[17],[19] | ||
Number of Shares Owned | shares | 360,002 | [2],[11],[13],[15] | 360,002 | [5],[12],[17],[19] | ||
Investment, Identifier [Axis]: Pressure Pro | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | [1],[2] | $ 3,068,446 | ||||
Fair Value | [1],[2],[7],[8] | 3,068,446 | ||||
Investment, Identifier [Axis]: Pressure Pro, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | 3,068,446 | |||||
Gross Additions | [21] | 3,068,446 | ||||
Amount of Interest/Dividend/Fee Income | [25] | $ 352,631 | ||||
Investment, Identifier [Axis]: Pressure Pro, Inc. - $3,000,000 Term Note | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [1],[2],[3] | Jan. 19, 2023 | ||||
Equity | [1],[2],[16] | 10% | ||||
Cost | [1],[2] | $ 3,038,446 | ||||
Fair Value | [1],[2],[7],[8] | $ 3,038,446 | ||||
Percent of Net Assets | [1],[2] | 5% | ||||
Interest Rate | [1],[2],[11] | 12% | ||||
Reference Rate and Spread (+), PIK | [1],[2],[11] | 3% | ||||
Due Date | [1],[2],[11],[30] | Jan. 19, 2028 | ||||
Investment owned face amount | [1],[2],[11] | $ 3,000,000 | ||||
Investment, Identifier [Axis]: Pressure Pro, Inc. - $3,000,000 Term Note at 12% | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | 3,038,446 | |||||
Principle Amount | $ 3,000,000 | |||||
Interest Rate | 12% | |||||
Reference Rate and Spread (+), PIK | 3% | |||||
Due Date | Jan. 19, 2028 | |||||
Gross Additions | [21] | $ 3,038,446 | ||||
Amount of Interest/Dividend/Fee Income | [25] | $ 352,631 | ||||
Investment, Identifier [Axis]: Pressure Pro, Inc. - Warrant for 10% Membership Interest | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [1],[2],[3] | Jan. 19, 2023 | ||||
Cost | [1],[2] | $ 30,000 | ||||
Fair Value | [1],[2],[7],[8] | $ 30,000 | ||||
Membership Interest | [1],[2],[11] | 10% | ||||
Investment warrant rate | 10% | |||||
Gross Additions | [21] | $ 30,000 | ||||
Investment, Identifier [Axis]: Rheonix, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | [5],[17],[19] | $ 2,802,731 | ||||
Investment, Identifier [Axis]: Rheonix, Inc. - 1,839,422 Series A Preferred | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [5],[6],[17],[19] | Dec. 12, 2013 | ||||
Cost | [5],[17],[19] | $ 2,099,999 | ||||
Number of Shares Owned | shares | [5],[12],[17],[19] | 1,839,422 | ||||
Investment, Identifier [Axis]: Rheonix, Inc. - 50,593 Common | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [5],[6],[17],[19] | Oct. 24, 2009 | ||||
Number of Shares Owned | shares | [5],[12],[17],[19] | 50,593 | ||||
Investment, Identifier [Axis]: Rheonix, Inc. - 589,420 Series B Preferred | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [5],[6],[17],[19] | Sep. 29, 2015 | ||||
Cost | [5],[17],[19] | $ 702,732 | ||||
Number of Shares Owned | shares | [5],[12],[17],[19] | 589,420 | ||||
Investment, Identifier [Axis]: Rheonix, Inc. - 9,676 Common | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [5],[6],[17],[19] | Oct. 29, 2009 | ||||
Equity | [5],[17],[19],[20] | 4% | ||||
Percent of Net Assets | [5],[17],[19] | 0% | ||||
Number of Shares Owned | shares | [5],[12],[17],[19] | 9,676 | ||||
Investment, Identifier [Axis]: SciAps | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | 5,213,984 | [1],[2] | $ 5,208,984 | [4],[5] | ||
Fair Value | 5,213,984 | [1],[2],[7],[8] | 5,208,984 | [4],[5],[9],[10] | ||
Investment, Identifier [Axis]: SciAps, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | 5,213,984 | 5,208,984 | 2,451,000 | |||
Net Change in Unrealized Appreciation (Depreciation) | 2,152,984 | |||||
Gross Additions | 5,000 | [21] | 605,000 | [22] | ||
Amount of Interest/Dividend/Fee Income | 198,600 | [25] | 231,520 | [26] | ||
Investment, Identifier [Axis]: SciAps, Inc. - $2,090,000 Second Amended and Restated Secured Subordinated Promissory Note at 12% | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | 2,090,000 | 2,085,000 | 1,480,000 | |||
Principle Amount | $ 2,090,000 | $ 2,090,000 | ||||
Interest Rate | 12% | 12% | ||||
Due Date | Aug. 20, 2024 | |||||
Gross Additions | $ 5,000 | [21] | $ 605,000 | [22] | ||
Amount of Interest/Dividend/Fee Income | $ 198,600 | [25] | $ 231,520 | [26] | ||
Investment, Identifier [Axis]: SciAps, Inc. - $2,090,000 Subordinated Promissory Note | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Aug. 20, 2021 | [1],[2],[3] | Aug. 20, 2021 | [4],[5],[6] | ||
Cost | $ 2,090,000 | [1],[2] | $ 2,085,000 | [4],[5] | ||
Fair Value | $ 2,090,000 | [1],[2],[7],[8] | 2,085,000 | [4],[5],[9],[10] | ||
Principle Amount | [4],[5],[12] | $ 2,090,000 | ||||
Interest Rate | 12% | [1],[2],[11] | 12% | [4],[5],[12] | ||
Due Date | Aug. 20, 2024 | [1],[2],[11] | Aug. 20, 2024 | [4],[5],[12] | ||
Investment owned face amount | [1],[2],[11] | $ 2,090,000 | ||||
Investment, Identifier [Axis]: SciAps, Inc. - 113,636 Series C Convertible Preferred | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Apr. 07, 2016 | [1],[2],[3] | Apr. 07, 2016 | [4],[5],[6] | ||
Cost | $ 175,000 | [1],[2] | $ 175,000 | [4],[5] | ||
Fair Value | $ 175,000 | [1],[2],[7],[8] | $ 175,000 | [4],[5],[9],[10] | 84,000 | |
Number of Shares Owned | shares | 113,636 | [1],[2],[11] | 113,636 | [4],[5],[12] | ||
Net Change in Unrealized Appreciation (Depreciation) | $ 91,000 | |||||
Investment, Identifier [Axis]: SciAps, Inc. - 117,371 Series B Convertible Preferred | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | $ 250,000 | $ 250,000 | 124,000 | |||
Number of Shares Owned | shares | 117,371 | 117,371 | ||||
Net Change in Unrealized Appreciation (Depreciation) | $ 126,000 | |||||
Investment, Identifier [Axis]: SciAps, Inc. - 147,059 Series D Convertible Preferred | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | May 09, 2017 | [1],[2],[3] | May 09, 2017 | [4],[5],[6] | ||
Cost | $ 250,000 | [1],[2] | $ 250,000 | [4],[5] | ||
Fair Value | $ 250,000 | [1],[2],[7],[8] | $ 250,000 | [4],[5],[9],[10] | 250,000 | |
Number of Shares Owned | shares | 147,059 | [1],[2],[11] | 147,059 | [4],[5],[12] | ||
Investment, Identifier [Axis]: SciAps, Inc. - 187,500 Series A Preferred | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Jul. 12, 2013 | [1],[2],[3] | Jul. 12, 2013 | [4],[5],[6] | ||
Equity | 6% | [1],[2],[16] | 6% | [4],[5],[20] | ||
Cost | $ 1,500,000 | [1],[2] | $ 1,500,000 | [4],[5] | ||
Fair Value | $ 1,500,000 | [1],[2],[7],[8] | $ 1,500,000 | [4],[5],[9],[10] | 210,000 | |
Percent of Net Assets | 8.50% | [1],[2] | 9% | [4],[5] | ||
Number of Shares Owned | shares | 187,500 | [1],[2],[11] | 187,500 | [4],[5],[12] | ||
Net Change in Unrealized Appreciation (Depreciation) | $ 1,290,000 | |||||
Investment, Identifier [Axis]: SciAps, Inc. - 274,299 Series A1 Convertible Preferred | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Apr. 04, 2014 | [1],[2],[3] | Apr. 04, 2014 | [4],[5],[6] | ||
Cost | $ 504,710 | [1],[2] | $ 504,710 | [4],[5] | ||
Fair Value | $ 504,710 | [1],[2],[7],[8] | $ 504,710 | [4],[5],[9],[10] | 96,000 | |
Number of Shares Owned | shares | 274,299 | [1],[2],[11] | 274,299 | [4],[5],[12] | ||
Net Change in Unrealized Appreciation (Depreciation) | $ 408,710 | |||||
Investment, Identifier [Axis]: SciAps, Inc. - 369,698 Series C1 Convertible Preferred | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Apr. 07, 2016 | [1],[2],[3] | Apr. 07, 2016 | [4],[5],[6] | ||
Cost | $ 399,274 | [1],[2] | $ 399,274 | [4],[5] | ||
Fair Value | $ 399,274 | [1],[2],[7],[8] | $ 399,274 | [4],[5],[9],[10] | 207,000 | |
Number of Shares Owned | shares | 369,698 | [1],[2],[11] | 369,698 | [4],[5],[12] | ||
Net Change in Unrealized Appreciation (Depreciation) | $ 192,274 | |||||
Investment, Identifier [Axis]: SciAps, Inc. - Warrant to purchase Series D-1 Preferred | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | May 09, 2017 | [1],[2],[3] | May 09, 2017 | [4],[5],[6] | ||
Cost | $ 45,000 | [1],[2] | $ 45,000 | [4],[5] | ||
Fair Value | 45,000 | [1],[2],[7],[8] | 45,000 | [4],[5],[9],[10] | ||
Net Change in Unrealized Appreciation (Depreciation) | 45,000 | |||||
Investment, Identifier [Axis]: Seybert’s | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | 5,962,681 | [1],[2],[30] | 5,868,961 | [4],[5],[32],[36] | ||
Fair Value | 5,962,681 | [1],[2],[7],[8],[30] | 5,868,961 | [4],[5],[9],[10],[32],[36] | ||
Investment, Identifier [Axis]: Seybert’s Billiards Corporation | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | 5,962,681 | 5,868,961 | 3,364,465 | |||
Gross Additions | 93,720 | [21] | 2,504,496 | [22] | ||
Amount of Interest/Dividend/Fee Income | $ 637,447 | [25] | $ 749,097 | [26] | ||
Investment, Identifier [Axis]: Seybert’s Billiards Corporation - $1,435,435 Term Note | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Nov. 22, 2021 | [1],[2],[3],[30] | Jan. 19, 2021 | [4],[5],[6],[32],[36] | ||
Cost | $ 4,251,875 | [1],[2],[30] | $ 1,440,855 | [4],[5],[32],[36] | ||
Fair Value | $ 1,466,806 | [1],[2],[7],[8],[30] | 1,440,855 | [4],[5],[9],[10],[32],[36] | ||
Principle Amount | [4],[5],[12],[32],[36] | $ 1,435,435 | ||||
Interest Rate | 12% | [1],[2],[11],[30] | 12% | [4],[5],[12],[32],[36] | ||
Reference Rate and Spread (+), PIK | 2% | [1],[2],[11],[30] | 2% | [4],[5],[12],[32],[36] | ||
Due Date | Jan. 19, 2026 | [1],[2],[11],[30] | Jan. 19, 2026 | [4],[5],[12],[32],[36] | ||
Investment owned face amount | [1],[2],[11],[30] | $ 1,435,435 | ||||
Investment, Identifier [Axis]: Seybert’s Billiards Corporation - $1,435,435 Term Note at 12% | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | 1,466,806 | $ 1,440,855 | 1,406,690 | |||
Principle Amount | $ 1,435,435 | $ 1,435,435 | ||||
Interest Rate | 12% | [1],[2],[11],[30] | 12% | |||
Reference Rate and Spread (+), PIK | 2% | 2% | ||||
Due Date | Jan. 19, 2026 | Jan. 19, 2026 | ||||
Gross Additions | $ 25,951 | [21] | $ 34,165 | [22] | ||
Amount of Interest/Dividend/Fee Income | 164,843 | [25] | 216,720 | [26] | ||
Investment, Identifier [Axis]: Seybert’s Billiards Corporation - $4,139,444 Term Note at 12% | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | 4,251,875 | 4,184,106 | 1,907,775 | |||
Principle Amount | $ 4,139,444 | $ 4,139,444 | ||||
Interest Rate | 12% | 12% | ||||
Reference Rate and Spread (+), PIK | 2% | 2% | ||||
Due Date | Jan. 19, 2026 | Jan. 19, 2026 | ||||
Gross Additions | $ 67,769 | [21] | $ 2,276,331 | [22] | ||
Amount of Interest/Dividend/Fee Income | $ 472,604 | [25] | $ 532,377 | [26] | ||
Investment, Identifier [Axis]: Seybert’s Billiards Corporation - 4,139,444 Term Note | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Jan. 19, 2021 | [1],[2],[3],[30] | Nov. 22, 2021 | [4],[5],[6],[32],[36] | ||
Equity | 8% | [1],[2],[16],[30] | 8% | [4],[5],[20],[32],[36] | ||
Cost | $ 1,466,806 | [1],[2],[30] | $ 4,184,106 | [4],[5],[32],[36] | ||
Fair Value | $ 4,251,875 | [1],[2],[7],[8],[30] | $ 4,184,106 | [4],[5],[9],[10],[32],[36] | ||
Percent of Net Assets | 9.70% | [1],[2],[30] | 10.20% | [4],[5],[32],[36] | ||
Principle Amount | [4],[5],[12],[32],[36] | $ 4,139,444 | ||||
Interest Rate | [4],[5],[12],[32],[36] | 12% | ||||
Reference Rate and Spread (+), PIK | [1],[2],[11],[30] | 2% | ||||
Reference Rate and Spread (+), PIK | [4],[5],[12],[32],[36] | 2% | ||||
Due Date | Jan. 19, 2026 | [1],[2],[11],[30] | Jan. 19, 2026 | [4],[5],[12],[32],[36] | ||
Investment owned face amount | [1],[2],[11],[30] | $ 4,139,444 | ||||
Investment, Identifier [Axis]: Seybert’s Billiards Corporation - 5.82 Common shares | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Oct. 24, 2022 | [1],[2],[3],[30] | Oct. 24, 2022 | [4],[5],[6],[32],[36] | ||
Cost | $ 194,000 | [1],[2],[30] | $ 194,000 | [4],[5],[32],[36] | ||
Fair Value | $ 194,000 | [1],[2],[7],[8],[30] | $ 194,000 | [4],[5],[9],[10],[32],[36] | ||
Number of Shares Owned | shares | 5.82 | [1],[2],[11],[30] | 5.82 | [4],[5],[12],[32],[36] | ||
Gross Additions | [22] | $ 194,000 | ||||
Investment, Identifier [Axis]: Seybert’s Billiards Corporation - Warrant for 4% Membership Interest | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Jan. 19, 2021 | [1],[2],[3],[30] | Jan. 19, 2021 | [4],[5],[6],[32],[36] | ||
Cost | $ 25,000 | [1],[2],[30] | $ 25,000 | [4],[5],[32],[36] | ||
Fair Value | $ 25,000 | [1],[2],[7],[8],[30] | $ 25,000 | [4],[5],[9],[10],[32],[36] | 25,000 | |
Membership Interest | [1],[2],[11],[30] | 4% | ||||
Investment warrant rate | 4% | 4% | [4],[5],[12],[32],[36] | |||
Investment, Identifier [Axis]: Somerset Gas Transmission Company, LLC - 26.5337 Units | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [5],[6],[17],[19],[29] | Apr. 01, 2005 | ||||
Equity | [5],[17],[19],[20],[29] | 3% | ||||
Cost | [5],[17],[19],[29] | $ 719,097 | ||||
Fair Value | [5],[9],[10],[17],[19],[29] | $ 125,000 | ||||
Percent of Net Assets | [5],[17],[19],[29] | 0.20% | ||||
Number of units | Unit | 26.5337 | |||||
Investment, Identifier [Axis]: Subtotal Affiliate Investments | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | $ 43,946,584 | [1],[2] | $ 30,204,160 | [5],[17] | ||
Fair Value | 51,097,315 | [1],[2],[7],[8] | 38,241,589 | [5],[9],[10],[17] | ||
Investment, Identifier [Axis]: Subtotal Control Investments | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | 5,207,299 | [34] | 4,660,017 | [4],[5],[33] | ||
Fair Value | 4,083,489 | [7],[8],[34] | 3,536,207 | [4],[5],[9],[10],[33] | ||
Investment, Identifier [Axis]: Subtotal Non-Control/Non-Affiliate Investments | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | 17,108,025 | [2],[13] | 20,852,060 | [5],[17] | ||
Fair Value | 19,503,481 | [2],[7],[8],[13] | 19,726,463 | [5],[9],[10],[17] | ||
Investment, Identifier [Axis]: TOTAL INVESTMENTS – 114.8% | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | 66,261,908 | |||||
Fair Value | [7],[8] | $ 74,684,285 | ||||
Percent of Net Assets | 121.70% | |||||
Investment, Identifier [Axis]: Tilson Technology Management, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | $ 3,100,015 | [1],[2] | 2,850,015 | [4],[5] | ||
Fair Value | 10,550,000 | [1],[2],[7],[8] | 10,300,000 | [4],[5],[9],[10] | 8,925,015 | |
Net Change in Unrealized Appreciation (Depreciation) | 1,374,985 | |||||
Gross Additions | [21] | 250,000 | ||||
Amount of Interest/Dividend/Fee Income | $ 39,376 | [25] | $ 52,500 | [26] | ||
Investment, Identifier [Axis]: Tilson Technology Management, Inc. - *120,000 Series B Preferred | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Jan. 20, 2015 | [1],[2],[3] | Jan. 20, 2015 | [4],[5],[6] | ||
Equity | 9% | [1],[2],[16] | 9% | [4],[5],[20] | ||
Cost | $ 600,000 | [1],[2] | $ 600,000 | [4],[5] | ||
Fair Value | $ 4,559,500 | [1],[2],[7],[8] | $ 4,559,500 | [4],[5],[9],[10] | ||
Percent of Net Assets | 17.20% | [1],[2] | 17.80% | [4],[5] | ||
Number of Shares Owned | shares | 120,000 | [1],[2],[11] | 120,000 | [4],[5],[12] | ||
Investment, Identifier [Axis]: Tilson Technology Management, Inc. - *15,385 Series E Preferred | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Mar. 15, 2019 | [1],[2],[3] | Mar. 15, 2019 | [4],[5],[6] | ||
Cost | $ 500,012 | [1],[2] | $ 500,012 | [4],[5] | ||
Fair Value | $ 584,500 | [1],[2],[7],[8] | $ 584,500 | [4],[5],[9],[10] | ||
Number of Shares Owned | shares | 15,385 | [1],[2],[11] | 15,385 | [4],[5],[12] | ||
Investment, Identifier [Axis]: Tilson Technology Management, Inc. - *2.5% dividend payable quarterly | ||||||
Schedule of Investments [Line Items] | ||||||
Dividend payable quarterly | 2.50% | [1],[2],[11] | 2.50% | |||
Investment, Identifier [Axis]: Tilson Technology Management, Inc. - *21,391 Series C Preferred | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Sep. 28, 2016 | [1],[2],[3] | Sep. 28, 2016 | [4],[5],[6] | ||
Cost | $ 200,000 | [1],[2] | $ 200,000 | [4],[5] | ||
Fair Value | $ 812,800 | [1],[2],[7],[8] | $ 812,800 | [4],[5],[9],[10] | ||
Number of Shares Owned | shares | 21,391 | [1],[2],[11] | 21,391 | [4],[5],[12] | ||
Investment, Identifier [Axis]: Tilson Technology Management, Inc. - *70,176 Series D Preferred | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Sep. 29, 2017 | [1],[2],[3] | Sep. 29, 2017 | [4],[5],[6] | ||
Cost | $ 800,000 | [1],[2] | $ 800,000 | [4],[5] | ||
Fair Value | $ 2,666,400 | [1],[2],[7],[8] | $ 2,666,400 | [4],[5],[9],[10] | ||
Number of Shares Owned | shares | 70,176 | [1],[2],[11] | 70,176 | [4],[5],[12] | ||
Investment, Identifier [Axis]: Tilson Technology Management, Inc. - 120,000 Series B Preferred | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | $ 4,559,500 | $ 4,559,500 | 3,900,000 | |||
Number of Shares Owned | shares | 120,000 | 120,000 | ||||
Net Change in Unrealized Appreciation (Depreciation) | $ 659,500 | |||||
Amount of Interest/Dividend/Fee Income | $ 39,376 | [25] | 52,500 | [26] | ||
Investment, Identifier [Axis]: Tilson Technology Management, Inc. - 15,385 Series E Preferred | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | $ 584,500 | $ 584,500 | 500,012 | |||
Number of Shares Owned | shares | 15,385 | 15,385 | ||||
Net Change in Unrealized Appreciation (Depreciation) | $ 84,488 | |||||
Investment, Identifier [Axis]: Tilson Technology Management, Inc. - 21,391 Series C Preferred | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | $ 812,800 | $ 812,800 | 695,000 | |||
Number of Shares Owned | shares | 21,391 | 21,391 | ||||
Net Change in Unrealized Appreciation (Depreciation) | $ 117,800 | |||||
Investment, Identifier [Axis]: Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | $ 800,000 | $ 800,000 | ||||
Number of Shares Owned | shares | 211,567 | |||||
Investment, Identifier [Axis]: Tilson Technology Management, Inc. - 211,567 A-1 Units of SQF Holdco LLC. | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Mar. 15, 2019 | [1],[2],[3] | Mar. 15, 2019 | [4],[5],[6] | ||
Fair Value | $ 800,000 | [1],[2],[7],[8] | $ 800,000 | [4],[5],[9],[10] | ||
Number of Shares Owned | shares | 211,567 | [1],[2],[11] | 211,567 | [4],[5],[12] | ||
Investment, Identifier [Axis]: Tilson Technology Management, Inc. - 211,567 Class A-1 Units of SQF Holdco LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | $ 800,000 | 800,000 | ||||
Number of Shares Owned | shares | 211,567 | |||||
Investment, Identifier [Axis]: Tilson Technology Management, Inc. - 23,077 Series F Preferred | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | Jun. 15, 2020 | [1],[2],[3] | Jun. 15, 2020 | [4],[5],[6] | ||
Cost | $ 750,003 | [1],[2] | $ 750,003 | [4],[5] | ||
Fair Value | $ 876,800 | [1],[2],[7],[8] | $ 876,800 | [4],[5],[9],[10] | 750,003 | |
Number of Shares Owned | shares | 23,077 | [1],[2],[11] | 23,077 | [4],[5],[12] | ||
Net Change in Unrealized Appreciation (Depreciation) | $ 126,797 | |||||
Investment, Identifier [Axis]: Tilson Technology Management, Inc. - 250 Class D-1 Units of SQF Holdco LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Date Acquired | [1],[2],[3] | Feb. 16, 2023 | ||||
Cost | [1],[2] | $ 250,000 | ||||
Fair Value | [1],[2],[7],[8] | $ 250,000 | ||||
Number of Shares Owned | shares | [1],[2],[11] | 250 | ||||
Gross Additions | [21] | $ 250,000 | ||||
Investment, Identifier [Axis]: Tilson Technology Management, Inc. - 70,176 Series D Preferred | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | $ 2,666,400 | $ 2,666,400 | 2,280,000 | |||
Number of Shares Owned | shares | 70,176 | 70,176 | ||||
Net Change in Unrealized Appreciation (Depreciation) | $ 386,400 | |||||
Investment, Identifier [Axis]: Total ITA Acquisition, LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Fair Value | $ 3,561,611 | |||||
Gross Additions | [22] | 676,285 | ||||
Gross Reductions | [24] | (4,237,896) | ||||
Amount of Interest/Dividend/Fee Income | [26] | $ 249,920 | ||||
[1] Affiliate Investments are defined by the Investment Company Act of 1940, as amended (“1940 Act”), as those Non-Control investments in companies in which between 5 % and 25 % of the voting securities are owned by the Corporation. All of the Corporation’s portfolio assets are pledged as collateral for purposes of securing the Corporation’s senior secured revolving credit facility pursuant to a general security agreement, dated June 27, 2022, between the Corporation, the subsidiaries listed therein, and the Lender (as defined herein). The Date Acquired column indicates the date on which the Corporation first acquired an investment. Affiliate Investments are defined by the 1940 Act, as those Non-Control investments in companies in which between 5 % and 25 % of the voting securities are owned by the Corporation. All of the Corporation’s portfolio assets are pledged as collateral for purposes of securing the Corporation’s senior secured revolving credit facility pursuant to a general security agreement, dated June 27, 2022, between the Corporation, the subsidiaries listed therein, and the Lender (as defined herein). The Date Acquired column indicates the date on which the Corporation first acquired an investment. As of September 30, 2023 , the total cost of investment securities was approximately $ 66.3 million. Net unrealized appreciation was approximately $ 8.4 million, which was comprised of $ 13.4 million of unrealized appreciation of investment securities and ($ 5.0 ) million of unrealized depreciation of investment securities. At September 30, 2023 , the aggregate gross unrealized gain for federal income tax purposes was $ 13.8 million and the aggregate gross unrealized loss for federal income tax purposes was ($ 4.7 ) million. The net unrealized gain for federal income tax purposes was $ 9.1 mil lion based on a tax cost of $ 65.5 million . The Corporation’s investments are carried at fair value in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820 “Fair Value Measurements and Disclosures,” which defines fair value and establishes guidelines for measuring fair value. At September 30, 2023 , ASC 820 designates 90 % of the Co rporation’s investments as “Level 3” assets. Under the valuation policy of the Corporation, unrestricted publicly traded securities are valued at the closing price for these securities on the last trading day of the reporting period. Restricted securities are subject to restrictions on resale and are valued at fair value as determined in good faith by our external investment advisor Rand Capital Management, LLC (“RCM”) and approved by the Board of Directors. Fair value is considered to be the amount that the Corporation may reasonably expect to receive for portfolio securities when sold on the valuation date. Valuations as of any particular date, however, are not necessarily indicative of amounts which may ultimately be realized as a result of future sales or other dispositions of securities and these favorable or unfavorable differences could be material. Among the factors considered in determining the fair value of restricted securities are the financial condition and operating results, projected operations, and other analytical data relating to the investment. Also considered are the market prices for unrestricted securities of the same class (if applicable) and other matters which may have an impact on the value of the portfolio company (see Note 3. “Investments” to the Consolidated Financial Statements). As of December 31, 2022 , the total cost of investment securities was approximately $ 55.7 million. Net unrealized appreciation was approximately $ 5.8 million, which was comprised of $ 13.5 million of unrealized appreciation of investment securities and ($ 7.7 ) million of unrealized depreciation of investment securities. At December 31, 2022 , the aggregate gross unrealized gain for federal income tax purposes was $ 13.2 million and the aggregate gross unrealized loss for federal income tax purposes was ($ 6.7 ) million. The net unrealized gain for federal income tax purposes was $ 6.5 million based on a tax cost of $ 55.0 million. The Corporation’s investments are carried at fair value in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820 “Fair Value Measurements and Disclosures,” which defines fair value and establishes guidelines for measuring fair value. At December 31, 2022 , ASC 820 designates 90 % of the Corporation’s investments as “Level 3” assets. Under the valuation policy of the Corporation, unrestricted publicly traded securities are valued at the average closing price for these securities for the last three trading days of the reporting period. Restricted securities are subject to restrictions on resale and are valued at fair value as determined in good faith by our external investment advisor RCM and approved by the Board of Directors. Fair value is considered to be the amount that the Corporation may reasonably expect to receive for portfolio securities when sold on the valuation date. Valuations as of any particular date, however, are not necessarily indicative of amounts which may ultimately be realized as a result of future sales or other dispositions of securities and these favorable or unfavorable differences could be material. Among the factors considered in determining the fair value of restricted securities are the financial condition and operating results, projected operations, and other analytical data relating to the investment. Also considered are the market prices for unrestricted securities of the same class (if applicable) and other matters which may have an impact on the value of the portfolio company (see Note 3. “Investments” to the Consolidated Financial Statements). At September 30, 2023, restricted securities represented 90 % of the fair value of the investment portfolio. Restricted securities are subject to one or more restrictions on resale and are not freely marketable. Type of investment for equity position is in the form of shares unless otherwise noted as units or interests, i.e., preferred shares, common shares. At December 31, 2022 , restricted securities represented 90 % of the fair value of the investment portfolio. Restricted securities are subject to one or more restrictions on resale and are not freely marketable. Type of investment for equity position is in the form of shares unless otherwise noted as units or interests, i.e., preferred shares, common shares. Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Publicly traded company. These investments are non-income producing. All other investments are income producing. Non-income producing investments have not generated cash payments of interest or dividends including LLC tax-related distributions within the last twelve months or are not expected to do so going forward. If a debt or a preferred equity investment fails to make its most recent payment, then the investment will also be classified as non-income producing. Each equity percentage estimates the Corporation’s ownership interest in the applicable portfolio investment. The estimated ownership is calculated based on the percent of outstanding voting securities held by the Corporation or the potential percentage of voting securities held by the Corporation upon exercise of warrants or conversion of debentures, or other available data. If applicable, the symbol “<1%” indicates that the Corporation holds an equity interest of less than one percent. Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Publicly traded company. These investments are non-income producing. All other investments are income producing. Non-income producing investments have not generated cash payments of interest or dividends including LLC tax-related distributions within the last twelve months or are not expected to do so going forward. If a debt or a preferred equity investment fails to make its most recent payment, then the investment will also be classified as non-income producing. Each equity percentage estimates the Corporation’s ownership interest in the applicable portfolio investment. The estimated ownership is calculated based on the percent of outstanding voting securities held by the Corporation or the potential percentage of voting securities held by the Corporation upon exercise of warrants or conversion of debentures, or other available data. If applicable, the symbol “<1%” indicates that the Corporation holds an equity interest of less than one percent. Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow on investments, capitalized interest and the accretion of discounts. Gross additions also include the movement of an existing portfolio company into this category and out of another category. Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow on investments, capitalized interest and the accretion of discounts. Gross additions also include the movement of an existing portfolio company into this category and out of another category. Gross reductions include decreases in the cost basis of investments resulting from principal repayments, sales, note conversions, the exchange of existing securities for new securities and the movement of an existing portfolio company out of this category and into another category. Gross reductions include decreases in the cost basis of investments resulting from principal repayments, sales, note conversions, the exchange of existing securities for new securities and the movement of an existing portfolio company out of this category and into another category. Represents the total amount of interest, fees or dividends credited to income for the portion of the period an investment was included in “Control or Affiliate” categories, respectively. Represents the total amount of interest, fees or dividends credited to income for the portion of the period an investment was included in “Control or Affiliate” categories, respectively. Equity holdings are held in a wholly owned ( 100 %) “blocker corporation” subsidiary of Rand Capital Corporation or Rand Capital Sub LLC for federal income tax and Regulated Investment Company (RIC) compliance purposes. Reduction in cost and fair value from previously reported balances reflects current principal repayment. Equity holdings are held in a wholly owned ( 100 %) “blocker corporation” subsidiary of Rand Capital Corporation or Rand Capital Sub LLC for federal income tax and Regulated Investment Company (RIC) compliance purposes. Payment in kind (PIK) represents earned interest that is added to the cost basis of the investment and due at maturity. The amount of PIK earned is included in the interest rate detailed in the “Type of Investment” column, unless it has been noted with a (+), in which case the PIK is in addition to the face amount of interest due on the security. Represents interest due (amounts over $ 50,000 ) from investments included as interest receivable on the Corporation’s Consolidated Statements of Financial Position. Payment in kind (PIK) represents earned interest that is added to the cost basis of the investment and due at maturity. The amount of PIK earned is included in the interest rate detailed in the “Type of Investment” column, unless it has been noted with a (+), in which case the PIK is in addition to the face amount of interest due on the security. Control Investments are defined by the 1940 Act as investments in companies in which more than 25 % of the voting securities are owned by the Corporation or where greater than 50 % of the board representation is maintained. Control Investments are defined by the 1940 Act as investments in companies in which more than 25 % of the voting securities are owned by the Corporation or where greater than 50 % of the board representation is maintained. Reduction in cost and fair value from previously reported balances reflects current principal repayment. Represents interest due (amounts over $ 50,000 ) from investments included as interest receivable on the Corporation’s Consolidated Statements of Financial Position. None at December 31, 2022. |
CONSOLIDATED SCHEDULE OF PORT_2
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS (Unaudited) (Parenthetical) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Schedule of Investments [Line Items] | ||
Percentage of fair value level 3 investments | 90% | 90% |
Investment at Cost | $ 66,261,908 | $ 55,716,237 |
Interest due from investments | $ 50,000 | $ 50,000 |
Blocker corporation | ||
Schedule of Investments [Line Items] | ||
Equity owned percentage | 100% | 100% |
Fair Value | ||
Schedule of Investments [Line Items] | ||
Investment at Cost | $ 66,300,000 | $ 55,700,000 |
Net unrealized appreciation | 8,400,000 | 5,800,000 |
Unrealized appreciation of investment securities | 13,400,000 | 13,500,000 |
Unrealized depreciation of investment securities | 5,000,000 | 7,700,000 |
Aggregate gross unrealized gain for federal income tax | 13,800,000 | 13,200,000 |
Aggregate gross unrealized loss for federal income tax | 4,700,000 | 6,700,000 |
Net unrealized gain for federal income tax | 9,100,000 | 6,500,000 |
Tax cost | $ 65,500,000 | $ 55,000,000 |
Minimum | ||
Schedule of Investments [Line Items] | ||
Percentage of voting securities | 5% | 5% |
Percentage of board representation | 50% | 50% |
Maximum | ||
Schedule of Investments [Line Items] | ||
Percentage of voting securities | 25% | 25% |
CONSOLIDATED SCHEDULE OF PORT_3
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS (Schedule of Percentage of Total Investments) | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule of Investments [Line Items] | ||
Percentage of Total Investments (at fair value) | 100% | 100% |
Professional Services | ||
Schedule of Investments [Line Items] | ||
Percentage of Total Investments (at fair value) | 31.40% | |
Professional and Business Services | ||
Schedule of Investments [Line Items] | ||
Percentage of Total Investments (at fair value) | 39.60% | |
Manufacturing | ||
Schedule of Investments [Line Items] | ||
Percentage of Total Investments (at fair value) | 23.10% | 22.60% |
Consumer Product | ||
Schedule of Investments [Line Items] | ||
Percentage of Total Investments (at fair value) | 13.50% | 16.20% |
Automotive | ||
Schedule of Investments [Line Items] | ||
Percentage of Total Investments (at fair value) | 4.30% | 13.20% |
Software | ||
Schedule of Investments [Line Items] | ||
Percentage of Total Investments (at fair value) | 8% | 10.10% |
BDC Investment Funds | ||
Schedule of Investments [Line Items] | ||
Percentage of Total Investments (at fair value) | 5.70% | 6.30% |
Oil and Gas | ||
Schedule of Investments [Line Items] | ||
Percentage of Total Investments (at fair value) | 5.80% | 0.20% |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 595,504 | $ 1,104,902 | $ 5,437,671 | $ (1,202,024) |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
N-2
N-2 - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | ||||
Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Cover [Abstract] | |||||
Entity Central Index Key | 0000081955 | ||||
Amendment Flag | false | ||||
Securities Act File Number | 814-00235 | ||||
Document Type | 10-Q | ||||
Entity Registrant Name | Rand Capital Corporation | ||||
Entity Address, Address Line One | 1405 Rand Building | ||||
Entity Address, City or Town | Buffalo | ||||
Entity Address, State or Province | NY | ||||
Entity Address, Postal Zip Code | 14203 | ||||
City Area Code | 716 | ||||
Local Phone Number | 853-0802 | ||||
Entity Emerging Growth Company | false | ||||
Financial Highlights [Abstract] | |||||
Senior Securities Amount | $ 25 | ||||
Senior Securities, Note [Text Block] | See “Note 6. Senior Secured Revolving Credit Facility” in the Notes to the Consolidated Financial Statements for additional information regarding the terms of our Credit Facility. | ||||
General Description of Registrant [Abstract] | |||||
Investment Objectives and Practices [Text Block] | Our investment objective is to generate current income and when possible, capital appreciation, by targeting investment opportunities with favorable risk-adjusted returns. As a result, we are focused on investing in higher yielding debt instruments and related equity investments in privately held, lower middle market companies with a committed and experienced management team in a broad variety of industries. We may also invest in publicly traded shares of other business development companies that provide income through dividends and have more liquidity than our private company equity investments. | ||||
NAV Per Share | $ 23.77 | $ 22.36 | $ 22.62 | $ 23.54 | |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||||
Security Dividends [Text Block] | Board of Directors declared the following quarterly cash dividends during the nine months ended September 30, 2023: Dividend/Share Record Date Payment Date 1 st $ 0.20 March 13, 2023 March 27, 2023 2 nd $ 0.25 May 31, 2023 June 14, 2023 3 rd $ 0.25 August 31, 2023 September 14, 2023 | ||||
Security Preemptive and Other Rights [Text Block] | SEC Exemptive Order On October 7, 2020, Rand, RCM and certain of their affiliates received an exemptive order from the SEC to permit the Corporation to co-invest in portfolio companies with certain affiliates, including other BDCs and registered investment companies, managed by RCM and certain of its affiliates, in a manner consistent with the Corporation’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements, subject to compliance with certain conditions (the “Order”). On March 29, 2021, the SEC granted Rand, RCM, Callodine, which holds a controlling interest in RCM, and certain of their affiliates a new exemptive order (the “New Order”) that superseded the Order and permits Rand to co-invest with affiliates managed by RCM and Callodine. Pursuant to the New Order, the Corporation is generally permitted to co-invest with affiliates covered by the New Order if a “required majority” (as defined in Section 57(o) of the 1940 Act) of Rand’s independent directors makes certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to Rand and its shareholders and do not involve overreaching in respect of Rand or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Rand’s shareholders and is consistent with Rand’s investment objective and strategies and (3) the investment by Rand’s affiliates would not disadvantage Rand, and Rand’s participation would not be on a basis different from or less advantageous than that on which Rand’s affiliates are investing. In addition, on September 6, 2022, the SEC granted an amendment to the New Order to permit us to participate in follow-on investments in our existing portfolio companies with certain Affiliated Funds (as defined in the amended New Order) that do not hold any investments in such existing portfolio companies. |
Organization
Organization | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Note 1. ORGANIZATION Rand Capital Corporation (“Rand”, “we”, “us” and “our”) was incorporated under the laws of New York in February 1969. We completed our initial public offering in 1971 and operated as an internally managed, closed end, management investment company from that time until November 2019. In November 2019, Rand completed a stock sale transaction (the “Closing”) with East Asset Management (“East”). The transaction consisted of a $ 25 million investment in Rand by East, in the form of cash and contributed portfolio assets, in exchange for approximately 8.3 million shares of Rand common stock. East owns approximately 64 % of Rand Capital’s outstanding common stock at September 30, 2023. Concurrent with the Closing, Rand Capital Management, LLC (“RCM”), a registered investment adviser, was retained by Rand as its external investment adviser and administrator (the Closing and the retention of RCM as our investment adviser and administrator are collectively referred to herein as the “Transaction”). The term of the new investment advisory and management agreement (the “Investment Management Agreement”) with RCM was extended after its renewal was approved by our Board of Directors (the “Board”) in October 2023 and is now set to expire December 31, 2024. In addition, the term of the administration agreement (the “Administration Agreement”) with RCM was extended after its renewal was approved by the Board in October 2023 and is now set to expire December 31, 2024. After December 31, 2024, the Investment Management Agreement and Administration Agreement will continue for successive annual periods provided that such continuance is specifically approved at least annually by (i)(A) the affirmative vote of a majority of the Board or (B) the affirmative vote of a majority of our outstanding voting securities, and (ii) the affirmative vote of a majority of our directors who are not “interested persons,” as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act"), of us, RCM or our respective affiliates. Pursuant to the terms of the Investment Management Agreement, Rand pays RCM a base management fee and may pay an incentive fee, if specified benchmarks are met. In connection with the Closing, we also entered into a shareholder agreement by and between Rand and East (the “Shareholder Agreement”). Pursuant to the terms of the Shareholder Agreement, East has the right to designate two or three persons, depending upon the size of the Board, for nomination for election to the Board. East has the right to designate (i) up to two persons if the size of the Board is composed of fewer than seven directors or (ii) up to three persons if the size of the Board is composed of seven or more directors. East’s right to designate persons for nomination for election to the Board under the Shareholder Agreement is the exclusive means by which East may designate or nominate persons for election to the Board. The Board currently consists of five directors, and East’s designees are Adam S. Gusky and Benjamin E. Godley. We are an externally managed, closed-end, non-diversified investment company. We have elected to be regulated as a business development company (“BDC”) under the 1940 Act. As a BDC, we are required to comply with certain regulatory requirements specified in the 1940 Act. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets” and provide managerial assistance to the portfolio companies in which we invest. See “Item 1. Business - Regulations, Business Development Company Regulations” in our Annual Report on Form 10-K for the year ended December 31, 2022. Since the completion of the Transaction, we adopted an investment strategy focused on higher yielding debt investments and elected to be treated as a regulated investment company (“RIC”) for U.S. Federal income tax purposes as of January 1, 2020 on our U.S. Federal tax return for the 2020 tax year. The Board declared the following quarterly cash dividends during the nine months ended September 30, 2023: Dividend/Share Record Date Payment Date 1 st $ 0.20 March 13, 2023 March 27, 2023 2 nd $ 0.25 May 31, 2023 June 14, 2023 3 rd $ 0.25 August 31, 2023 September 14, 2023 In order to continue to qualify as a RIC, Rand holds several of its equity investments in holding companies that facilitate a tax structure that is advantageous to the RIC election. Rand has the following wholly owned blocker subsidiaries in place at September 30, 2023: Rand BMP Swanson Holdings Corp., Rand Carolina Skiff Holdings Corp., Rand DSD Holdings Corp., Rand Filterworks Holdings Corp., Rand FSS Holdings Corp., Rand INEA Holdings Corp., Rand ITA Holdings Corp., and Rand Somerset Holdings Corp. (the “Blocker Corps”). These subsidiaries are consolidated using United States generally accepted accounting principles (“GAAP”) for financial reporting purposes. On October 7, 2020, Rand, RCM and certain of their affiliates received an exemptive order for relief from the Securities and Exchange Commission (“SEC”) to permit Rand to co-invest in portfolio companies with certain affiliates, including other BDCs and registered investment companies, managed by RCM and certain of its affiliates in a manner consistent with Rand’s investment objective, policies, strategies and restrictions as well as regulatory requirements, subject to compliance with certain conditions (the “Order”). On March 29, 2021, the SEC granted Rand, Callodine Group, LLC (“Callodine”), which holds a controlling interest in RCM, and certain of their affiliates a new exemptive order (the “New Order”) that superseded the Order and permits Rand to co-invest with affiliates managed by RCM and Callodine. Callodine is a yield focused asset management platform. Pursuant to the New Order, Rand is generally permitted to co-invest with affiliates covered by the New Order if a “required majority” (as defined in Section 57(o) of the 1940 Act) of Rand’s independent directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to Rand and its shareholders and do not involve overreaching of Rand or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of Rand’s shareholders and is consistent with Rand’s investment objective and strategies and (3) the investment by Rand’s affiliates would not disadvantage Rand, and Rand’s participation would not be on a basis different from or less advantageous than that on which Rand’s affiliates are investing. In addition, on September 6, 2022, the SEC granted an amendment to the New Order to permit Rand to participate in follow-on investments in our existing portfolio companies with certain Affiliated Funds (as defined in the amended New Order) that do not hold any investments in such existing portfolio companies. The accompanying consolidated financial statements describe the operations of Rand and its wholly-owned subsidiaries, Rand Capital Sub, LLC ("Rand Sub") and the Blocker Corps (collectively, the “Corporation”). Our corporate office is located in Buffalo, NY and our website address is www.randcapital.com. We make available on our website our annual and quarterly reports, proxy statements and other information as soon as reasonably practicable after such material is filed with the Securities and Exchange Commission (“SEC”). Our shares are traded on the Nasdaq Capital Market under the ticker symbol “RAND.” |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. SUMMAR Y OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation – It is our opinion that the accompanying consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair presentation in accordance with GAAP of the consolidated financial position, results of operations, cash flows and statement of changes in net assets for the interim periods presented. The Corporation is an investment company following accounting and reporting guidance in Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies . Certain information and note disclosures normally included in audited annual consolidated financial statements prepared in accordance with GAAP have been omitted; however, we believe that the disclosures made are adequate to make the information presented herein not misleading. The interim results for the nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year. These statements should be read in conjunction with the consolidated financial statements and the notes included in our Annual Report on Form 10-K for the year ended December 31, 2022 . Information contained in this filing should also be reviewed in conjunction with our related filings with the SEC prior to the date of this report. Principles of Consolidation - The consolidated financial statements include the accounts of Rand and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Fair Value of Financial Instruments – The carrying amounts reported in the consolidated statement of financial position of cash, interest receivable, accounts payable and accrued expenses approximate fair value because of the immediate or short-term nature of these financial instruments. Investment Classification – In accordance with the provisions of the 1940 Act, the Corporation classifies its investments by level of control. Under the 1940 Act, “Control Investments” are investments in companies that the Corporation is deemed to “Control” because it owns more than 25 % of the voting securities of the company or has greater than 50 % representation on the company’s board. “Affiliate Investments” are companies in which the Corporation owns between 5 % and 25 % of the voting securities. “Non-Control/Non-Affiliate Investments” are those companies that are neither Control Investments nor Affiliate Investments. Investments - Investments are valued at fair value as determined in good faith by RCM and approved by the Board. The Corporation generally invests in loan, debt, and equity instruments and there is no single standard for determining fair value of these investments. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio company while employing a consistent valuation process. Due to the inherent uncertainty of determining the fair value of portfolio investments, there may be material risks associated with this determination including that estimated fair values may differ from the values that would have been used had a readily available market value for the investments existed and these differences could be material if our assumptions and judgments differ from results of actual liquidation events. The Corporation analyzes and values each investment quarterly and records unrealized depreciation for an investment that it believes has become impaired, including where collection of a loan or realization of the recorded value of an equity security is doubtful. Conversely, the Corporation will record unrealized appreciation if it believes that an underlying portfolio company has appreciated in value and, therefore, the Corporation's equity securities in the underlying portfolio company has also appreciated in value. Additionally, the Corporation continues to assess any material risks associated with this fair value determination, including risks associated with material conflicts of interest. Under the valuation policy of the Corporation, unrestricted publicly traded securities are valued at the closing price for these securities on the last trading day of the reporting period. Qualifying Assets - The Corporation’s portfolio of investments includes both qualifying and non-qualifying assets. A majority of the Corporation’s investments represent qualifying investments in privately held businesses, principally based in the United States, and represent qualifying assets as defined by Section 55(a) of the 1940 Act. The non-qualifying assets generally include investments in other publicly traded BDC investment companies and other publicly traded securities. Revenue Recognition - Interest Income - Interest income is recognized on the accrual basis except where the investment is in default or otherwise presumed to be in doubt. In such cases, interest is recognized at the time of receipt. A reserve for possible losses on interest receivable is maintained when appropriate. There was no reserve for possible losses as of September 30, 2023 or December 31, 2022. The Corporation holds debt securities in its investment portfolio that contain payment-in-kind (“PIK”) interest provisions. PIK interest, computed at the contractual rate specified in each debt agreement, is added to the principal balance of the debt and is recorded as interest income. Thus, the actual collection of this interest may be deferred until the time of debt principal repayment. Revenue Recogn ition - Dividend Income – The Corporation may receive cash distributions from portfolio companies that are limited liability companies or corporations, and these distributions are classified as dividend income on the consolidated statement of operations. Dividend income is recognized on an accrual basis when it can be reasonably estimated for private portfolio companies or on the record date for publicly traded portfolio companies. The Corporation may hold preferred equity securities that contain cumulative dividend provisions. Cumulative dividends are recorded as dividend income, if declared and deemed collectible, and any dividends in arrears are recognized into income and added to the balance of the preferred equity investment. The actual collection of these dividends in arrears may be deferred until such time as the preferred equity is redeemed. Revenue Recognition - Fee Income - Consists of the revenue associated with the amortization of financing fees charged to the portfolio companies upon successful closing of financings and income associated with portfolio company board meeting attendance fees. Realized Gain or Loss and Unrealized Appreciation or Depreciation of Investments - Amounts reported as realized gains and losses are measured by the difference between the proceeds from the sale or exchange and the cost basis of the investment without regard to unrealized gains or losses recorded in prior periods. The cost of securities that have, in management’s judgment, become worthless are written off and reported as realized losses when appropriate. Unrealized appreciation or depreciation reflects the difference between the fair value of the investments and the cost basis of the investments. Original Issue Discount – Investments may include “original issue discount” or OID income. This occurs when the Corporation purchases a warrant and a note from a portfolio company simultaneously, which requires an allocation of a portion of the purchase price to the warrant and reduces the note or debt instrument by an equal amount in the form of a note discount or OID. Net Assets per Share - Net assets per share are based on the number of shares of common stock outstanding. There are no common stock equivalents outstanding. Supplemental Cash Flow Information - Income taxes paid (refunded) during the nine months ended September 30, 2023 and 2022 were $ 509,063 and ($ 69,028 ), respectively. Interest paid during the nine months ended September 30, 2023 and 2022 was $ 614,640 and $ 19,792 , respectively. The Corporation converted $ 813,599 and $ 516,391 of interest receivable into investments during the nine months ended September 30, 2023 and 2022 , respectively. Accounting Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Stockholders’ Equity (Net Assets) - At September 30, 2023 and December 31, 2022 , there were 500,000 shares of $ 10.00 par value preferred stock authorized and unissued. On April 19, 2023, the Board approved a share repurchase plan which authorizes the Corporation to repurchase shares of Rand’s outstanding common stock with an aggregate cost of up to $ 1,500,000 at prices per share of common stock no greater than the then current net asset value. This share repurchase authorization is in effect through April 19, 2024, and replaces the share repurchase authorization that was previously approved by the Board in April 2022. No shares of Rand's common stock were repurchased by the Corporation during the nine months ended September 30, 2023 or the nine months ended September 30, 2022 . Income Taxes – The Corporation elected to be treated, for U.S. federal income tax purposes, as a RIC for the 2022 and 2021 tax years under Subchapter M of the Code. The Corporation must distribute substantially all of its investment company taxable income each tax year as dividends to its shareholders to maintain its RIC status. If the Corporation continues to qualify as a RIC and continues to satisfy the annual distribution requirement, the Corporation will not have to pay corporate level U.S. federal income taxes on any income that the Corporation distributes to its stockholders. The Blocker Corps, which are consolidated under U.S. GAAP for financial reporting purposes, are subject to U.S. federal and state income taxes. Therefore, the Corporation accounts for income taxes pursuant to FASB ASC Topic 740, Income Taxes . Under FASB ASC Topic 740, deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The Corporation records a valuation allowance against the deferred tax assets if and to the extent it is more likely than not that the Corporation will not recover the deferred tax assets. In evaluating the need for a valuation allowance, the Corporation weights all relevant positive and negative evidence, and considers among other factors, historical financial performance, projected future taxable income, scheduled reversals of deferred tax liabilities, the overall business environment, and tax planning strategies. Changes in circumstances, including the Blocker Corps generating significant taxable income and tax planning strategies, could cause a change in judgment about the need for a valuation allowance of the related deferred tax assets. Any change in the valuation allowance will be included in income in the period of the change in estimate. Accordingly, during the three and nine months ended September 30, 2023 , the Corporation estimated that a portion of its Blocker Corps’ deferred tax assets are not expected to be fully recoverable in the future. As a result, the Corporation recorded a partial valuation allowance of approximately $ 129,000 during the three and nine months ended September 30, 2023 against its U.S. Federal deferred tax assets. There was no valuation allowance prior to this date. The Corporation reviews the tax positions it has taken to determine if they meet a "more likely than not threshold" for the benefit of the tax position to be recognized in the consolidated financial statements. A tax position that fails to meet the more likely than not recognition threshold will result in either a reduction of a current or deferred tax asset or receivable, or the recording of a current or deferred tax liability. There were no uncertain tax positions recorded at September 30, 2023 or December 31, 2022. Depending on the level of taxable income earned in a tax year, the Corporation may choose to carry forward taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4 % excise tax on such income, as required. To the extent that the Corporation determines that its estimated current year taxable income will be in excess of estimated dividend distributions for the current year from such income, the Corporation accrues excise tax, if any, on estimated excess taxable income as such taxable income is earned. The Corporation incurred $ 24,543 and $ 0 in federal excise tax expense during the nine months ended September 30, 2023 and 2022, respectively. Distributions from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal tax regulations, which may differ from amounts determined in accordance with GAAP and those differences could be material. These book-to-tax differences are either temporary or permanent in nature. Reclassifications due to permanent book-tax differences, including the offset of net operating losses against short-term gains and nondeductible meals and entertainment, have no impact on net assets. The Corporation is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ended December 31, 2019 through 2022. In general, the Corporation’s state income tax returns are open to audit under the statute of limitations for the years ended December 31, 2019 through 2022. It is the Corporation’s policy to include interest and penalties related to income tax liabilities in income tax expense on the Consolidated Statement of Operations. There were no amounts recognized for the nine months ended September 30, 2023 or 2022 . Concentration of Credit and Market Risk – The Corporation’s financial instruments potentially subject it to concentrations of credit risk. Cash is invested with banks in amounts which, at times, exceed insured limits. The Corporation does not anticipate non-performance by such banks. The following are the concentrations of the top five portfolio company values compared to the fair value of the Corporation’s total investment portfolio: September 30, 2023 Tilson Technology Management, Inc. (Tilson) 14 % Seybert’s Billiards Corporation (Seybert’s) 8 % SciAps, Inc. (Sciaps) 7 % BMP Food Service Supply Holdco, LLC (FSS) 7 % Inter-National Electronic Alloys LLC (INEA) 6 % December 31, 2022 Tilson 17 % Seybert's 10 % Sciaps 8 % DSD Operating, LLC (DSD) 8 % Caitec, Inc. (Caitec) 6 % Recent Accounting Pronouncements – In March 2022, the FASB issued ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326)”, which is intended to address issues identified during the post-implementation review of ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The amendment, among other things, eliminates the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, “Receivables - Troubled Debt Restructurings by Creditors”, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The new guidance is effective for interim and annual periods beginning after December 15, 2022. The Corporation evaluated the impact of the adoption of ASU 2022-02 on its consolidated financial statements and disclosures and determined that this guidance does not have a material impact on its consolidated financial statements. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 3. INVESTMENTS The Corporation’s investments are carried at fair value, as determined in good faith by the Board, in accordance with FASB Accounting Standards Codification (ASC) 820, “Fair Value Measurements and Disclosures”, which defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosures about fair value measurements. Loan investments are defined as traditional loan financings typically with no equity features or required equity co-investment. Debt investments are defined as debt financings that include one or more equity features such as conversion rights, stock purchase warrants, and/or stock purchase options. Equity investments will be direct investments into a portfolio company and may include preferred stock, common stock, warrants and limited liability company membership interests. The Corporation uses several approaches to determine the fair value of an investment. The main approaches are: • Loan and debt securities are generally valued using an asset approach and will be valued at cost when representative of the fair value of the investment or sufficient assets or liquidation proceeds are expected to exist from a sale of a portfolio company at its estimated fair value. The valuation may also consider the carrying interest rate versus the related inherent portfolio risk of the investment. A loan or debt instrument may be reduced in value if it is judged to be of poor quality, collection is in doubt or insufficient liquidation proceeds exist. • Equity securities may be valued using the “asset approach”, “market approach” or “income approach.” The asset approach uses estimates of the liquidation value of the portfolio companies’ assets in relation to the cost of the respective security. This approach values the equity at the value remaining after the portfolio company pays off its debt and loan balances and its outstanding liabilities. The market approach uses observable prices and other relevant information generated by similar market transactions. It may include both private and public M&A transactions where the traded price is a multiple of EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) or another relevant operating metric. It may also include the market value of comparable public companies that are trading in an active market, or the use of market multiples derived from a set of comparables to assist in pricing the investment. Additionally, the Corporation adjusts valuations if a subsequent significant equity financing has occurred that includes a meaningful portion of the financing by a sophisticated, unrelated new investor. The income approach employs valuation techniques to convert future benefits or costs, usually in the form of cash flows, into a present value amount. The measurement is based on value indicated by current market expectations about those future amounts. ASC 820 classifies the inputs used to measure fair value into the following hierarchy: Level 1: Quoted prices in active markets for identical assets or liabilities, used in the Corporation’s valuation at the measurement date. Under the valuation policy, the Corporation values unrestricted publicly traded companies, categorized as Level 1 investments, at the closing price on the last trading day of the reporting period. Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices. Level 3: Unobservable and significant inputs to determining the fair value. Financial assets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Any changes in estimated fair value are recorded in the statement of operations. At September 30, 2023, 10 % of the Corporation’s investments were Level 1 investments and 90 % were Level 3 investments. At December 31, 2022 , 10 % of the Corporation’s investments were Level 1 investments and 90 % were Level 3 investments. There were no Level 2 investments at September 30, 2023 or December 31, 2022. In the valuation process, the Corporation values restricted securities categorized as Level 3 investments, using information from these portfolio companies, which may include: • Audited and unaudited statements of operations, balance sheets and operating budgets; • Current and projected financial, operational and technological developments of the portfolio company; • Current and projected ability of the portfolio company to service its debt obligations; • The current capital structure of the business and the seniority of the various classes of equity if a deemed liquidation event were to occur; • Pending debt or capital restructuring of the portfolio company; • Current information regarding any offers to purchase the investment, or recent fundraising transactions; • Current ability of the portfolio company to raise additional financing if needed; • Changes in the economic environment which may have a material impact on the operating results of the portfolio company; • Internal circumstances and events that may have an impact (positive or negative) on the operating performance of the portfolio company; • Qualitative assessment of key management; • Contractual rights, obligations or restrictions associated with the investment; and • Other factors deemed relevant to assess valuation. The valuation may be reduced if a portfolio company’s performance and potential have deteriorated significantly. If the factors that led to a reduction in valuation are overcome, the valuation may be readjusted. Equity Securities Equity securities may include preferred stock, common stock, warrants and limited liability company membership interests. The significant unobservable inputs used in the fair value measurement of the Corporation’s equity investments are earnings before interest, tax and depreciation and amortization (EBITDA) and revenue multiples, where applicable, the financial and operational performance of the business, and the debt and senior equity preferences that may exist in a deemed liquidation event. Standard industry multiples may be used when available; however, the Corporation’s portfolio companies are typically privately-held, lower middle market companies and these industry standards may be adjusted to more closely match the specific financial and operational performance of the portfolio company. Due to the nature of certain investments, fair value measurements may be based on other criteria, which may include third party appraisals. Significant changes in any of these unobservable inputs may result in a significantly higher or lower fair value estimate. Another key factor used in valuing equity investments is a significant recent arms-length equity transaction entered into by the portfolio company with a sophisticated, non-strategic, unrelated, new investor. The terms of these equity transactions may not be identical to the equity transactions between the portfolio company and the Corporation, and the impact of the difference in transaction terms on the market value of the portfolio company may be difficult or impossible to quantify. When appropriate the Black-Scholes pricing model is used to estimate the fair value of warrants for accounting purposes. This model requires the use of highly subjective inputs including expected volatility and expected life, in addition to variables for the valuation of minority equity positions in small private and early stage companies. Significant changes in any of these unobservable inputs may result in a significantly higher or lower fair value estimate. For investments made within the last year, the Corporation generally relies on the cost basis, which is deemed to represent the fair value, unless other fair value inputs are identified causing the Corporation to depart from this basis. Loan and Debt Securities The significant unobservable inputs used in the fair value measurement of the Corporation’s loan and debt securities are the financial and operational performance of the portfolio company, similar debt with similar terms with other portfolio companies, as well as the market acceptance for the portfolio company’s products or services. These inputs will likely provide an indicator as to the probability of principal recovery of the investment. The Corporation’s loan and debt investments are often junior secured or unsecured securities. Fair value may also be determined based on other criteria where appropriate. Significant changes to the unobservable inputs may result in a change in fair value. For recent investments, the Corporation generally relies on the cost basis, which is deemed to represent the fair value, unless other fair value inputs are identified causing the Corporation to depart from this basis. 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, 2023: Market Approach EBITDA Multiple Market Approach Liquidation Seniority Market Approach Market Approach Transaction Pricing Totals Non-Control/Non-Affiliate Equity $ 300,000 $ — $ 700,000 $ 200,063 $ 1,200,063 Non-Control/Non-Affiliate Loan and Debt 6,641,504 2,212,326 — 2,250,000 11,103,830 Total Non-Control/Non-Affiliate $ 6,941,504 $ 2,212,326 $ 700,000 $ 2,450,063 $ 12,303,893 Affiliate Equity $ 4,262,324 $ — $ 3,223,984 $ 11,550,000 $ 19,036,308 Affiliate Loan and Debt 18,357,414 — 2,090,000 11,613,593 32,061,007 Total Affiliate $ 22,619,738 $ — $ 5,313,984 $ 23,163,593 $ 51,097,315 Control Equity $ — $ — $ — $ — $ — Control Loan and Debt — 4,083,489 — — 4,083,489 Total Control $ — $ 4,083,489 $ — $ — $ 4,083,489 Total Level 3 Investments $ 29,561,242 $ 6,295,815 $ 6,013,984 $ 25,613,656 $ 67,484,697 Range 4X - 7X 1X 1X - 3X Not Applicable Unobservable Input EBITDA Multiple Asset Value Revenue Multiple Transaction Price Weighted Average 5.4X 1X 1.7X Not Applicable The following table provides a summary of the components of Level 1, 2 and 3 Assets Measured at Fair Value at September 30, 2023: Fair Value Measurements at Reported Date Using September 30, 2023 Quoted Prices in Active Markets for Identical Assets Significant Other Significant Loan investments $ 12,170,088 $ — $ — $ 12,170,088 Debt investments 35,078,238 — — 35,078,238 Equity investments 27,435,959 7,199,588 — 20,236,371 Total $ 74,684,285 $ 7,199,588 $ — $ 67,484,697 The following table provides a summary of the components of Level 1, 2 and 3 Assets Measured at Fair Value at December 31, 2022: Fair Value Measurements at Reported Date Using December 31, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Significant Loan investments $ 14,578,351 $ — $ — $ 14,578,351 Debt investments 19,582,616 — — 19,582,616 Equity investments 27,343,292 6,407,548 — 20,935,744 Total $ 61,504,259 $ 6,407,548 $ — $ 55,096,711 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, 2023: Fair Value Measurements Using Significant Description Loan Investments Debt Equity 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) — — 2,537,765 2,537,765 Microcision, LLC (Microcision) — — 58,329 58,329 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 losses, net — — ( 649,863 ) ( 649,863 ) Unrealized gains (losses) included in net change in net assets from operations: DSD — — ( 886,698 ) ( 886,698 ) Open Exchange, Inc. (Open Exchange) — — ( 701,940 ) ( 701,940 ) Rheonix — — 2,802,731 2,802,731 Somerset — — 594,097 594,097 Total unrealized gains (losses) — — 1,808,190 1,808,190 Purchases of securities/changes to securities/non-cash conversions: BMP Food Service Supply Holdco, LLC (FSS) — 2,320,000 — 2,320,000 BMP Swanson Holdco, LLC (Swanson) 100,115 — — 100,115 Caitec, Inc. (Caitec) 55,822 — — 55,822 DSD 31,652 — — 31,652 FCM Industries Holdco LLC (First Coast Mulch) — 3,807,147 — 3,807,147 Filterworks Acquisition USA, LLC (Filterworks) — 204,489 — 204,489 GoNoodle, Inc. (GoNoodle) — 10,614 — 10,614 HDI Acquisition LLC (Hilton Displays) — 17,182 — 17,182 Highland All About People Holdings, Inc. (All About People) — 3,018,000 1,000,000 4,018,000 Inter-National Electronic Alloys LLC (INEA) — 3,321,071 1,011,765 4,332,836 ITA Acquisition, LLC (ITA) 547,282 — — 547,282 Mattison Avenue Holdings LLC (Mattison) 28,300 — — 28,300 Pressure Pro, Inc. (Pressure Pro) — 3,038,446 30,000 3,068,446 Seybert’s Billiards Corporation (Seybert’s) — 93,720 — 93,720 SciAps, Inc. (Sciaps) — 5,000 — 5,000 Social Flow — — 4,941 4,941 Tilson Technology Management, Inc. (Tilson) — — 250,000 250,000 Total purchases of securities/changes to securities/non-cash 763,171 15,835,669 2,296,706 18,895,546 Repayments and sales of securities: Clearview Social — — ( 10,432 ) ( 10,432 ) DSD ( 3,171,434 ) — ( 3,605,265 ) ( 6,776,699 ) FSS — ( 40,047 ) ( 210,000 ) ( 250,047 ) Hilton Displays — ( 300,000 ) — ( 300,000 ) Microcision — — ( 58,329 ) ( 58,329 ) Somerset — — ( 270,380 ) ( 270,380 ) Total repayments and sales of securities ( 3,171,434 ) ( 340,047 ) ( 4,154,406 ) ( 7,665,887 ) Ending balance September 30, 2023, of Level 3 Assets $ 12,170,088 $ 35,078,238 $ 20,236,371 $ 67,484,697 Change in unrealized appreciation/depreciation included in earnings $ ( 701,940 ) 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, 2022: Fair Value Measurements Using Significant Loan Investments Debt Equity Total Ending Balance December 31, 2021, of Level 3 Assets $ 15,503,404 $ 14,030,078 $ 20,633,935 $ 50,167,417 Realized gains (losses) included in net change in net assets from operations: ClearView Social, Inc. (Clearview Social) — — 38,881 38,881 GiveGab, Inc. (Givegab) — — 1,919 1,919 Microcision, LLC (Microcision) — — 190,000 190,000 New Monarch Machine Tool, Inc. (New Monarch) — — ( 22,841 ) ( 22,841 ) SocialFlow, Inc. (Social Flow) — — ( 1,481,498 ) ( 1,481,498 ) Total realized (losses), net — — ( 1,273,539 ) ( 1,273,539 ) Unrealized gains included in net change in net assets from operations: Microcision — — 25,000 25,000 New Monarch — — 22,841 22,841 Social Flow — — 1,628,000 1,628,000 Total unrealized gains — — 1,675,841 1,675,841 Purchases of securities/changes to securities/non-cash conversions: Caitec, Inc. (Caitec) 54,704 — — 54,704 DSD Operating, LLC (DSD) 364,633 — — 364,633 Filterworks Acquisition USA, LLC (Filterworks) — 146,723 86,213 232,936 GoNoodle, Inc. (GoNoodle) — 10,622 — 10,622 HDI Acquisition LLC (Hilton Displays) — 19,835 — 19,835 ITA Acquisition, LLC (ITA) 52,475 — 623,810 676,285 Mattison Avenue Holdings LLC (Mattison) 27,734 — — 27,734 Seybert’s Billiards Corporation (Seybert’s) — 2,279,234 — 2,279,234 SciAps, Inc. (Sciaps) — 11,250 — 11,250 Total purchases of securities/changes to securities/non-cash 499,546 2,467,664 710,023 3,677,233 Repayments and sale of securities: Clearview Social — — ( 38,881 ) ( 38,881 ) Givegab — — ( 1,919 ) ( 1,919 ) GoNoodle — ( 90,175 ) — ( 90,175 ) Microcision — — ( 300,000 ) ( 300,000 ) Social Flow — — ( 268,502 ) ( 268,502 ) Total repayments and sale of securities — ( 90,175 ) ( 609,302 ) ( 699,477 ) Ending Balance September 30, 2022, of Level 3 Assets $ 16,002,950 $ 16,407,567 $ 21,136,958 $ 53,547,475 Change in unrealized appreciation/depreciation included in earnings $ — |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2023 | |
Other Assets [Abstract] | |
Other Assets | Note 4. OTHER ASSETS At September 30, 2023 and December 31, 2022, other assets was comprised of the following: September 30, 2023 December 31, 2022 Escrow receivables $ 243,719 $ 68,983 Dividend receivables 118,410 102,655 Deferred financing fees, net 93,750 112,500 Prepaid expenses 48,466 10,905 Total other assets $ 504,345 $ 295,043 Amortization expense related to the deferred financing fees during the nine months ended September 30, 2023 and 2022 was $ 18,750 and $ 6,250 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 5. COMMITMENTS AND CONTINGENCIES The Corporation had no commitments at September 30, 2023 or December 31, 2022 . |
Senior Secured Revolving Credit
Senior Secured Revolving Credit Facility | 9 Months Ended |
Sep. 30, 2023 | |
Line of Credit Facility [Abstract] | |
Senior Secured Revolving Credit Facility | Note 6. SENIOR SECURED REVOLVING CREDIT FACILITY On June 27, 2022, the Corporation entered into a credit agreement (the “Credit Agreement”) with M&T Bank, as lender (the “Lender”), which provides the Corporation with a senior secured revolving credit facility in a principal amount not to exceed $ 25.0 million (the “Credit Facility”). The amount the Corporation can borrow, at any given time, under the Credit Facility is tied to a borrowing base, which is measured as (i) 75 % of the aggregate sum of the fair market values of the publicly traded equity securities held (other than shares of ACV Auctions) plus (ii) the least of (a) 75 % of the fair market value of the shares of ACV Auctions held, (b) $ 6.25 million and (c) 25 % of the aggregate borrowing base availability for the Credit Facility at any date of determination plus (iii) 50 % of the aggregate sum of the fair market values of eligible private loans held that meet specified criteria plus (iv) the lesser of (a) 50 % of the aggregate sum of the fair market values of unsecured private loans held that meet specified criteria and (b) $ 1.25 million minus (v) such reserves as the Lender may establish from time to time in its sole discretion. The Credit Facility has a maturity date of June 27, 2027 . Under the borrowing base formula described above, the unused line of credit balance for the Credit Facility was $ 11,250,000 at September 30, 2023 The Corporation’s borrowings under the Credit Facility bear interest at a variable rate determined as a rate per annum equal to 3.50 percentage points above the greater of (i) the applicable daily simple secured overnight financing rate (SOFR) and (ii) 0.25 %. At September 30, 2023 , the Corporation's applicable interest rate was 8.81 %. In addition, under the terms of the Credit Facility, the Corporation has also agreed to pay the Lender an unused commitment fee on a quarterly basis, computed as 0.30 % multiplied by the average daily Unused Commitment Fee Base (which is defined as the difference between (i) $ 25.0 million and (ii) the sum of the aggregate principal amount of the Corporation’s outstanding borrowings under the Credit Facility) for the preceding quarter. The Credit Agreement contains representations and warranties and affirmative, negative and financial covenants usual and customary for agreements of this type, including among others, covenants that prohibit, subject to certain specified exceptions, the Corporation’s ability to merge or consolidate with other companies, sell any material part of the Corporation’s assets, incur other indebtedness, incur liens on the Corporation’s assets, make investments or loans to third parties other than permitted investments and permitted loans, and declare any distribution or dividend other than certain permitted distributions. The Credit Agreement includes the following financial covenants: (i) a tangible net worth covenant that requires the Corporation to maintain a Tangible Net Worth (defined in the Credit Agreement as the Corporation’s aggregate assets, excluding intangible assets, less all liabilities) of not less than $ 50.0 million, which is measured quarterly at the end of each fiscal quarter, (ii) an asset coverage ratio covenant that requires the Corporation to maintain an Asset Coverage Ratio (defined in the Credit Agreement as the ratio of the fair market value of all of the Corporation’s assets to the sum of all of the Corporation’s obligations for borrowed money plus all capital lease obligations) of not less than 3:1 , which is measured quarterly at the end of each fiscal quarter and (iii) an interest coverage ratio covenant that requires the Corporation to maintain an Interest Coverage Ratio (defined in the Credit Agreement as the ratio of Cash Flow (as defined in the Credit Agreement) to Interest Expense (as defined in the Credit Agreement)) of not less than 2.5:1 , which is measured quarterly on a trailing twelve-months basis. As of September 30, 2023, the Corporation is in compliance with all covenants. Events of default under the Credit Agreement which permit the Lender to exercise its remedies, including acceleration of the principal and interest on the Credit Facility, include, among others: (i) default in the payment of principal or interest on the Credit Facility, (ii) default by the Corporation on any other obligation, condition, covenant or other provision under the Credit Agreement and related documents, (iii) failure by the Corporation to pay any material indebtedness or obligation owing to any third party or affiliate, or the failure by the Corporation to perform any agreement with any third party or affiliate that would have a material adverse effect on the Corporation and its subsidiaries taken as a whole, (iv) the sale of all or substantially all of the Corporation’s assets to a third party, (v) various bankruptcy and insolvency events, and (vi) any material adverse change in the Corporation and its subsidiaries, taken as a whole, or their business, assets, operations, management, ownership, affairs, condition (financial or otherwise) or the Lender’s collateral that the Lender reasonably determines will have a material adverse effect on the Lender’s collateral, the Corporation and its subsidiaries, taken as a whole, or their business, assets, operation or condition (financial or otherwise) or on the Corporation’s ability to repay its debts. In connection with entry into the Credit Facility, the Corporation and each of its subsidiaries that guaranty the Credit Facility entered into a general security agreement, dated June 27, 2022, with the Lender (the “Security Agreement”). The Security Agreement secures all of the Corporation’s obligations to the Lender, including, without limitation, principal and interest on the Credit Facility and any fees and charges. The security interest granted under the Security Agreement covers all of the Corporation’s personal property including, among other things, all accounts, chattel paper, investment property, deposit accounts, general intangibles, inventory, and all of the fixtures. The Security Agreement contains various representations, warranties, covenants and agreements customary in security agreements and various events of default with remedies under the New York Uniform Commercial Code and the Security Agreement. Events of default under the Security Agreement, which permit the Lender to exercise its various remedies, are similar to those contained in the Credit Agreement. The outstanding balance drawn on the Credit Facility at September 30, 2023 and December 31, 2022 was $ 13,750,000 and $ 2,550,000 , respectively. The unamortized closing fee was $ 93,750 and $ 112,500 as of September 30, 2023 and December 31, 2022, respectively, and it is recorded in Other Assets on the Consolidated Statement of Financial Position. Amortization expense related to the Credit Facility during the three and nine months ended September 30, 2023 was $ 6,250 and $ 18,750 , respectively. Amortization expense related to the Credit Facility during both the three and nine months ended September 30, 2022 was $ 6,250 . For the three and nine months ended September 30, 2023 and 2022, the average debt outstanding under the Credit Facility and weighted average interest rate were as follows: Three months ended Three months ended Nine months ended Nine months ended Average debt outstanding $ 12,161,957 $ — $ 10,086,630 $ — Weighted average interest rate 8.95 % 0.00 % 8.68 % 0.00 % |
Changes In Stockholders' Equity
Changes In Stockholders' Equity (Net Assets) | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Changes In Stockholders' Equity (Net Assets) | Note 7. CHANGES IN STOCKHOLDERS’ EQUITY (NET ASSETS) The following schedule analyzes the changes in stockholders’ equity (net assets) section of the Consolidated Statements of Financial Position for the three and nine months ended September 30, 2023 and 2022, respectively: Common Stock Capital in excess of par value Treasury Stock, at cost Total distributable earnings (losses) Total Stockholders’ July 1, 2023 $ 264,892 $ 51,464,267 $ ( 1,566,605 ) $ 11,239,474 $ 61,402,028 Payment of dividend — — — ( 645,255 ) ( 645,255 ) Net increase in net assets from operations — — — 595,504 595,504 September 30, 2023 $ 264,892 $ 51,464,267 $ ( 1,566,605 ) $ 11,189,723 $ 61,352,277 Common Stock Capital in excess of par value Treasury Stock, at cost Total distributable earnings (losses) Total Stockholders’ July 1, 2022 $ 264,892 $ 51,679,809 $ ( 1,566,605 ) $ 7,286,088 $ 57,664,184 Payment of dividend — — — ( 387,153 ) ( 387,153 ) Net increase in net assets from operations — — — 1,104,902 1,104,902 September 30, 2022 $ 264,892 $ 51,679,809 $ ( 1,566,605 ) $ 8,003,837 $ 58,381,933 Common Stock Capital in excess of par value Treasury Stock, at cost Total distributable earnings (losses) Total Stockholders’ January 1, 2023 $ 264,892 $ 51,464,267 $ ( 1,566,605 ) $ 7,558,766 $ 57,721,320 Payment of dividend — — — ( 1,806,714 ) ( 1,806,714 ) Net increase in net assets from operations — — — 5,437,671 5,437,671 September 30, 2023 $ 264,892 $ 51,464,267 $ ( 1,566,605 ) $ 11,189,723 $ 61,352,277 Common Stock Capital in excess of par value Treasury Stock, at cost Total distributable earnings (losses) Total Stockholders’ January 1, 2022 $ 264,892 $ 51,679,809 $ ( 1,566,605 ) $ 10,367,320 $ 60,745,416 Payment of dividend — — — ( 1,161,459 ) ( 1,161,459 ) Net decrease in net assets from operations — — — ( 1,202,024 ) ( 1,202,024 ) September 30, 2022 $ 264,892 $ 51,679,809 $ ( 1,566,605 ) $ 8,003,837 $ 58,381,933 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 8. RELATED PARTY TRANSACTIONS Investment Management Agreement Effective with the Closing, RCM, a registered investment adviser, was retained by the Corporation as its external investment adviser and administrator. Under the Investment Management Agreement, the Corporation pays RCM, as compensation for the investment advisory and management services, fees consisting of two components: (i) the Base Management Fee and (ii) the Incentive Fee. The “Base Management Fee” is calculated at an annual rate of 1.50 % of the Corporation’s total assets (other than cash but including assets purchased with borrowed funds). For the three and nine months ended September 30, 2023 , the Base Management Fee was $ 268,609 and $ 769,869 , respectively. For the three and nine months ended September 30, 2022 , the Base Management Fee was $ 225,730 and $ 696,772 , respectively. At September 30, 2023 and December 31, 2022 , the Corporation had $ 268,609 and $ 230,221 payable, respectively, for the Base Management Fees on its Consolidated Statement of Financial Position. The “Incentive Fee” is comprised of two parts: (1) the “Income Based Fee” and (2) the “Capital Gains Fee”. The Income Based Fee is calculated and payable quarterly in arrears based on the “Pre-Incentive Fee Net Investment Income” (as defined in the Investment Management Agreement) for the immediately preceding calendar quarter, subject to a hurdle rate of 1.75 % per quarter ( 7 % annualized) and is payable promptly following the filing of the Corporation’s financial statements for such quarter. The Corporation pays RCM an Incentive Fee with respect to its Pre-Incentive Fee Net Investment Income in each calendar quarter as follows: (i) no Income Based Fee in any quarter in which the Pre-Incentive Fee Net Investment Income for such quarter does not exceed the hurdle rate of 1.75 % ( 7.00 % annualized); (ii) 100 % of the Pre-Incentive Fee Net Investment Income for any calendar quarter with respect to that portion of the Pre-Incentive Fee Net Investment Income for such calendar quarter, if any, that exceeds the hurdle rate of 1.75 % ( 7.00 % annualized) but is less than 2.1875 % ( 8.75 % annualized); and (iii) 20 % of the amount of the Pre-Incentive Fee Net Investment Income for any calendar quarter with respect to that portion of the Pre-Incentive Fee Net Investment Income for such calendar quarter, if any, that exceeds 2.1875 % ( 8.75 % annualized). The Income Based Fee paid to RCM for any calendar quarter shall not be in excess of the Incentive Fee Cap. The “Incentive Fee Cap” for any quarter is an amount equal to (1) 20.0 % of the Cumulative Net Return (as defined below) during the relevant Income Based Fee Calculation Period (as defined below) minus (2) the aggregate Income Based Fee that was paid in respect of the calendar quarters included in the relevant Income Based Fee Calculation Period. For purposes of the calculation of the Income Based Fee, “Income Based Fee Calculation Period” is defined as, with reference to a calendar quarter, the period of time consisting of such calendar quarter and the additional quarters that comprise the lesser of (1) the number of quarters immediately preceding such calendar quarter that began more than two years after November 8, 2019 or (2) the eleven calendar quarters immediately preceding such calendar quarter. For purposes of the calculation of the Income Based Fee, “Cumulative Net Return” is defined as (1) the aggregate net investment income in respect of the relevant Income Based Fee Calculation Period minus (2) any Net Capital Loss, if any, in respect of the relevant Income Based Fee Calculation Period. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Corporation pays no Income Based Fee to RCM for such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is a positive value but is less than the Income Based Fee that is payable to RCM for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Corporation pays an Income Based Fee to RCM equal to the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is equal to or greater than the Income Based Fee that is payable to RCM for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, we pay an Income Based Fee to the Adviser equal to the Income Based Fee calculated as described above for such quarter without regard to the Incentive Fee Cap. For purposes of the calculation of the Income Based Fee, “Net Capital Loss,” in respect of a particular period, means the difference, if positive, between (1) aggregate capital losses, whether realized or unrealized, in such period and (2) aggregate capital gains, whether realized or unrealized, in such period. Any Income Based Fee otherwise payable under the Investment Management Agreement with respect to Accrued Unpaid Income (such fees being the “Accrued Unpaid Income Based Fees”) shall be deferred, on a security by security basis, and shall become payable to RCM only if, as, when and to the extent cash is received by us in respect of any Accrued Unpaid Income. Any Accrued Unpaid Income that is subsequently reversed by us in connection with a write-down, write-off, impairment or similar treatment of the investment giving rise to such Accrued Unpaid Income will, in the applicable period of reversal, (1) reduce Pre-Incentive Fee Net Investment Income and (2) reduce the amount of Accrued Unpaid Income Based Fees. Subsequent payments of Accrued Unpaid Income Based Fees deferred pursuant to this paragraph shall not reduce the amounts otherwise payable for any quarter as an Income Based Fee. For the nine months ended September 30, 2023 and 2022 , there were no Income Based Fees earned under the Investment Management Agreement. The second part of the Incentive Fee is the “Capital Gains Fee”. This fee is determined and payable in arrears as of the end of each calendar year. Under the terms of the Investment Management Agreement, the Capital Gains Fee is calculated at the end of each applicable year by subtracting (1) the sum of the cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (2) the cumulative aggregate realized capital gains, in each case calculated from November 8, 2019. If this amount is positive at the end of any calendar year, then the Capital Gains Fee for such year is equal to 20.0 % of such amount, less the cumulative aggregate amount of Capital Gains Fees paid in all prior years. If such amount is negative, then there is no Capital Gains Fee payable for that calendar year. If the Investment Management Agreement is terminated as of a date that is not a calendar year end, the termination date shall be treated as though it were a calendar year end for purposes of calculating and paying the Capital Gains Fee. For purposes of the Capital Gains Fee: • The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Corporations portfolio when sold minus (b) the accreted or amortized cost basis of such investment. • The cumulative aggregate realized capital losses are calculated as the sum of the amounts by which (a) the net sales price of each investment in the portfolio when sold is less than (b) the accreted or amortized cost basis of such investment. • The aggregate unrealized capital depreciation is calculated as the sum of the amount, if negative, between (a) the valuation of each investment in the portfolio as of the applicable Capital Gains Fee calculation date minus (b) the accreted or amortized cost basis of such investment. For purposes of calculating the amount of the capital gains incentive fee accrual to be included as part of a company’s financial statements, U.S. generally accepted accounting principles (GAAP) requires a company to consider, as part of such calculation, the amount of cumulative aggregate unrealized capital appreciation that such company has with respect to its investments. As a result, the capital gains incentive fee accrual under GAAP is calculated using the both the cumulative aggregate realized capital gains and losses and the aggregate net change in unrealized capital appreciation/depreciation at the close of the period. If the calculated amount is positive, GAAP requires the Corporation to record a capital gains incentive fee accrual equal to 20 % of this cumulative amount, less the aggregate amount of actual capital gains incentive fees paid, or capital gains incentive fees accrued under GAAP, for all prior periods. However, unrealized capital appreciation is not used by the Corporation as part of the calculation to determine the amount of the Capital Gains Fee actually payable to RCM under the terms of the Investment Management Agreement. There can be no assurances that the Corporation will realize the unrealized capital appreciation, upon which the Corporation’s capital gains incentive fee accrual has been calculated under GAAP, in the future. As of September 30, 2023 , there was no Capital Gains Fee currently payable under the terms of the Investment Management Agreement, and the final calculations are determined annually, and subject to change based on subsequent realized gains, losses or unrealized losses during the remainder of 2023. In accordance with GAAP, the Corporation is required to accrue a capital gains incentive fee on all realized and unrealized gains and losses, resulting in an accrual of $ 2,907,700 at September 30, 2023 , which represents the fee that would be due based on net portfolio appreciation. The $ 2,907,700 accrued capital gains incentive fee is recorded in the line item “Capital gains incentive fees” on the Consolidated Statements of Financial Position at September 30, 2023. At December 31, 2022 , there was an accrual of $ 2,499,000 for the capital gains incentive fee, which represented both the capital gains fee payable to RCM of $ 332,000 and $ 2,167,000 that would be due based on net portfolio appreciation at December 31, 2022 . The $ 332,000 capital gains fee payable is recorded in the line item "Due to investment adviser" on the Consolidated Statement of Financial Position at December 31, 2022, and was paid to RCM during the nine months ended September 30, 2023. Administration Agreement Under the terms of the Administration Agreement, RCM agreed to perform (or oversee, or arrange for, the performance of) the administrative services necessary for the Corporation’s operations, including, but not limited to, office facilities, equipment, clerical, bookkeeping, finance, accounting, compliance and record keeping services at such office facilities and such other services as RCM, subject to review by the Board, will from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement. RCM shall also arrange for the services of, and oversee, custodians, depositories, transfer agents, dividend disbursing agents, other shareholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. RCM is responsible for the Corporation’s financial and other records that are required to be maintained and prepares all reports and other materials required to be filed with the SEC or any other regulatory authority, including reports to shareholders. In addition, RCM assists the Corporation in determining and publishing the Corporation’s net asset value (NAV), overseeing the preparation and filing of the tax returns, and the printing and dissemination of reports to shareholders, and generally overseeing the payment of expenses and the performance of administrative and professional services rendered by others. RCM provides, on the Corporation’s behalf, managerial assistance to those portfolio companies that have accepted its offer to provide such assistance. |
Financial Highlights
Financial Highlights | 9 Months Ended |
Sep. 30, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
Financial Highlights | Note 9. FINANCIAL HIGHLIGHTS The following schedule provides the financial highlights, calculated based on shares outstanding, for the periods indicated: Nine months ended September 30, 2023 Nine months ended September 30, 2022 Net asset value, beginning of period 22.36 23.54 Income (loss) from operations (1): Net investment income 0.78 1.24 Net realized gains 0.28 0.27 Net unrealized appreciation (depreciation) 1.05 ( 1.98 ) Increase (decrease) in net assets from operations 2.11 ( 0.47 ) Payment of cash dividend ( 0.70 ) ( 0.45 ) Increase (decrease) in net assets 1.41 ( 0.92 ) Net asset value, end of period $ 23.77 $ 22.62 Per share market price, end of period $ 13.17 $ 14.65 Total return based on market value (2) 4.13 % ( 13.80 )% Total return based on net asset value (3) 9.42 % ( 3.90 )% Supplemental data: Ratio of expenses before income taxes to average net assets (4) 7.09 % 1.68 % Ratio of expenses including income taxes to average net assets (4) 8.23 % 1.87 % Ratio of net investment income to average net assets (4) 4.49 % 9.03 % Portfolio turnover 26.52 % 5.08 % Debt/equity ratio 22.41 % — % Net assets, end of period $ 61,352,277 $ 57,664,184 (1) Per share data is based on shares outstanding and the results are rounded to the nearest cent. (2) Total return based on market value is calculated as the change in market value per share during the period plus declared dividends per share, assuming reinvestment of dividends, divided by the beginning market value per share. (3) Total return based on net asset value is calculated as the change in net asset value per share during the period plus declared dividends per share, divided by the beginning net asset value per share. (4) Percentage is presented on an annualized basis. * Amounts are rounded. The Corporation’s interim period results could fluctuate as a result of a number of factors; therefore results for any interim period should not be relied upon as being indicative of performance for the full year or in future periods. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation – It is our opinion that the accompanying consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair presentation in accordance with GAAP of the consolidated financial position, results of operations, cash flows and statement of changes in net assets for the interim periods presented. The Corporation is an investment company following accounting and reporting guidance in Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies . Certain information and note disclosures normally included in audited annual consolidated financial statements prepared in accordance with GAAP have been omitted; however, we believe that the disclosures made are adequate to make the information presented herein not misleading. The interim results for the nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year. These statements should be read in conjunction with the consolidated financial statements and the notes included in our Annual Report on Form 10-K for the year ended December 31, 2022 . Information contained in this filing should also be reviewed in conjunction with our related filings with the SEC prior to the date of this report. |
Principles of Consolidation | Principles of Consolidation - The consolidated financial statements include the accounts of Rand and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments – The carrying amounts reported in the consolidated statement of financial position of cash, interest receivable, accounts payable and accrued expenses approximate fair value because of the immediate or short-term nature of these financial instruments. |
Investment Classification | Investment Classification – In accordance with the provisions of the 1940 Act, the Corporation classifies its investments by level of control. Under the 1940 Act, “Control Investments” are investments in companies that the Corporation is deemed to “Control” because it owns more than 25 % of the voting securities of the company or has greater than 50 % representation on the company’s board. “Affiliate Investments” are companies in which the Corporation owns between 5 % and 25 % of the voting securities. “Non-Control/Non-Affiliate Investments” are those companies that are neither Control Investments nor Affiliate Investments. |
Investments | Investments - Investments are valued at fair value as determined in good faith by RCM and approved by the Board. The Corporation generally invests in loan, debt, and equity instruments and there is no single standard for determining fair value of these investments. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio company while employing a consistent valuation process. Due to the inherent uncertainty of determining the fair value of portfolio investments, there may be material risks associated with this determination including that estimated fair values may differ from the values that would have been used had a readily available market value for the investments existed and these differences could be material if our assumptions and judgments differ from results of actual liquidation events. The Corporation analyzes and values each investment quarterly and records unrealized depreciation for an investment that it believes has become impaired, including where collection of a loan or realization of the recorded value of an equity security is doubtful. Conversely, the Corporation will record unrealized appreciation if it believes that an underlying portfolio company has appreciated in value and, therefore, the Corporation's equity securities in the underlying portfolio company has also appreciated in value. Additionally, the Corporation continues to assess any material risks associated with this fair value determination, including risks associated with material conflicts of interest. Under the valuation policy of the Corporation, unrestricted publicly traded securities are valued at the closing price for these securities on the last trading day of the reporting period. |
Qualifying Assets | Qualifying Assets - The Corporation’s portfolio of investments includes both qualifying and non-qualifying assets. A majority of the Corporation’s investments represent qualifying investments in privately held businesses, principally based in the United States, and represent qualifying assets as defined by Section 55(a) of the 1940 Act. The non-qualifying assets generally include investments in other publicly traded BDC investment companies and other publicly traded securities. |
Revenue Recognition - Interest Income | Revenue Recognition - Interest Income - Interest income is recognized on the accrual basis except where the investment is in default or otherwise presumed to be in doubt. In such cases, interest is recognized at the time of receipt. A reserve for possible losses on interest receivable is maintained when appropriate. There was no reserve for possible losses as of September 30, 2023 or December 31, 2022. The Corporation holds debt securities in its investment portfolio that contain payment-in-kind (“PIK”) interest provisions. PIK interest, computed at the contractual rate specified in each debt agreement, is added to the principal balance of the debt and is recorded as interest income. Thus, the actual collection of this interest may be deferred until the time of debt principal repayment. |
Revenue Recognition - Dividend Income | Revenue Recogn ition - Dividend Income – The Corporation may receive cash distributions from portfolio companies that are limited liability companies or corporations, and these distributions are classified as dividend income on the consolidated statement of operations. Dividend income is recognized on an accrual basis when it can be reasonably estimated for private portfolio companies or on the record date for publicly traded portfolio companies. The Corporation may hold preferred equity securities that contain cumulative dividend provisions. Cumulative dividends are recorded as dividend income, if declared and deemed collectible, and any dividends in arrears are recognized into income and added to the balance of the preferred equity investment. The actual collection of these dividends in arrears may be deferred until such time as the preferred equity is redeemed. |
Revenue Recognition - Fee Income | Revenue Recognition - Fee Income - Consists of the revenue associated with the amortization of financing fees charged to the portfolio companies upon successful closing of financings and income associated with portfolio company board meeting attendance fees. |
Realized Gain or Loss and Unrealized Appreciation or Depreciation of Investments | Realized Gain or Loss and Unrealized Appreciation or Depreciation of Investments - Amounts reported as realized gains and losses are measured by the difference between the proceeds from the sale or exchange and the cost basis of the investment without regard to unrealized gains or losses recorded in prior periods. The cost of securities that have, in management’s judgment, become worthless are written off and reported as realized losses when appropriate. Unrealized appreciation or depreciation reflects the difference between the fair value of the investments and the cost basis of the investments. |
Original Issue Discount | Original Issue Discount – Investments may include “original issue discount” or OID income. This occurs when the Corporation purchases a warrant and a note from a portfolio company simultaneously, which requires an allocation of a portion of the purchase price to the warrant and reduces the note or debt instrument by an equal amount in the form of a note discount or OID. |
Net Assets per Share | Net Assets per Share - Net assets per share are based on the number of shares of common stock outstanding. There are no common stock equivalents outstanding. |
Supplemental Cash Flow Information | Supplemental Cash Flow Information - Income taxes paid (refunded) during the nine months ended September 30, 2023 and 2022 were $ 509,063 and ($ 69,028 ), respectively. Interest paid during the nine months ended September 30, 2023 and 2022 was $ 614,640 and $ 19,792 , respectively. The Corporation converted $ 813,599 and $ 516,391 of interest receivable into investments during the nine months ended September 30, 2023 and 2022 , respectively. |
Accounting Estimates | Accounting Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Stockholders' Equity (Net Assets) | Stockholders’ Equity (Net Assets) - At September 30, 2023 and December 31, 2022 , there were 500,000 shares of $ 10.00 par value preferred stock authorized and unissued. On April 19, 2023, the Board approved a share repurchase plan which authorizes the Corporation to repurchase shares of Rand’s outstanding common stock with an aggregate cost of up to $ 1,500,000 at prices per share of common stock no greater than the then current net asset value. This share repurchase authorization is in effect through April 19, 2024, and replaces the share repurchase authorization that was previously approved by the Board in April 2022. No shares of Rand's common stock were repurchased by the Corporation during the nine months ended September 30, 2023 or the nine months ended September 30, 2022 . |
Income Taxes | Income Taxes – The Corporation elected to be treated, for U.S. federal income tax purposes, as a RIC for the 2022 and 2021 tax years under Subchapter M of the Code. The Corporation must distribute substantially all of its investment company taxable income each tax year as dividends to its shareholders to maintain its RIC status. If the Corporation continues to qualify as a RIC and continues to satisfy the annual distribution requirement, the Corporation will not have to pay corporate level U.S. federal income taxes on any income that the Corporation distributes to its stockholders. The Blocker Corps, which are consolidated under U.S. GAAP for financial reporting purposes, are subject to U.S. federal and state income taxes. Therefore, the Corporation accounts for income taxes pursuant to FASB ASC Topic 740, Income Taxes . Under FASB ASC Topic 740, deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The Corporation records a valuation allowance against the deferred tax assets if and to the extent it is more likely than not that the Corporation will not recover the deferred tax assets. In evaluating the need for a valuation allowance, the Corporation weights all relevant positive and negative evidence, and considers among other factors, historical financial performance, projected future taxable income, scheduled reversals of deferred tax liabilities, the overall business environment, and tax planning strategies. Changes in circumstances, including the Blocker Corps generating significant taxable income and tax planning strategies, could cause a change in judgment about the need for a valuation allowance of the related deferred tax assets. Any change in the valuation allowance will be included in income in the period of the change in estimate. Accordingly, during the three and nine months ended September 30, 2023 , the Corporation estimated that a portion of its Blocker Corps’ deferred tax assets are not expected to be fully recoverable in the future. As a result, the Corporation recorded a partial valuation allowance of approximately $ 129,000 during the three and nine months ended September 30, 2023 against its U.S. Federal deferred tax assets. There was no valuation allowance prior to this date. The Corporation reviews the tax positions it has taken to determine if they meet a "more likely than not threshold" for the benefit of the tax position to be recognized in the consolidated financial statements. A tax position that fails to meet the more likely than not recognition threshold will result in either a reduction of a current or deferred tax asset or receivable, or the recording of a current or deferred tax liability. There were no uncertain tax positions recorded at September 30, 2023 or December 31, 2022. Depending on the level of taxable income earned in a tax year, the Corporation may choose to carry forward taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4 % excise tax on such income, as required. To the extent that the Corporation determines that its estimated current year taxable income will be in excess of estimated dividend distributions for the current year from such income, the Corporation accrues excise tax, if any, on estimated excess taxable income as such taxable income is earned. The Corporation incurred $ 24,543 and $ 0 in federal excise tax expense during the nine months ended September 30, 2023 and 2022, respectively. Distributions from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal tax regulations, which may differ from amounts determined in accordance with GAAP and those differences could be material. These book-to-tax differences are either temporary or permanent in nature. Reclassifications due to permanent book-tax differences, including the offset of net operating losses against short-term gains and nondeductible meals and entertainment, have no impact on net assets. The Corporation is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ended December 31, 2019 through 2022. In general, the Corporation’s state income tax returns are open to audit under the statute of limitations for the years ended December 31, 2019 through 2022. It is the Corporation’s policy to include interest and penalties related to income tax liabilities in income tax expense on the Consolidated Statement of Operations. There were no amounts recognized for the nine months ended September 30, 2023 or 2022 . |
Concentration of Credit and Market Risk | Concentration of Credit and Market Risk – The Corporation’s financial instruments potentially subject it to concentrations of credit risk. Cash is invested with banks in amounts which, at times, exceed insured limits. The Corporation does not anticipate non-performance by such banks. The following are the concentrations of the top five portfolio company values compared to the fair value of the Corporation’s total investment portfolio: September 30, 2023 Tilson Technology Management, Inc. (Tilson) 14 % Seybert’s Billiards Corporation (Seybert’s) 8 % SciAps, Inc. (Sciaps) 7 % BMP Food Service Supply Holdco, LLC (FSS) 7 % Inter-National Electronic Alloys LLC (INEA) 6 % December 31, 2022 Tilson 17 % Seybert's 10 % Sciaps 8 % DSD Operating, LLC (DSD) 8 % Caitec, Inc. (Caitec) 6 % |
Recent Accounting Pronouncements | Recent Accounting Pronouncements – In March 2022, the FASB issued ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326)”, which is intended to address issues identified during the post-implementation review of ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The amendment, among other things, eliminates the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, “Receivables - Troubled Debt Restructurings by Creditors”, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The new guidance is effective for interim and annual periods beginning after December 15, 2022. The Corporation evaluated the impact of the adoption of ASU 2022-02 on its consolidated financial statements and disclosures and determined that this guidance does not have a material impact on its consolidated financial statements. |
Organization (Tables)
Organization (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash Dividends Payable | The Board declared the following quarterly cash dividends during the nine months ended September 30, 2023: Dividend/Share Record Date Payment Date 1 st $ 0.20 March 13, 2023 March 27, 2023 2 nd $ 0.25 May 31, 2023 June 14, 2023 3 rd $ 0.25 August 31, 2023 September 14, 2023 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Concentrations of Portfolio Company Values Compared to the Fair Value of the Corporation's Total Investment Portfolio | The following are the concentrations of the top five portfolio company values compared to the fair value of the Corporation’s total investment portfolio: September 30, 2023 Tilson Technology Management, Inc. (Tilson) 14 % Seybert’s Billiards Corporation (Seybert’s) 8 % SciAps, Inc. (Sciaps) 7 % BMP Food Service Supply Holdco, LLC (FSS) 7 % Inter-National Electronic Alloys LLC (INEA) 6 % December 31, 2022 Tilson 17 % Seybert's 10 % Sciaps 8 % DSD Operating, LLC (DSD) 8 % Caitec, Inc. (Caitec) 6 % |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023: Market Approach EBITDA Multiple Market Approach Liquidation Seniority Market Approach Market Approach Transaction Pricing Totals Non-Control/Non-Affiliate Equity $ 300,000 $ — $ 700,000 $ 200,063 $ 1,200,063 Non-Control/Non-Affiliate Loan and Debt 6,641,504 2,212,326 — 2,250,000 11,103,830 Total Non-Control/Non-Affiliate $ 6,941,504 $ 2,212,326 $ 700,000 $ 2,450,063 $ 12,303,893 Affiliate Equity $ 4,262,324 $ — $ 3,223,984 $ 11,550,000 $ 19,036,308 Affiliate Loan and Debt 18,357,414 — 2,090,000 11,613,593 32,061,007 Total Affiliate $ 22,619,738 $ — $ 5,313,984 $ 23,163,593 $ 51,097,315 Control Equity $ — $ — $ — $ — $ — Control Loan and Debt — 4,083,489 — — 4,083,489 Total Control $ — $ 4,083,489 $ — $ — $ 4,083,489 Total Level 3 Investments $ 29,561,242 $ 6,295,815 $ 6,013,984 $ 25,613,656 $ 67,484,697 Range 4X - 7X 1X 1X - 3X Not Applicable Unobservable Input EBITDA Multiple Asset Value Revenue Multiple Transaction Price Weighted Average 5.4X 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 September 30, 2023: Fair Value Measurements at Reported Date Using September 30, 2023 Quoted Prices in Active Markets for Identical Assets Significant Other Significant Loan investments $ 12,170,088 $ — $ — $ 12,170,088 Debt investments 35,078,238 — — 35,078,238 Equity investments 27,435,959 7,199,588 — 20,236,371 Total $ 74,684,285 $ 7,199,588 $ — $ 67,484,697 The following table provides a summary of the components of Level 1, 2 and 3 Assets Measured at Fair Value at December 31, 2022: Fair Value Measurements at Reported Date Using December 31, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Significant Loan investments $ 14,578,351 $ — $ — $ 14,578,351 Debt investments 19,582,616 — — 19,582,616 Equity investments 27,343,292 6,407,548 — 20,935,744 Total $ 61,504,259 $ 6,407,548 $ — $ 55,096,711 |
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, 2023: Fair Value Measurements Using Significant Description Loan Investments Debt Equity 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) — — 2,537,765 2,537,765 Microcision, LLC (Microcision) — — 58,329 58,329 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 losses, net — — ( 649,863 ) ( 649,863 ) Unrealized gains (losses) included in net change in net assets from operations: DSD — — ( 886,698 ) ( 886,698 ) Open Exchange, Inc. (Open Exchange) — — ( 701,940 ) ( 701,940 ) Rheonix — — 2,802,731 2,802,731 Somerset — — 594,097 594,097 Total unrealized gains (losses) — — 1,808,190 1,808,190 Purchases of securities/changes to securities/non-cash conversions: BMP Food Service Supply Holdco, LLC (FSS) — 2,320,000 — 2,320,000 BMP Swanson Holdco, LLC (Swanson) 100,115 — — 100,115 Caitec, Inc. (Caitec) 55,822 — — 55,822 DSD 31,652 — — 31,652 FCM Industries Holdco LLC (First Coast Mulch) — 3,807,147 — 3,807,147 Filterworks Acquisition USA, LLC (Filterworks) — 204,489 — 204,489 GoNoodle, Inc. (GoNoodle) — 10,614 — 10,614 HDI Acquisition LLC (Hilton Displays) — 17,182 — 17,182 Highland All About People Holdings, Inc. (All About People) — 3,018,000 1,000,000 4,018,000 Inter-National Electronic Alloys LLC (INEA) — 3,321,071 1,011,765 4,332,836 ITA Acquisition, LLC (ITA) 547,282 — — 547,282 Mattison Avenue Holdings LLC (Mattison) 28,300 — — 28,300 Pressure Pro, Inc. (Pressure Pro) — 3,038,446 30,000 3,068,446 Seybert’s Billiards Corporation (Seybert’s) — 93,720 — 93,720 SciAps, Inc. (Sciaps) — 5,000 — 5,000 Social Flow — — 4,941 4,941 Tilson Technology Management, Inc. (Tilson) — — 250,000 250,000 Total purchases of securities/changes to securities/non-cash 763,171 15,835,669 2,296,706 18,895,546 Repayments and sales of securities: Clearview Social — — ( 10,432 ) ( 10,432 ) DSD ( 3,171,434 ) — ( 3,605,265 ) ( 6,776,699 ) FSS — ( 40,047 ) ( 210,000 ) ( 250,047 ) Hilton Displays — ( 300,000 ) — ( 300,000 ) Microcision — — ( 58,329 ) ( 58,329 ) Somerset — — ( 270,380 ) ( 270,380 ) Total repayments and sales of securities ( 3,171,434 ) ( 340,047 ) ( 4,154,406 ) ( 7,665,887 ) Ending balance September 30, 2023, of Level 3 Assets $ 12,170,088 $ 35,078,238 $ 20,236,371 $ 67,484,697 Change in unrealized appreciation/depreciation included in earnings $ ( 701,940 ) 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, 2022: Fair Value Measurements Using Significant Loan Investments Debt Equity Total Ending Balance December 31, 2021, of Level 3 Assets $ 15,503,404 $ 14,030,078 $ 20,633,935 $ 50,167,417 Realized gains (losses) included in net change in net assets from operations: ClearView Social, Inc. (Clearview Social) — — 38,881 38,881 GiveGab, Inc. (Givegab) — — 1,919 1,919 Microcision, LLC (Microcision) — — 190,000 190,000 New Monarch Machine Tool, Inc. (New Monarch) — — ( 22,841 ) ( 22,841 ) SocialFlow, Inc. (Social Flow) — — ( 1,481,498 ) ( 1,481,498 ) Total realized (losses), net — — ( 1,273,539 ) ( 1,273,539 ) Unrealized gains included in net change in net assets from operations: Microcision — — 25,000 25,000 New Monarch — — 22,841 22,841 Social Flow — — 1,628,000 1,628,000 Total unrealized gains — — 1,675,841 1,675,841 Purchases of securities/changes to securities/non-cash conversions: Caitec, Inc. (Caitec) 54,704 — — 54,704 DSD Operating, LLC (DSD) 364,633 — — 364,633 Filterworks Acquisition USA, LLC (Filterworks) — 146,723 86,213 232,936 GoNoodle, Inc. (GoNoodle) — 10,622 — 10,622 HDI Acquisition LLC (Hilton Displays) — 19,835 — 19,835 ITA Acquisition, LLC (ITA) 52,475 — 623,810 676,285 Mattison Avenue Holdings LLC (Mattison) 27,734 — — 27,734 Seybert’s Billiards Corporation (Seybert’s) — 2,279,234 — 2,279,234 SciAps, Inc. (Sciaps) — 11,250 — 11,250 Total purchases of securities/changes to securities/non-cash 499,546 2,467,664 710,023 3,677,233 Repayments and sale of securities: Clearview Social — — ( 38,881 ) ( 38,881 ) Givegab — — ( 1,919 ) ( 1,919 ) GoNoodle — ( 90,175 ) — ( 90,175 ) Microcision — — ( 300,000 ) ( 300,000 ) Social Flow — — ( 268,502 ) ( 268,502 ) Total repayments and sale of securities — ( 90,175 ) ( 609,302 ) ( 699,477 ) Ending Balance September 30, 2022, of Level 3 Assets $ 16,002,950 $ 16,407,567 $ 21,136,958 $ 53,547,475 Change in unrealized appreciation/depreciation included in earnings $ — |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Assets [Abstract] | |
Schedule of Other Assets | At September 30, 2023 and December 31, 2022, other assets was comprised of the following: September 30, 2023 December 31, 2022 Escrow receivables $ 243,719 $ 68,983 Dividend receivables 118,410 102,655 Deferred financing fees, net 93,750 112,500 Prepaid expenses 48,466 10,905 Total other assets $ 504,345 $ 295,043 |
Senior Secured Revolving Cred_2
Senior Secured Revolving Credit Facility (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Line of Credit Facility [Abstract] | |
Schedule of Average Debt Outstanding Under the Credit Facility and Weighted Average Interest Rate | For the three and nine months ended September 30, 2023 and 2022, the average debt outstanding under the Credit Facility and weighted average interest rate were as follows: Three months ended Three months ended Nine months ended Nine months ended Average debt outstanding $ 12,161,957 $ — $ 10,086,630 $ — Weighted average interest rate 8.95 % 0.00 % 8.68 % 0.00 % |
Changes In Stockholders' Equi_2
Changes In Stockholders' Equity (Net Assets) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Changes in Stockholders' Equity (Net Assets) | The following schedule analyzes the changes in stockholders’ equity (net assets) section of the Consolidated Statements of Financial Position for the three and nine months ended September 30, 2023 and 2022, respectively: Common Stock Capital in excess of par value Treasury Stock, at cost Total distributable earnings (losses) Total Stockholders’ July 1, 2023 $ 264,892 $ 51,464,267 $ ( 1,566,605 ) $ 11,239,474 $ 61,402,028 Payment of dividend — — — ( 645,255 ) ( 645,255 ) Net increase in net assets from operations — — — 595,504 595,504 September 30, 2023 $ 264,892 $ 51,464,267 $ ( 1,566,605 ) $ 11,189,723 $ 61,352,277 Common Stock Capital in excess of par value Treasury Stock, at cost Total distributable earnings (losses) Total Stockholders’ July 1, 2022 $ 264,892 $ 51,679,809 $ ( 1,566,605 ) $ 7,286,088 $ 57,664,184 Payment of dividend — — — ( 387,153 ) ( 387,153 ) Net increase in net assets from operations — — — 1,104,902 1,104,902 September 30, 2022 $ 264,892 $ 51,679,809 $ ( 1,566,605 ) $ 8,003,837 $ 58,381,933 Common Stock Capital in excess of par value Treasury Stock, at cost Total distributable earnings (losses) Total Stockholders’ January 1, 2023 $ 264,892 $ 51,464,267 $ ( 1,566,605 ) $ 7,558,766 $ 57,721,320 Payment of dividend — — — ( 1,806,714 ) ( 1,806,714 ) Net increase in net assets from operations — — — 5,437,671 5,437,671 September 30, 2023 $ 264,892 $ 51,464,267 $ ( 1,566,605 ) $ 11,189,723 $ 61,352,277 Common Stock Capital in excess of par value Treasury Stock, at cost Total distributable earnings (losses) Total Stockholders’ January 1, 2022 $ 264,892 $ 51,679,809 $ ( 1,566,605 ) $ 10,367,320 $ 60,745,416 Payment of dividend — — — ( 1,161,459 ) ( 1,161,459 ) Net decrease in net assets from operations — — — ( 1,202,024 ) ( 1,202,024 ) September 30, 2022 $ 264,892 $ 51,679,809 $ ( 1,566,605 ) $ 8,003,837 $ 58,381,933 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
Schedule of Financial Highlights | The following schedule provides the financial highlights, calculated based on shares outstanding, for the periods indicated: Nine months ended September 30, 2023 Nine months ended September 30, 2022 Net asset value, beginning of period 22.36 23.54 Income (loss) from operations (1): Net investment income 0.78 1.24 Net realized gains 0.28 0.27 Net unrealized appreciation (depreciation) 1.05 ( 1.98 ) Increase (decrease) in net assets from operations 2.11 ( 0.47 ) Payment of cash dividend ( 0.70 ) ( 0.45 ) Increase (decrease) in net assets 1.41 ( 0.92 ) Net asset value, end of period $ 23.77 $ 22.62 Per share market price, end of period $ 13.17 $ 14.65 Total return based on market value (2) 4.13 % ( 13.80 )% Total return based on net asset value (3) 9.42 % ( 3.90 )% Supplemental data: Ratio of expenses before income taxes to average net assets (4) 7.09 % 1.68 % Ratio of expenses including income taxes to average net assets (4) 8.23 % 1.87 % Ratio of net investment income to average net assets (4) 4.49 % 9.03 % Portfolio turnover 26.52 % 5.08 % Debt/equity ratio 22.41 % — % Net assets, end of period $ 61,352,277 $ 57,664,184 (1) Per share data is based on shares outstanding and the results are rounded to the nearest cent. (2) Total return based on market value is calculated as the change in market value per share during the period plus declared dividends per share, assuming reinvestment of dividends, divided by the beginning market value per share. (3) Total return based on net asset value is calculated as the change in net asset value per share during the period plus declared dividends per share, divided by the beginning net asset value per share. (4) Percentage is presented on an annualized basis. * Amounts are rounded. |
Organization - Additional Infor
Organization - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Nov. 30, 2019 | Sep. 30, 2023 | Dec. 31, 2022 | |
Subsidiary, Sale of Stock [Line Items] | |||
Common shares, outstanding | 2,581,021 | 2,581,021 | |
East Asset Management | |||
Subsidiary, Sale of Stock [Line Items] | |||
Stock sale transaction cost | $ 25 | ||
Common stock issued | 8,300,000 | ||
Shares owned percentage | 64% |
Organization - Schedule of Cash
Organization - Schedule of Cash Dividends Payable (Details) - $ / shares | 3 Months Ended | 6 Months Ended | 9 Months Ended |
Mar. 31, 2023 | Jun. 30, 2023 | Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Dividend per share | $ 0.2 | $ 0.25 | $ 0.25 |
Record date | Mar. 13, 2023 | May 31, 2023 | Aug. 31, 2023 |
Payment date | Mar. 27, 2023 | Jun. 14, 2023 | Sep. 14, 2023 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Apr. 21, 2022 | |
Summary of Significant Accounting Policies [Line Items] | |||||
Income taxes paid (refunded) | $ 509,063 | $ (69,028) | |||
Interest paid | 614,640 | 19,792 | |||
Interest receivable into investments | $ 813,599 | 516,391 | |||
Preferred stock authorized | 500,000 | 500,000 | 500,000 | ||
Preferred stock par value | $ 10 | $ 10 | $ 10 | ||
Deferred tax asset, partial valuation allowance | $ 129,000 | $ 129,000 | |||
Federal excise tax expense | $ 24,543 | 0 | |||
Percentage of excise tax | 4% | ||||
Uncertain tax positions | $ 0 | $ 0 | $ 0 | ||
Interest and penalties related to income tax | $ 0 | $ 0 | |||
Common Stock | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Authorized repurchase amount | $ 1,500,000 | ||||
Repurchase of common stock | 0 | 0 | |||
Minimum | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Control investments voting securities | 25% | 25% | |||
Control investments voting securities percentage on Board | 50% | 50% | |||
Affiliate investments voting securities | 5% | 5% | |||
Maximum | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Affiliate investments voting securities | 25% | 25% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Concentrations of Portfolio Company Values Compared to the Fair Value of the Corporation's Total Investment Portfolio (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Tilson | ||
Accounting Policies [Line Items] | ||
Concentration risk investment portfolio | 14% | 17% |
Seybert's | ||
Accounting Policies [Line Items] | ||
Concentration risk investment portfolio | 8% | 10% |
Sciaps | ||
Accounting Policies [Line Items] | ||
Concentration risk investment portfolio | 7% | 8% |
FSS | ||
Accounting Policies [Line Items] | ||
Concentration risk investment portfolio | 7% | |
INEA | ||
Accounting Policies [Line Items] | ||
Concentration risk investment portfolio | 6% | |
DSD | ||
Accounting Policies [Line Items] | ||
Concentration risk investment portfolio | 8% | |
Caitec | ||
Accounting Policies [Line Items] | ||
Concentration risk investment portfolio | 6% |
Investments - Additional Inform
Investments - Additional Information (Details) | Sep. 30, 2023 | Dec. 31, 2022 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Percentage of fair value level 1 investments | 10% | 10% |
Percentage of fair value level 2 investments | 0% | 0% |
Percentage of fair value level 3 investments | 90% | 90% |
Investments - Summary of the Si
Investments - Summary of the Significant Unobservable Inputs to Determine the Fair Value of Level 3 Portfolio Investments (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | $ 74,684,285 | $ 61,504,259 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Approach EBITDA Multiple | 29,561,242 | |
Market Approach Liquidation Seniority | 6,295,815 | |
Market Approach Revenue Multiple | 6,013,984 | |
Market Approach Transaction Pricing | 25,613,656 | |
Totals | 67,484,697 | $ 55,096,711 |
Level 3 | Non-Control/Non-Affiliate Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Approach EBITDA Multiple | 300,000 | |
Market Approach Revenue Multiple | 700,000 | |
Market Approach Transaction Pricing | 200,063 | |
Totals | 1,200,063 | |
Level 3 | Non-Control/Non-Affiliate Loan and Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Approach EBITDA Multiple | 6,641,504 | |
Market Approach Liquidation Seniority | 2,212,326 | |
Market Approach Transaction Pricing | 2,250,000 | |
Totals | 11,103,830 | |
Level 3 | Total Non-Control/Non-Affiliate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Approach EBITDA Multiple | 6,941,504 | |
Market Approach Liquidation Seniority | 2,212,326 | |
Market Approach Revenue Multiple | 700,000 | |
Market Approach Transaction Pricing | 2,450,063 | |
Totals | 12,303,893 | |
Level 3 | Affiliate Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Approach EBITDA Multiple | 4,262,324 | |
Market Approach Revenue Multiple | 3,223,984 | |
Market Approach Transaction Pricing | 11,550,000 | |
Totals | 19,036,308 | |
Level 3 | Affiliate Loan and Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Approach EBITDA Multiple | 18,357,414 | |
Market Approach Revenue Multiple | 2,090,000 | |
Market Approach Transaction Pricing | 11,613,593 | |
Totals | 32,061,007 | |
Level 3 | Total Affiliate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Approach EBITDA Multiple | 22,619,738 | |
Market Approach Revenue Multiple | 5,313,984 | |
Market Approach Transaction Pricing | 23,163,593 | |
Totals | 51,097,315 | |
Level 3 | Control Loan and Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Approach Liquidation Seniority | 4,083,489 | |
Totals | 4,083,489 | |
Level 3 | Total Control | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Approach Liquidation Seniority | 4,083,489 | |
Totals | $ 4,083,489 |
Investments - Summary of the co
Investments - Summary of the components of Assets Measured at Fair Value (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | $ 74,684,285 | $ 61,504,259 |
Loan investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 12,170,088 | 14,578,351 |
Debt investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 35,078,238 | 19,582,616 |
Equity investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 27,435,959 | 27,343,292 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 7,199,588 | 6,407,548 |
Level 1 | Equity investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 7,199,588 | 6,407,548 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 67,484,697 | 55,096,711 |
Level 3 | Loan investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 12,170,088 | 14,578,351 |
Level 3 | Debt investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 35,078,238 | 19,582,616 |
Level 3 | Equity investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | $ 20,236,371 | $ 20,935,744 |
Investments - Summary of Change
Investments - Summary of Changes in Assets Measured at Fair Value Using Significant Unobservable Inputs (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Change in unrealized appreciation/depreciation included in earnings related to Level 3 investments still held at reporting date | $ 2,599,652 | $ 92,817 | $ 2,700,796 | $ (5,092,921) | |
Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Ending balance, of Level 3 Assets | $ 50,167,417 | 55,096,711 | 50,167,417 | ||
Total realized losses, net | (649,863) | (1,273,539) | |||
Total unrealized gains (losses) | 1,808,190 | 1,675,841 | |||
Purchases of securities/changes to securities/non-cash conversions | 18,895,546 | 3,677,233 | |||
Repayments and sales of securities | (7,665,887) | (699,477) | |||
Ending balance, of Level 3 Assets | 67,484,697 | 53,547,475 | 67,484,697 | 53,547,475 | |
Change in unrealized appreciation/depreciation included in earnings related to Level 3 investments still held at reporting date | 0 | (701,940) | |||
Level 3 | Clearview Social | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total realized losses, net | 10,432 | 38,881 | |||
Repayments and sales of securities | (10,432) | (38,881) | |||
Level 3 | Givegab | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total realized losses, net | 1,919 | ||||
Repayments and sales of securities | (1,919) | ||||
Level 3 | Microcision | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total realized losses, net | 58,329 | 190,000 | |||
Total unrealized gains (losses) | 25,000 | ||||
Repayments and sales of securities | (58,329) | (300,000) | |||
Level 3 | New Monarch | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total realized losses, net | (22,841) | ||||
Total unrealized gains (losses) | 22,841 | ||||
Level 3 | Social Flow | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total realized losses, net | (4,941) | (1,481,498) | |||
Total unrealized gains (losses) | 1,628,000 | ||||
Purchases of securities/changes to securities/non-cash conversions | 4,941 | ||||
Repayments and sales of securities | (268,502) | ||||
Level 3 | Swanson | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 100,115 | ||||
Level 3 | Somerset | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total realized losses, net | (448,717) | ||||
Total unrealized gains (losses) | 594,097 | ||||
Repayments and sales of securities | (270,380) | ||||
Level 3 | Caitec | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 55,822 | 54,704 | |||
Level 3 | DSD | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total realized losses, net | 2,537,765 | ||||
Total unrealized gains (losses) | (886,698) | ||||
Purchases of securities/changes to securities/non-cash conversions | 31,652 | 364,633 | |||
Repayments and sales of securities | (6,776,699) | ||||
Level 3 | Open Exchange | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total unrealized gains (losses) | (701,940) | ||||
Level 3 | Filterworks | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 204,489 | 232,936 | |||
Level 3 | FSS | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 2,320,000 | ||||
Repayments and sales of securities | (250,047) | ||||
Level 3 | FCM | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 3,807,147 | ||||
Level 3 | GoNoodle | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 10,614 | 10,622 | |||
Repayments and sales of securities | (90,175) | ||||
Level 3 | Hilton Displays | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 17,182 | 19,835 | |||
Repayments and sales of securities | (300,000) | ||||
Level 3 | Highland | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 4,018,000 | ||||
Level 3 | INEA | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 4,332,836 | ||||
Level 3 | ITA | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 547,282 | 676,285 | |||
Level 3 | Mattison | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 28,300 | 27,734 | |||
Level 3 | Pressure Pro | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 3,068,446 | ||||
Level 3 | Seybert | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 93,720 | 2,279,234 | |||
Level 3 | Sciaps | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 5,000 | 11,250 | |||
Level 3 | Tilson | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 250,000 | ||||
Level 3 | Loan investments | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Ending balance, of Level 3 Assets | 15,503,404 | 14,578,351 | 15,503,404 | ||
Purchases of securities/changes to securities/non-cash conversions | 763,171 | 499,546 | |||
Repayments and sales of securities | (3,171,434) | ||||
Ending balance, of Level 3 Assets | 12,170,088 | 16,002,950 | 12,170,088 | 16,002,950 | |
Level 3 | Loan investments | Swanson | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 100,115 | ||||
Level 3 | Loan investments | Caitec | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 55,822 | 54,704 | |||
Level 3 | Loan investments | DSD | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 31,652 | 364,633 | |||
Repayments and sales of securities | (3,171,434) | ||||
Level 3 | Loan investments | ITA | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 547,282 | 52,475 | |||
Level 3 | Loan investments | Mattison | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 28,300 | 27,734 | |||
Level 3 | Debt investments | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Ending balance, of Level 3 Assets | 14,030,078 | 19,582,616 | 14,030,078 | ||
Purchases of securities/changes to securities/non-cash conversions | 15,835,669 | 2,467,664 | |||
Repayments and sales of securities | (340,047) | (90,175) | |||
Ending balance, of Level 3 Assets | 35,078,238 | 16,407,567 | 35,078,238 | 16,407,567 | |
Level 3 | Debt investments | Filterworks | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 204,489 | 146,723 | |||
Level 3 | Debt investments | FSS | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 2,320,000 | ||||
Repayments and sales of securities | (40,047) | ||||
Level 3 | Debt investments | FCM | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 3,807,147 | ||||
Level 3 | Debt investments | GoNoodle | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 10,614 | 10,622 | |||
Repayments and sales of securities | (90,175) | ||||
Level 3 | Debt investments | Hilton Displays | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 17,182 | 19,835 | |||
Repayments and sales of securities | (300,000) | ||||
Level 3 | Debt investments | Highland | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 3,018,000 | ||||
Level 3 | Debt investments | INEA | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 3,321,071 | ||||
Level 3 | Debt investments | Pressure Pro | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 3,038,446 | ||||
Level 3 | Debt investments | Seybert | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 93,720 | 2,279,234 | |||
Level 3 | Debt investments | Sciaps | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 5,000 | 11,250 | |||
Level 3 | Equity investments | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Ending balance, of Level 3 Assets | $ 20,633,935 | 20,935,744 | 20,633,935 | ||
Total realized losses, net | (649,863) | (1,273,539) | |||
Total unrealized gains (losses) | 1,808,190 | 1,675,841 | |||
Purchases of securities/changes to securities/non-cash conversions | 2,296,706 | 710,023 | |||
Repayments and sales of securities | (4,154,406) | (609,302) | |||
Ending balance, of Level 3 Assets | $ 20,236,371 | $ 21,136,958 | 20,236,371 | 21,136,958 | |
Level 3 | Equity investments | Clearview Social | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total realized losses, net | 10,432 | 38,881 | |||
Repayments and sales of securities | (10,432) | (38,881) | |||
Level 3 | Equity investments | Givegab | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total realized losses, net | 1,919 | ||||
Repayments and sales of securities | (1,919) | ||||
Level 3 | Equity investments | Microcision | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total realized losses, net | 58,329 | 190,000 | |||
Total unrealized gains (losses) | 25,000 | ||||
Repayments and sales of securities | (58,329) | (300,000) | |||
Level 3 | Equity investments | Rheonix | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total realized losses, net | (2,802,731) | ||||
Total unrealized gains (losses) | 2,802,731 | ||||
Level 3 | Equity investments | New Monarch | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total realized losses, net | (22,841) | ||||
Total unrealized gains (losses) | 22,841 | ||||
Level 3 | Equity investments | Social Flow | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total realized losses, net | (4,941) | (1,481,498) | |||
Total unrealized gains (losses) | 1,628,000 | ||||
Purchases of securities/changes to securities/non-cash conversions | 4,941 | ||||
Repayments and sales of securities | (268,502) | ||||
Level 3 | Equity investments | Somerset | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total realized losses, net | (448,717) | ||||
Total unrealized gains (losses) | 594,097 | ||||
Repayments and sales of securities | (270,380) | ||||
Level 3 | Equity investments | DSD | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total realized losses, net | 2,537,765 | ||||
Total unrealized gains (losses) | (886,698) | ||||
Repayments and sales of securities | (3,605,265) | ||||
Level 3 | Equity investments | Open Exchange | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total unrealized gains (losses) | (701,940) | ||||
Level 3 | Equity investments | Filterworks | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 86,213 | ||||
Level 3 | Equity investments | FSS | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Repayments and sales of securities | (210,000) | ||||
Level 3 | Equity investments | Highland | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 1,000,000 | ||||
Level 3 | Equity investments | INEA | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 1,011,765 | ||||
Level 3 | Equity investments | ITA | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | $ 623,810 | ||||
Level 3 | Equity investments | Pressure Pro | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | 30,000 | ||||
Level 3 | Equity investments | Tilson | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Purchases of securities/changes to securities/non-cash conversions | $ 250,000 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Other Assets [Abstract] | ||
Escrow receivables | $ 243,719 | $ 68,983 |
Dividend receivables | 118,410 | 102,655 |
Deferred financing fees, net | 93,750 | 112,500 |
Prepaid expenses | 48,466 | 10,905 |
Total other assets | $ 504,345 | $ 295,043 |
Other Assets - Additional Infor
Other Assets - Additional Information (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Other Assets [Abstract] | ||
Amortization expense | $ 18,750 | $ 6,250 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments |
Senior Secured Revolving Cred_3
Senior Secured Revolving Credit Facility - Additional Information (Details) | 3 Months Ended | 9 Months Ended | ||||
Jun. 27, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, outstanding balance | $ 13,750,000 | $ 13,750,000 | $ 2,550,000 | |||
Amortization expense | 18,750 | $ 6,250 | ||||
Credit Agreement | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Tangible assets | $ 50,000,000 | |||||
Asset coverage ratio | 0.3333 | |||||
Interest coverage ratio | 0.40 | |||||
Credit Agreement | Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, outstanding balance | 13,750,000 | 13,750,000 | 2,550,000 | |||
Unamortized closing fee | 93,750 | 93,750 | $ 112,500 | |||
Amortization expense | 6,250 | $ 6,250 | 18,750 | $ 6,250 | ||
M&T Bank | Credit Agreement | Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 25,000,000 | |||||
Aggregate sum of fair market values of publicly traded equity securities held, percentage | 75% | |||||
Fair market value of shares of ACV Auctions held, percentage | 75% | |||||
Aggregate sum of the fair market values of eligible private loans held, percentage | 50% | |||||
Aggregate sum of the fair market values of unsecured private loans held, percentage | 50% | |||||
Line of credit facility, available borrowing capacity | $ 6,250,000 | $ 11,250,000 | $ 11,250,000 | |||
Maturity date | Jun. 27, 2027 | |||||
Variable rate | 0.25% | |||||
Interest rate | 8.81% | |||||
Line of credit facility, unused capacity, commitment fee | 0.30% | |||||
Percentage of availability of aggregate borrowing base credit facility | 25% | |||||
Line of credit facility, outstanding balance | $ 1,250,000 | |||||
M&T Bank | Credit Agreement | Revolving Credit Facility | SOFR | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable rate | 3.50% |
Senior Secured Revolving Cred_4
Senior Secured Revolving Credit Facility - Schedule of Average Debt Outstanding Under the Credit Facility and Weighted Average Interest Rate (Details) - Credit Agreement - Revolving Credit Facility - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Line of Credit Facility [Line Items] | ||||
Average debt outstanding | $ 12,161,957 | $ 10,086,630 | ||
Weighted average interest rate | 8.95% | 0% | 8.68% | 0% |
Changes In Stockholders' Equi_3
Changes In Stockholders' Equity (Net Assets) - Schedule of Changes in Stockholders' Equity (Net Assets) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net assets at beginning of period | $ 61,402,028 | $ 57,664,184 | $ 57,721,320 | $ 60,745,416 |
Payment of dividend | (645,255) | (387,153) | (1,806,714) | (1,161,459) |
Net increase (decrease) in net assets from operations | 595,504 | 1,104,902 | 5,437,671 | (1,202,024) |
Net assets at end of period | 61,352,277 | 58,381,933 | 61,352,277 | 58,381,933 |
Common Stock | ||||
Net assets at beginning of period | 264,892 | 264,892 | 264,892 | 264,892 |
Net assets at end of period | 264,892 | 264,892 | 264,892 | 264,892 |
Capital in excess of par value | ||||
Net assets at beginning of period | 51,464,267 | 51,679,809 | 51,464,267 | 51,679,809 |
Net assets at end of period | 51,464,267 | 51,679,809 | 51,464,267 | 51,679,809 |
Treasury Stock, at cost | ||||
Net assets at beginning of period | (1,566,605) | (1,566,605) | (1,566,605) | (1,566,605) |
Net assets at end of period | (1,566,605) | (1,566,605) | (1,566,605) | (1,566,605) |
Total distributable earnings (losses) | ||||
Net assets at beginning of period | 11,239,474 | 7,286,088 | 7,558,766 | 10,367,320 |
Payment of dividend | (645,255) | (387,153) | (1,806,714) | (1,161,459) |
Net increase (decrease) in net assets from operations | 595,504 | 1,104,902 | 5,437,671 | (1,202,024) |
Net assets at end of period | $ 11,189,723 | $ 8,003,837 | $ 11,189,723 | $ 8,003,837 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||||
Base management fee | $ 268,609 | $ 225,730 | $ 769,869 | $ 696,772 | |
Percentage of cumulative net return | 20% | ||||
Capital gains fee payable | $ 332,000 | ||||
Capital gains fee paid | $ 332,000 | ||||
Accrue of capital gains incentive fee | 2,907,700 | 2,907,700 | 2,499,000 | ||
Capital gains incentive fees | 2,907,700 | $ 2,907,700 | 2,167,000 | ||
Percentage on capital gain fee on aggregate amount | 20% | ||||
Percentage of capital gains incentive fee accrual on aggregate amount | 20% | ||||
Not exceed hurdle rate 1.75% - 7.00% | |||||
Related Party Transaction [Line Items] | |||||
Income based fee | $ 0 | ||||
Not exceed hurdle rate 1.75% - 7.00% | Maximum | |||||
Related Party Transaction [Line Items] | |||||
Hurdle rate per quarter | 1.75% | ||||
Annualized hurdle rate | 7% | ||||
Exceeds hurdle rate 1.75% - 7% but less than 2.1875% - 8.75% | |||||
Related Party Transaction [Line Items] | |||||
Percentage of pre-incentive fee net investment income | 100% | ||||
Exceeds hurdle rate 1.75% - 7% but less than 2.1875% - 8.75% | Maximum | |||||
Related Party Transaction [Line Items] | |||||
Hurdle rate per quarter | 2.1875% | ||||
Annualized hurdle rate | 8.75% | ||||
Exceeds hurdle rate 1.75% - 7% but less than 2.1875% - 8.75% | Minimum | |||||
Related Party Transaction [Line Items] | |||||
Hurdle rate per quarter | 1.75% | ||||
Annualized hurdle rate | 7% | ||||
Exceeds hurdle rate 2.1875% - 8.75% | |||||
Related Party Transaction [Line Items] | |||||
Percentage of pre-incentive fee net investment income | 20% | ||||
Exceeds hurdle rate 2.1875% - 8.75% | Minimum | |||||
Related Party Transaction [Line Items] | |||||
Hurdle rate per quarter | 2.1875% | ||||
Annualized hurdle rate | 8.75% | ||||
Investment Management Agreement | |||||
Related Party Transaction [Line Items] | |||||
Base management fee annual rate | 1.50% | ||||
Base management fees payable | 268,609 | $ 268,609 | $ 230,221 | ||
Base management fee | 268,609 | $ 225,730 | 769,869 | 696,772 | |
Capital gains fee payable | $ 0 | $ 0 | |||
Hurdle rate per quarter | 1.75% | ||||
Annualized hurdle rate | 7% | ||||
Income based fee | $ 0 | $ 0 |
Financial Highlights - Schedule
Financial Highlights - Schedule of Financial Highlights (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Investment Company, Financial Highlights [Line Items] | ||
Net asset value, beginning of period | $ 22.36 | $ 23.54 |
Income (loss) from operations: | ||
Net investment income | 0.78 | 1.24 |
Increase (decrease) in net assets from operations | 2.11 | (0.47) |
Payment of cash dividend | (0.7) | (0.45) |
Increase (decrease) in net assets | 1.41 | (0.92) |
Net asset value, end of period | 23.77 | 22.62 |
Per share market price, end of period | $ 13.17 | $ 14.65 |
Total return based on market value | 4.13% | (13.80%) |
Total return based on net asset value | 9.42% | (3.90%) |
Supplemental data: | ||
Ratio of expenses before income taxes to average net assets | 7.09% | 1.68% |
Ratio of expenses including income taxes to average net assets | 8.23% | 1.87% |
Ratio of net investment income (loss) to average net assets | 4.49% | 9.03% |
Portfolio turnover | 26.52% | 5.08% |
Debt/equity ratio | 22.41% | |
Net assets, end of period | $ 61,352,277 | $ 57,664,184 |
Net Realized Gains | ||
Income (loss) from operations: | ||
Net realized gains and Net unrealized appreciation (depreciation) | $ 0.28 | $ 0.27 |
Net Unrealized Appreciation (Depreciation) | ||
Income (loss) from operations: | ||
Net realized gains and Net unrealized appreciation (depreciation) | $ 1.05 | $ (1.98) |