Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 13, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
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, $0.10 par value | |
Security Exchange Name | NASDAQ | |
Entity File Number | 814-00235 | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 16-0961359 | |
Entity Address, Address Line One | 1405 Rand Building | |
Entity Address, City or Town | Buffalo | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 14203 | |
City Area Code | 716 | |
Local Phone Number | 853-0802 | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Total Investments at Fair Value | $ 82,774,125 | $ 77,125,712 |
Cash | 759,183 | 3,295,321 |
Interest receivable | 347,755 | 244,600 |
Prepaid income taxes | 154,404 | 127,869 |
Deferred tax asset, net | 65,815 | 39,179 |
Other assets | 253,848 | 189,301 |
Total assets | 84,355,130 | 81,021,982 |
Liabilities: | ||
Due to investment adviser | $ 302,480 | $ 979,297 |
Other Liability, Related Party, Type [Extensible Enumeration] | us-gaap:RelatedPartyMember | us-gaap:RelatedPartyMember |
Accounts payable and accrued expenses | $ 272,086 | $ 145,516 |
Line of credit (see Note 6) | 19,200,000 | 16,250,000 |
Capital gains incentive fees | 2,392,000 | 2,279,700 |
Deferred revenue | 619,225 | 552,256 |
Total liabilities | 22,785,791 | 20,206,769 |
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 3/31/24 and 12/31/23 | 264,892 | 264,892 |
Capital in excess of par value | 55,801,170 | 55,801,170 |
Treasury stock, at cost: 67,895 shares at 3/31/24 and 12/31/23 | (1,566,605) | (1,566,605) |
Total distributable earnings | 7,069,882 | 6,315,756 |
Total stockholders' equity (net assets) (per share - 3/31/24: $23.85; 12/31/23: $23.56) | 61,569,339 | 60,815,213 |
Total liabilities and stockholders' equity (net assets) | 84,355,130 | 81,021,982 |
Control Investments | ||
ASSETS | ||
Total Investments at Fair Value | 4,537,435 | 4,148,960 |
Affiliate Investments | ||
ASSETS | ||
Total Investments at Fair Value | 54,638,600 | 53,499,372 |
Non-Control/Non-Affiliate Investments | ||
ASSETS | ||
Total Investments at Fair Value | $ 23,598,090 | $ 19,477,380 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited) (Parenthetical) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Investment at Cost | $ 76,904,315 | $ 68,365,606 |
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) | $ 23.85 | $ 23.56 |
Control Investments | ||
Investment at Cost | $ 5,661,245 | $ 5,272,770 |
Affiliate Investments | ||
Investment at Cost | 46,960,202 | 45,720,974 |
Non-Control/Non-Affiliate Investments | ||
Investment at Cost | $ 24,282,868 | $ 17,371,862 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investment income: | ||
Total interest from portfolio companies | $ 1,813,648 | $ 1,296,903 |
Total interest from other investments | 1,914 | 132 |
Total dividend and other investment income | 151,835 | 474,743 |
Total fee income | 99,822 | 79,720 |
Total investment income | 2,067,219 | 1,851,498 |
Operating Expenses [Abstract] | ||
Base management fee (see Note 8) | 302,595 | 245,393 |
Capital gains incentive fees (see Note 8) | 112,300 | 291,000 |
Interest expense | 390,020 | 158,400 |
Professional fees | 232,307 | 170,975 |
Stockholders and office operating | 69,028 | 64,304 |
Directors' fees | 63,850 | 63,850 |
Administrative fees | 38,167 | 37,250 |
Insurance | 13,044 | 12,960 |
Corporate development | 5,545 | 3,713 |
Total expenses | 1,226,856 | 1,047,845 |
Net investment income before income taxes: | 840,363 | 803,653 |
Income taxes, including excise tax expense | 778 | 88,737 |
Net investment income | 839,585 | 714,916 |
Net realized gain on sales and dispositions of investments: | ||
Net realized gain on sales and dispositions of investments | 3,450,092 | 53,388 |
Net change in unrealized appreciation/ depreciation on investments: | ||
Net change in unrealized appreciation/depreciation on investments | (2,890,296) | 1,401,973 |
Net realized and unrealized gain on investments | 559,796 | 1,455,361 |
Net increase in net assets from operations | $ 1,399,381 | $ 2,170,277 |
Weighted average shares outstanding, Basic | 2,581,021 | 2,581,021 |
Weighted average shares outstanding, Diluted | 2,581,021 | 2,581,021 |
Net increase in net assets from operations per share, Basic | $ 0.54 | $ 0.84 |
Net increase in net assets from operations per share, Diluted | $ 0.54 | $ 0.84 |
Control investments | ||
Investment income: | ||
Total interest from portfolio companies | $ 187,483 | $ 150,916 |
Total fee income | 4,516 | 3,900 |
Affiliate investments | ||
Investment income: | ||
Total interest from portfolio companies | 1,166,085 | 787,821 |
Total dividend and other investment income | 13,125 | 347,148 |
Total fee income | 73,720 | 67,842 |
Net realized gain on sales and dispositions of investments: | ||
Net realized gain on sales and dispositions of investments | 58,329 | |
Net change in unrealized appreciation/ depreciation on investments: | ||
Net change in unrealized appreciation/depreciation on investments | (100,000) | |
Non-Control/Non-Affiliate investments | ||
Investment income: | ||
Total interest from portfolio companies | 460,080 | 358,166 |
Total interest from other investments | 1,914 | 132 |
Total dividend and other investment income | 138,710 | 127,595 |
Total fee income | 21,586 | 7,978 |
Net realized gain on sales and dispositions of investments: | ||
Net realized gain on sales and dispositions of investments | 3,450,092 | (4,941) |
Net change in unrealized appreciation/ depreciation on investments: | ||
Net change in unrealized appreciation/depreciation on investments | $ (2,790,296) | $ 1,401,973 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Net assets at beginning of period | $ 60,815,213 | $ 57,721,320 |
Net investment income | 839,585 | 714,916 |
Net realized gain on sales and dispositions of investments | 3,450,092 | 53,388 |
Net change in unrealized appreciation/depreciation on investments | (2,890,296) | 1,401,973 |
Net increase in net assets from operations | 1,399,381 | 2,170,277 |
Declaration of dividend | (645,255) | (516,204) |
Net assets at end of period | $ 61,569,339 | $ 59,375,393 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net increase in net assets from operations | $ 1,399,381 | $ 2,170,277 |
Adjustments to reconcile net increase in net assets to net cash used in operating activities: | ||
Investments in portfolio companies | (10,837,878) | (5,570,000) |
Proceeds from sale of portfolio investments | 3,503,186 | 268,329 |
Proceeds from loan repayments | 2,581,906 | 300,000 |
Net realized gain on sales and dispositions of portfolio investments | (3,450,092) | (53,388) |
Change in unrealized depreciation (appreciation) on investments | 2,890,296 | (1,401,973) |
Deferred income tax benefit | (26,636) | (5,535) |
Amortization | 6,250 | 6,250 |
Original issue discount amortization | (7,002) | (7,752) |
Non-cash conversion of debenture interest | (328,829) | (216,286) |
Changes in operating assets and liabilities: | ||
Increase in interest receivable | (103,155) | (1,154) |
Increase in other assets | (70,797) | (2,863) |
(Increase) decrease in prepaid income taxes | (26,535) | 32,457 |
Increase in accounts payable and accrued expenses | 126,570 | 30,980 |
Decrease in due to investment adviser | (676,817) | (316,453) |
Increase in capital gains incentive fees payable | 112,300 | 291,000 |
Increase in deferred revenue | 66,969 | 64,481 |
Total adjustments | (6,240,264) | (6,581,907) |
Net cash used in operating activities | (4,840,883) | (4,411,630) |
Cash flows from financing activities: | ||
Net proceeds from line of credit | 2,950,000 | 5,400,000 |
Payment of cash dividend | (645,255) | (516,204) |
Net cash provided by financing activities | 2,304,745 | 4,883,796 |
Net (decrease) increase in cash | (2,536,138) | 472,166 |
Cash: | ||
Beginning of period | 3,295,321 | 1,368,996 |
End of period | $ 759,183 | $ 1,841,162 |
CONSOLIDATED SCHEDULE OF PORTFO
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS (Unaudited) | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2024 USD ($) Units $ / shares shares | Dec. 31, 2023 USD ($) Units $ / shares shares | Dec. 31, 2022 USD ($) | |||||
Schedule of Investments [Line Items] | |||||||
Cost | $ 76,904,315 | $ 68,365,606 | |||||
Fair Value | $ 82,774,125 | $ 77,125,712 | |||||
Value of shares owned per share | $ / shares | $ 13.97 | ||||||
Investment, Identifier [Axis]: ACV Auctions, Inc, - 319,934 shares | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | [1],[2],[3],[4] | Aug. 12, 2016 | |||||
Equity | [1],[2],[4],[5] | 1% | |||||
Cost | [1],[2],[4] | $ 53,094 | |||||
Fair Value | [1],[2],[4],[6],[7] | $ 2,953,250 | |||||
Percent of Net Assets | [1],[2],[4] | 4.90% | |||||
Number of Shares Owned | shares | [1],[2],[4],[8] | 194,934 | |||||
Value of shares owned per share | $ / shares | [1],[2],[4],[8] | $ 15.15 | |||||
Investment, Identifier [Axis]: Affiliate Investments | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | $ 54,638,600 | $ 53,499,372 | $ 38,241,589 | ||||
Net Change in Unrealized Appreciation (Depreciation) | (100,000) | (259,031) | |||||
Gross Additions | 1,926,664 | [9] | 20,605,795 | [10] | |||
Gross Reductions | (687,436) | [11] | (5,088,981) | [12] | |||
Net Realized Gains (Losses) | 2,574,829 | ||||||
Amount of Interest/Dividend/Fee Income | $ 1,252,930 | [13] | $ 4,642,833 | [14] | |||
Investment, Identifier [Axis]: Affiliate Investments – Net assets | |||||||
Schedule of Investments [Line Items] | |||||||
Percent of Net Assets | 88.70% | [15],[16] | 88% | [1],[17] | |||
Investment, Identifier [Axis]: Applied Image, Inc. | |||||||
Schedule of Investments [Line Items] | |||||||
Cost | $ 1,750,000 | [15],[16],[18] | $ 1,750,000 | [1],[17],[19] | |||
Fair Value | 1,750,000 | [15],[16],[18],[20],[21] | 1,750,000 | [1],[6],[7],[17],[19] | 1,750,000 | ||
Amount of Interest/Dividend/Fee Income | $ 45,762 | [13] | $ 183,536 | [14] | |||
Investment, Identifier [Axis]: Applied Image, Inc. - $1,750,000 Term Note | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Dec. 31, 2021 | [15],[16],[18],[22] | Dec. 31, 2021 | [1],[3],[17],[19] | |||
Equity | 12% | [15],[16],[18],[23] | 12% | [1],[5],[17],[19] | |||
Cost | $ 1,750,000 | [15],[16],[18] | $ 1,750,000 | [1],[17],[19] | |||
Fair Value | $ 1,750,000 | [15],[16],[18],[20],[21] | $ 1,750,000 | [1],[6],[7],[17],[19] | |||
Percent of Net Assets | 2.80% | [15],[16],[18] | 2.90% | [1],[17],[19] | |||
Interest Rate | 10% | [15],[16],[18],[24] | 10% | [1],[8],[17],[19] | |||
Due Date | Feb. 01, 2029 | [15],[16],[18],[24] | Feb. 01, 2029 | [1],[8],[17],[19] | |||
Investment owned face amount | $ 1,750,000 | [15],[16],[18],[24] | $ 1,750,000 | [1],[8],[17],[19] | |||
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 | ||||
Interest Rate | 10% | 10% | |||||
Due Date | Feb. 01, 2029 | ||||||
Investment owned face amount | $ 1,750,000 | $ 1,750,000 | |||||
Amount of Interest/Dividend/Fee Income | $ 45,762 | [13] | $ 183,536 | [14] | |||
Investment, Identifier [Axis]: Applied Image, Inc. - Warrant for 1,167 shares | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Dec. 31, 2021 | [15],[16],[18],[22] | Dec. 31, 2021 | [1],[3],[17],[19] | |||
Number of Shares Owned | shares | 1,167 | 1,167 | |||||
Number of Warrants Owned | Units | 1,167 | [15],[16],[18],[24] | 1,167 | [1],[8],[17],[19] | |||
Investment, Identifier [Axis]: Ares Capital Corporation - 21,000 shares | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Mar. 16, 2020 | [16],[22],[25],[26] | Mar. 16, 2020 | [1],[2],[3],[27] | |||
Equity | 1% | [16],[23],[25],[26] | 1% | [1],[2],[5],[27] | |||
Cost | $ 267,140 | [16],[25],[26] | $ 267,140 | [1],[2],[27] | |||
Fair Value | $ 437,220 | [16],[20],[21],[25],[26] | $ 420,630 | [1],[2],[6],[7],[27] | |||
Percent of Net Assets | 0.70% | [16],[25],[26] | 0.70% | [1],[2],[27] | |||
Number of Shares Owned | shares | 21,000 | [16],[24],[25],[26] | 21,000 | [1],[2],[8],[27] | |||
Value of shares owned per share | $ / shares | $ 20.82 | [16],[24],[25],[26] | $ 20.03 | [1],[2],[8],[27] | |||
Investment, Identifier [Axis]: BMP Food Service Supply | |||||||
Schedule of Investments [Line Items] | |||||||
Cost | $ 6,784,953 | [15],[16],[18],[28],[29] | $ 6,784,953 | [1],[17],[19],[30],[31],[32] | |||
Fair Value | 7,394,953 | [15],[16],[18],[20],[21],[28],[29] | 7,394,953 | [1],[6],[7],[17],[19],[30],[31],[32] | |||
Investment, Identifier [Axis]: BMP Food Service Supply Holdco, LLC | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | 7,394,953 | 7,394,953 | 3,100,000 | ||||
Net Change in Unrealized Appreciation (Depreciation) | 610,000 | ||||||
Gross Additions | [10] | 4,535,000 | |||||
Gross Reductions | [12] | (850,047) | |||||
Amount of Interest/Dividend/Fee Income | $ 217,634 | [13] | $ 643,615 | [14] | |||
Investment, Identifier [Axis]: BMP Food Service Supply Holdco, LLC $2,215,000 at 13% Second Amended and Restated Term Note | |||||||
Schedule of Investments [Line Items] | |||||||
Interest Rate | 13% | ||||||
Investment owned face amount | $ 2,215,000 | ||||||
Investment, Identifier [Axis]: BMP Food Service Supply Holdco, LLC $4,820,000 at 12% Second Amended and Restated Term Note | |||||||
Schedule of Investments [Line Items] | |||||||
Interest Rate | 12% | ||||||
Investment owned face amount | $ 4,820,000 | ||||||
Investment, Identifier [Axis]: BMP Food Service Supply Holdco, LLC $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 13% | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | $ 6,394,953 | 2,500,000 | |||||
Reference Rate and Spread (+), PIK | 3% | ||||||
Due Date | Nov. 22, 2027 | ||||||
Investment owned face amount | $ 7,035,000 | ||||||
Gross Additions | [10] | 4,535,000 | |||||
Gross Reductions | [12] | (640,047) | |||||
Amount of Interest/Dividend/Fee Income | [14] | 643,615 | |||||
Investment, Identifier [Axis]: BMP Food Service Supply Holdco, LLC - $2,215,000 at 13% Second Amended and Restated Term Note | |||||||
Schedule of Investments [Line Items] | |||||||
Interest Rate | 13% | ||||||
Investment owned face amount | $ 2,215,000 | ||||||
Investment, Identifier [Axis]: BMP Food Service Supply Holdco, LLC - $4,820,000 at 12% Second Amended and Restated Term Note | |||||||
Schedule of Investments [Line Items] | |||||||
Interest Rate | 12% | ||||||
Investment owned face amount | $ 4,820,000 | ||||||
Investment, Identifier [Axis]: BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | [15],[16],[18],[22],[28],[29] | Nov. 22, 2022 | |||||
Equity | [15],[16],[18],[23],[28],[29] | 15% | |||||
Cost | [15],[16],[18],[28],[29] | $ 6,394,953 | |||||
Fair Value | [15],[16],[18],[20],[21],[28],[29] | $ 6,394,953 | |||||
Percent of Net Assets | [15],[16],[18],[28],[29] | 12% | |||||
Investment owned face amount | [15],[16],[18],[24],[28],[29] | $ 7,035,000 | |||||
Investment, Identifier [Axis]: BMP Food Service Supply Holdco, LLC - $7,035,000 Second Amended and Restated Term Note, $4,820,000 at 12%, $2,215,000 at 13% | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | $ 6,394,953 | $ 6,394,953 | |||||
Reference Rate and Spread (+), PIK | 3% | ||||||
Due Date | Nov. 22, 2027 | ||||||
Investment owned face amount | $ 7,035,000 | ||||||
Amount of Interest/Dividend/Fee Income | [13] | $ 217,634 | |||||
Investment, Identifier [Axis]: BMP Food Service Supply Holdco, LLC - 15.4% Preferred Interest | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Nov. 22, 2022 | [15],[16],[18],[22],[28],[29] | Nov. 22, 2022 | [1],[3],[17],[19],[30],[31],[32] | |||
Cost | $ 390,000 | [15],[16],[18],[28],[29] | $ 390,000 | [1],[17],[19],[30],[31],[32] | |||
Fair Value | $ 1,000,000 | [15],[16],[18],[20],[21],[28],[29] | $ 1,000,000 | [1],[6],[7],[17],[19],[30],[31],[32] | |||
Membership Interest | 15.40% | [15],[16],[18],[24],[28],[29] | 15.40% | [1],[8],[17],[19],[30],[31],[32] | |||
Investment, Identifier [Axis]: BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note | |||||||
Schedule of Investments [Line Items] | |||||||
Investment owned face amount | [1],[8],[17],[19],[30],[31],[32] | $ 7,035,000 | |||||
Investment, Identifier [Axis]: BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note, $2,215,000 | |||||||
Schedule of Investments [Line Items] | |||||||
Principle Amount | [1],[8],[17],[19],[30],[31],[32] | $ 2,215,000 | |||||
Interest Rate | 13% | [15],[16],[18],[24],[28],[29] | 13% | [1],[8],[17],[19],[30],[31],[32] | |||
Reference Rate and Spread (+), PIK | 3% | [15],[16],[18],[24],[28],[29] | 3% | [1],[8],[17],[19],[30],[31],[32] | |||
Due Date | [15],[16],[18],[24],[28],[29] | Nov. 22, 2027 | |||||
Investment owned face amount | [15],[16],[18],[24],[28],[29] | $ 2,215,000 | |||||
Investment, Identifier [Axis]: BMP Food Service Supply Holdco, LLC - 7,035,000 Second Amended and Restated Term Note, $4,820,000 | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | [1],[3],[17],[19],[30],[31],[32] | Nov. 22, 2022 | |||||
Equity | [1],[5],[17],[19],[30],[31],[32] | 15% | |||||
Cost | [1],[17],[19],[30],[31],[32] | $ 6,394,953 | |||||
Fair Value | [1],[6],[7],[17],[19],[30],[31],[32] | $ 6,394,953 | |||||
Percent of Net Assets | [1],[17],[19],[30],[31],[32] | 12.20% | |||||
Interest Rate | 12% | [15],[16],[18],[24],[28],[29] | 12% | [1],[8],[17],[19],[30],[31],[32] | |||
Due Date | [1],[8],[17],[19],[30],[31],[32] | Nov. 22, 2027 | |||||
Investment owned face amount | $ 4,820,000 | [15],[16],[18],[24],[28],[29] | $ 4,820,000 | [1],[8],[17],[19],[30],[31],[32] | |||
Investment, Identifier [Axis]: BMP Food Service Supply Holdco, LLC 15.4% Preferred Interest | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | $ 1,000,000 | 600,000 | |||||
Membership Interest | 15.40% | ||||||
Net Change in Unrealized Appreciation (Depreciation) | $ 610,000 | ||||||
Gross Reductions | [12] | (210,000) | |||||
Investment, Identifier [Axis]: BMP Food Service Supply Holdco, LLC. - Interest Receivable $71,644 | |||||||
Schedule of Investments [Line Items] | |||||||
Interest Receivable | 71,644 | ||||||
Investment, Identifier [Axis]: BMP Swanson | |||||||
Schedule of Investments [Line Items] | |||||||
Cost | 1,933,448 | [15],[16],[18],[28],[29] | 1,933,448 | [1],[17],[19],[30],[31] | |||
Fair Value | 2,200,115 | [15],[16],[18],[20],[21],[28],[29] | 2,200,115 | [1],[6],[7],[17],[19],[30],[31] | |||
Investment, Identifier [Axis]: BMP Swanson Holdco, LLC | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | 2,200,115 | 2,200,115 | 1,833,333 | ||||
Net Change in Unrealized Appreciation (Depreciation) | 266,667 | ||||||
Gross Additions | [10] | 100,115 | |||||
Amount of Interest/Dividend/Fee Income | $ 53,237 | [13] | 206,918 | [14] | |||
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 | |||||
Interest Rate | 12% | ||||||
Due Date | Sep. 04, 2026 | ||||||
Investment owned face amount | $ 1,600,000 | ||||||
Gross Additions | [10] | 100,115 | |||||
Amount of Interest/Dividend/Fee Income | [14] | $ 206,918 | |||||
Investment, Identifier [Axis]: BMP Swanson Holdco, LLC - $1,600,000 Term Note | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Mar. 04, 2021 | [15],[16],[18],[22],[28],[29] | Mar. 04, 2021 | [1],[3],[17],[19],[30],[31] | |||
Equity | 9% | [15],[16],[18],[23],[28],[29] | 9% | [1],[5],[17],[19],[30],[31] | |||
Cost | $ 1,700,115 | [15],[16],[18],[28],[29] | $ 1,700,115 | [1],[17],[19],[30],[31] | |||
Fair Value | $ 1,700,115 | [15],[16],[18],[20],[21],[28],[29] | $ 1,700,115 | [1],[6],[7],[17],[19],[30],[31] | |||
Percent of Net Assets | 3.60% | [15],[16],[18],[28],[29] | 3.60% | [1],[17],[19],[30],[31] | |||
Interest Rate | 12% | [15],[16],[18],[24],[28],[29] | 12% | [1],[8],[17],[19],[30],[31] | |||
Due Date | Sep. 04, 2026 | [15],[16],[18],[24],[28],[29] | Sep. 04, 2026 | [1],[8],[17],[19],[30],[31] | |||
Investment owned face amount | $ 1,600,000 | [15],[16],[18],[24],[28],[29] | $ 1,600,000 | [1],[8],[17],[19],[30],[31] | |||
Investment, Identifier [Axis]: BMP Swanson Holdco, LLC - $1,600,000 Term Note at 12% | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | $ 1,700,115 | $ 1,700,115 | |||||
Interest Rate | 12% | ||||||
Due Date | Sep. 04, 2026 | ||||||
Investment owned face amount | $ 1,600,000 | ||||||
Amount of Interest/Dividend/Fee Income | [13] | $ 53,237 | |||||
Investment, Identifier [Axis]: BMP Swanson Holdco, LLC - Preferred Membership Interest for 9.29% | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Mar. 04, 2021 | [15],[16],[18],[22],[28],[29] | Mar. 04, 2021 | [1],[3],[17],[19],[30],[31] | |||
Cost | $ 233,333 | [15],[16],[18],[28],[29] | $ 233,333 | [1],[17],[19],[30],[31] | |||
Fair Value | $ 500,000 | [15],[16],[18],[20],[21],[28],[29] | $ 500,000 | [1],[6],[7],[17],[19],[30],[31] | |||
Membership Interest | 9.24% | [15],[16],[18],[24],[28],[29] | 9.29% | [1],[8],[17],[19],[30],[31] | |||
Investment, Identifier [Axis]: BMP Swanson Holdco, LLC Preferred Membership Interest for 9.29% | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | $ 500,000 | 233,333 | |||||
Membership Interest | 9.29% | ||||||
Net Change in Unrealized Appreciation (Depreciation) | $ 266,667 | ||||||
Investment, Identifier [Axis]: Barings BDC, Inc. - 40,000 shares | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Aug. 13, 2020 | [16],[22],[25],[26] | Aug. 13, 2020 | [1],[2],[3],[27] | |||
Equity | 1% | [16],[23],[25],[26] | 1% | [1],[2],[5],[27] | |||
Cost | $ 333,352 | [16],[25],[26] | $ 333,352 | [1],[2],[27] | |||
Fair Value | $ 372,000 | [16],[20],[21],[25],[26] | $ 343,200 | [1],[2],[6],[7],[27] | |||
Percent of Net Assets | 0.60% | [16],[25],[26] | 0.60% | [1],[2],[27] | |||
Number of Shares Owned | shares | 40,000 | [16],[24],[25],[26] | 40,000 | [1],[2],[8],[27] | |||
Value of shares owned per share | $ / shares | $ 9.3 | [16],[24],[25],[26] | $ 8.58 | [1],[2],[8],[27] | |||
Investment, Identifier [Axis]: Caitec, Inc. | |||||||
Schedule of Investments [Line Items] | |||||||
Cost | $ 4,396,104 | [16],[18],[26],[33],[34] | $ 4,257,010 | [1],[2],[4],[19],[31] | |||
Fair Value | $ 4,096,104 | [16],[18],[20],[21],[26],[33],[34] | $ 3,957,010 | [1],[2],[4],[6],[7],[19],[31] | |||
Investment, Identifier [Axis]: Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Nov. 06, 2020 | [16],[18],[22],[26],[29],[34] | Nov. 06, 2020 | [1],[2],[3],[4],[19],[31] | |||
Equity | 4% | [16],[18],[23],[26],[29],[34] | 4% | [1],[2],[4],[5],[19],[31] | |||
Cost | $ 2,011,791 | [16],[18],[26],[29],[34] | $ 1,942,244 | [1],[2],[4],[19],[31] | |||
Fair Value | $ 2,011,791 | [16],[18],[20],[21],[26],[29],[34] | $ 1,942,244 | [1],[2],[4],[6],[7],[19],[31] | |||
Percent of Net Assets | 6.60% | [16],[18],[26],[34] | 6.50% | [1],[2],[4],[19],[31] | |||
Principle Amount | $ 1,750,000 | [16],[18],[24],[26],[29],[34] | $ 1,750,000 | [1],[2],[4],[8],[19],[31] | |||
Interest Rate | [16],[18],[24],[26],[29],[34] | 12% | |||||
Reference Rate and Spread (+), PIK | [18],[24],[26],[29],[34] | 2% | |||||
Investment modified PIK | [1],[2],[4],[8],[19],[31] | 14% | |||||
Due Date | Jun. 01, 2026 | [16],[18],[24],[26],[29],[34] | Dec. 31, 2024 | [1],[2],[4],[8],[19],[31] | |||
Investment, Identifier [Axis]: Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note Modified to 14% | |||||||
Schedule of Investments [Line Items] | |||||||
Reference Rate and Spread (+), PIK | [16],[18],[24],[26],[29],[34] | 14% | |||||
Due Date | [16],[18],[24],[26],[29],[34] | Dec. 31, 2024 | |||||
Investment, Identifier [Axis]: Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note One | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Nov. 06, 2020 | [16],[18],[22],[26],[29],[34] | Nov. 06, 2020 | [1],[2],[3],[4],[19],[31] | |||
Cost | $ 2,011,791 | [16],[18],[26],[29],[34] | $ 1,942,244 | [1],[2],[4],[19],[31] | |||
Fair Value | 2,011,791 | [16],[18],[20],[21],[26],[29],[34] | 1,942,244 | [1],[2],[4],[6],[7],[19],[31] | |||
Principle Amount | $ 1,750,000 | [16],[18],[24],[26],[29],[34] | $ 1,750,000 | [1],[2],[4],[8],[19],[31] | |||
Interest Rate | [16],[18],[24],[26],[29],[34] | 12% | |||||
Reference Rate and Spread (+), PIK | 2% | [16],[18],[24],[26],[29],[34] | 14% | [1],[2],[4],[8],[19],[31] | |||
Due Date | Jun. 01, 2026 | [16],[18],[24],[26],[29],[34] | Dec. 31, 2024 | [1],[2],[4],[8],[19],[31] | |||
Investment, Identifier [Axis]: Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note One Modified to 14% | |||||||
Schedule of Investments [Line Items] | |||||||
Investment modified PIK | [16],[18],[24],[26],[29],[34] | 14% | |||||
Due Date | [16],[18],[24],[26],[29],[34] | Dec. 31, 2024 | |||||
Investment, Identifier [Axis]: Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note One to 12% | |||||||
Schedule of Investments [Line Items] | |||||||
Interest Rate | [1],[2],[4],[8],[19],[31] | 12% | |||||
Reference Rate and Spread (+), PIK | [1],[2],[4],[8],[19],[31] | 2% | |||||
Due Date | [1],[2],[4],[8],[19],[31] | Jun. 01, 2026 | |||||
Investment, Identifier [Axis]: Caitec, Inc. - $1,750,000 Subordinated Secured Promissory Note to 12% | |||||||
Schedule of Investments [Line Items] | |||||||
Interest Rate | [1],[2],[4],[8],[19],[31] | 12% | |||||
Reference Rate and Spread (+), PIK | [1],[2],[4],[8],[19],[31] | 2% | |||||
Due Date | [1],[2],[4],[8],[19],[31] | Jun. 01, 2026 | |||||
Investment, Identifier [Axis]: Caitec, Inc. - 150 Class A Units | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Nov. 06, 2020 | [16],[18],[22],[26],[29],[34] | Nov. 06, 2020 | [1],[2],[3],[4],[19],[31] | |||
Cost | $ 150,000 | [16],[18],[26],[29],[34] | $ 150,000 | [1],[2],[4],[19],[31] | |||
Number of Shares Owned | shares | [1],[2],[4],[8],[19],[31] | 150 | |||||
Number of Units Owned | Units | [16],[18],[24],[26],[29],[34] | 150 | |||||
Investment, Identifier [Axis]: Caitec, Inc. - 150 Class A Units One | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Nov. 06, 2020 | [16],[18],[22],[26],[29],[34] | Nov. 06, 2020 | [1],[2],[3],[4],[19],[31] | |||
Cost | $ 150,000 | [16],[18],[26],[29],[34] | $ 150,000 | [1],[2],[4],[19],[31] | |||
Number of Shares Owned | shares | 150 | [16],[18],[24],[26],[29],[34] | 150 | [1],[2],[4],[8],[19],[31] | |||
Investment, Identifier [Axis]: Caitec, Inc. - 36,261 Series A Preferred | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Dec. 28, 2023 | [16],[18],[22],[26],[29],[34] | Dec. 28, 2023 | [1],[2],[3],[4],[19],[31] | |||
Cost | $ 36,261 | [16],[18],[26],[29],[34] | $ 36,261 | [1],[2],[4],[19],[31] | |||
Fair Value | $ 36,261 | [16],[18],[20],[21],[26],[29],[34] | $ 36,261 | [1],[2],[4],[6],[7],[19],[31] | |||
Number of Shares Owned | shares | 36,261 | [16],[18],[24],[26],[29],[34] | 36,261 | [1],[2],[4],[8],[19],[31] | |||
Investment, Identifier [Axis]: Caitec, Inc. - 36,261 Series A Preferred One | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | [16],[18],[22],[26],[29],[34] | Dec. 28, 2023 | |||||
Cost | [16],[18],[26],[29],[34] | $ 36,261 | |||||
Fair Value | [16],[18],[20],[21],[26],[29],[34] | $ 36,261 | |||||
Number of Shares Owned | shares | [16],[18],[24],[26],[29],[34] | 36,261 | |||||
Investment, Identifier [Axis]: Caitec, Inc. - 36,261 Series A Preferred. | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | [1],[2],[3],[4],[19],[31] | Dec. 28, 2023 | |||||
Cost | [1],[2],[4],[19],[31] | $ 36,261 | |||||
Fair Value | [1],[2],[4],[6],[7],[19],[31] | $ 36,261 | |||||
Number of Shares Owned | shares | [1],[2],[4],[8],[19],[31] | 36,261 | |||||
Investment, Identifier [Axis]: Carlyle Secured Lending Inc. - 86,000 shares | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Aug. 13, 2020 | [16],[22],[25],[26] | Aug. 13, 2020 | [1],[2],[3],[27] | |||
Equity | 1% | [16],[23],[25],[26] | 1% | [1],[2],[5],[27] | |||
Cost | $ 899,749 | [16],[25],[26] | $ 899,749 | [1],[2],[27] | |||
Fair Value | $ 1,400,080 | [16],[20],[21],[25],[26] | $ 1,286,560 | [1],[2],[6],[7],[27] | |||
Percent of Net Assets | 2.30% | [16],[25],[26] | 2.10% | [1],[2],[27] | |||
Number of Shares Owned | shares | 86,000 | [16],[24],[25],[26] | 86,000 | [1],[2],[8],[27] | |||
Value of shares owned per share | $ / shares | $ 16.28 | [16],[24],[25],[26] | $ 14.96 | [1],[2],[8],[27] | |||
Investment, Identifier [Axis]: Carolina Skiff LLC - 6.0825% Class A Common | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Jan. 30, 2004 | [15],[16],[18],[22],[28],[34] | Jan. 30, 2004 | [1],[3],[4],[17],[19],[30] | |||
Equity | 7% | [15],[16],[18],[23],[28],[34] | 7% | [1],[4],[5],[17],[19],[30] | |||
Cost | $ 15,000 | [15],[16],[18],[28],[34] | $ 15,000 | [1],[4],[17],[19],[30] | |||
Fair Value | $ 1,708,000 | [15],[16],[18],[20],[21],[28],[34] | $ 1,708,000 | [1],[4],[6],[7],[17],[19],[30] | |||
Percent of Net Assets | 2.80% | [15],[16],[18],[28],[34] | 2.80% | [1],[4],[17],[19],[30] | |||
Membership Interest | 6.0825% | [15],[16],[18],[24],[28],[34] | 6.0825% | [1],[4],[8],[17],[19],[30] | |||
Investment, Identifier [Axis]: Carolina Skiff LLC - 6.0825% Class A Common Membership Interest | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | $ 1,708,000 | $ 1,708,000 | 1,957,000 | ||||
Membership Interest | 6.0825% | 6.0825% | |||||
Net Change in Unrealized Appreciation (Depreciation) | $ (249,000) | ||||||
Amount of Interest/Dividend/Fee Income | [14] | 372,173 | |||||
Investment, Identifier [Axis]: Control Investments | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | $ 4,537,435 | 4,148,960 | 3,536,207 | ||||
Gross Additions | 388,475 | [9] | 612,753 | [10] | |||
Amount of Interest/Dividend/Fee Income | $ 191,999 | [13] | $ 716,114 | [14] | |||
Investment, Identifier [Axis]: Control Investments - 6.8% of net assets | |||||||
Schedule of Investments [Line Items] | |||||||
Percent of Net Assets | [1],[35] | 6.80% | |||||
Investment, Identifier [Axis]: Control Investments - 7.4% of net assets | |||||||
Schedule of Investments [Line Items] | |||||||
Percent of Net Assets | [16],[36] | 7.40% | |||||
Investment, Identifier [Axis]: Control and Affiliate Investments | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | $ 59,176,035 | $ 57,648,332 | 41,777,796 | ||||
Net Change in Unrealized Appreciation (Depreciation) | (100,000) | (259,031) | |||||
Gross Additions | 2,315,139 | [9] | 21,218,548 | [10] | |||
Gross Reductions | (687,436) | [11] | (5,088,981) | [12] | |||
Net Realized Gains (Losses) | 2,574,829 | ||||||
Amount of Interest/Dividend/Fee Income | 1,444,929 | [13] | 5,358,947 | [14] | |||
Investment, Identifier [Axis]: DSD Operating, LLC | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | 5,093,980 | ||||||
Net Change in Unrealized Appreciation (Depreciation) | (886,698) | ||||||
Gross Additions | [10] | 31,652 | |||||
Gross Reductions | [12] | (4,238,934) | |||||
Net Realized Gains (Losses) | 2,459,819 | ||||||
Amount of Interest/Dividend/Fee Income | [14] | 386,565 | |||||
Investment, Identifier [Axis]: DSD Operating, LLC - $3,063,276 Term Note at 12% | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | 3,139,782 | ||||||
Principle Amount | $ 3,063,276 | ||||||
Interest Rate | 12% | ||||||
Reference Rate and Spread (+), PIK | 2% | ||||||
Due Date | Sep. 30, 2026 | ||||||
Gross Additions | [10] | $ 31,652 | |||||
Gross Reductions | [12] | (3,171,434) | |||||
Amount of Interest/Dividend/Fee Income | [14] | $ 324,000 | |||||
Investment, Identifier [Axis]: DSD Operating, LLC 1,067 Class A Preferred shares | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | 1,954,198 | ||||||
Number of Shares Owned | shares | 1,067 | ||||||
Net Change in Unrealized Appreciation (Depreciation) | $ (886,698) | ||||||
Gross Reductions | [12] | (1,067,500) | |||||
Net Realized Gains (Losses) | 2,459,819 | ||||||
Amount of Interest/Dividend/Fee Income | [14] | $ 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 | ||||||
Investment, Identifier [Axis]: FCM Industries Holdco LLC | |||||||
Schedule of Investments [Line Items] | |||||||
Cost | [1],[17],[19],[31] | $ 3,818,156 | |||||
Fair Value | 3,829,325 | 3,818,156 | [1],[6],[7],[17],[19],[31] | ||||
Gross Additions | 11,169 | [9] | 3,818,156 | [10] | |||
Amount of Interest/Dividend/Fee Income | 126,040 | [13] | 223,234 | [14] | |||
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% | ||||||
Gross Additions | [10] | $ 3,380,000 | |||||
Amount of Interest/Dividend/Fee Income | [14] | 205,078 | |||||
Investment, Identifier [Axis]: FCM Industries Holdco LLC $420,000 Convertible Note at 10% | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | 438,156 | ||||||
Principle Amount | $ 420,000 | ||||||
Reference Rate and Spread (+), PIK | 10% | ||||||
Due Date | Jul. 31, 2033 | ||||||
Gross Additions | [10] | $ 438,156 | |||||
Amount of Interest/Dividend/Fee Income | [14] | $ 18,156 | |||||
Investment, Identifier [Axis]: FCM Industries Holdco LLC - $3,380,000 Term Note at 13% | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | [1],[3],[17],[19],[31] | Jul. 31, 2023 | |||||
Equity | [1],[5],[17],[19],[31] | 12% | |||||
Cost | [1],[17],[19],[31] | $ 3,380,000 | |||||
Fair Value | 3,380,000 | $ 3,380,000 | [1],[6],[7],[17],[19],[31] | ||||
Percent of Net Assets | [1],[17],[19],[31] | 6.30% | |||||
Principle Amount | $ 3,380,000 | ||||||
Interest Rate | 13% | 13% | [1],[8],[17],[19],[31] | ||||
Due Date | Jul. 31, 2028 | Jul. 31, 2028 | [1],[8],[17],[19],[31] | ||||
Investment owned face amount | [1],[8],[17],[19],[31] | $ 3,380,000 | |||||
Amount of Interest/Dividend/Fee Income | [13] | $ 114,871 | |||||
Investment, Identifier [Axis]: FCM Industries Holdco LLC - $420,000 Convertible Note at 10% | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | [1],[3],[17],[19],[31] | Jul. 31, 2023 | |||||
Cost | [1],[17],[19],[31] | $ 438,156 | |||||
Fair Value | 449,325 | 438,156 | [1],[6],[7],[17],[19],[31] | ||||
Principle Amount | $ 420,000 | $ 420,000 | [1],[8],[17],[19],[31] | ||||
Reference Rate and Spread (+), PIK | 10% | 10% | [1],[8],[17],[19],[31] | ||||
Due Date | Jul. 31, 2033 | Jul. 31, 2033 | [1],[8],[17],[19],[31] | ||||
Gross Additions | [9] | $ 11,169 | |||||
Amount of Interest/Dividend/Fee Income | [13] | 11,169 | |||||
Investment, Identifier [Axis]: FCM Industries Holdco, LLC | |||||||
Schedule of Investments [Line Items] | |||||||
Cost | [15],[16],[18],[29] | 3,829,325 | |||||
Fair Value | [15],[16],[18],[20],[21],[29] | $ 3,829,325 | |||||
Investment, Identifier [Axis]: FCM Industries Holdco, LLC - $3,380,000 Term Note at 13% | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | [15],[16],[18],[22],[29] | Jul. 31, 2023 | |||||
Equity | [15],[16],[18],[23],[29] | 12% | |||||
Cost | [15],[16],[18],[29] | $ 3,380,000 | |||||
Fair Value | [15],[16],[18],[20],[21],[29] | $ 3,380,000 | |||||
Percent of Net Assets | [15],[16],[18],[29] | 6.20% | |||||
Interest Rate | [15],[16],[18],[24],[29] | 13% | |||||
Due Date | [15],[16],[18],[24],[29] | Jul. 31, 2028 | |||||
Investment owned face amount | [15],[16],[18],[24],[29] | $ 3,380,000 | |||||
Investment, Identifier [Axis]: FCM Industries Holdco, LLC - $420,000 Convertible Note at 10% | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | [15],[16],[18],[22],[29] | Jul. 31, 2023 | |||||
Cost | [15],[16],[18],[29] | $ 449,325 | |||||
Fair Value | [15],[16],[18],[20],[21],[29] | $ 449,325 | |||||
Reference Rate and Spread (+), PIK | [15],[16],[18],[24],[29] | 10% | |||||
Due Date | [15],[16],[18],[24],[29] | Jul. 31, 2033 | |||||
Investment owned face amount | [15],[16],[18],[24],[29] | $ 420,000 | |||||
Investment, Identifier [Axis]: FS KKR Capital Corp. - 48,000 shares | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Mar. 16, 2020 | [16],[22],[25],[26] | Mar. 16, 2020 | [1],[2],[3],[27] | |||
Equity | 1% | [16],[23],[25],[26] | 1% | [1],[2],[5],[27] | |||
Cost | $ 755,058 | [16],[25],[26] | $ 755,058 | [1],[2],[27] | |||
Fair Value | $ 915,360 | [16],[20],[21],[25],[26] | $ 958,560 | [1],[2],[6],[7],[27] | |||
Percent of Net Assets | 1.50% | [16],[25],[26] | 1.60% | [1],[2],[27] | |||
Number of Shares Owned | shares | 48,000 | [16],[24],[25],[26] | 48,000 | [1],[2],[8],[27] | |||
Value of shares owned per share | $ / shares | $ 19.07 | [16],[24],[25],[26] | $ 19.97 | [1],[2],[8],[27] | |||
Investment, Identifier [Axis]: Filterworks Acquisition USA, LLC | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | $ 3,291,737 | $ 3,277,172 | 3,029,331 | ||||
Gross Additions | 14,565 | [9] | 247,841 | [10] | |||
Amount of Interest/Dividend/Fee Income | 107,949 | [13] | 388,915 | [14] | |||
Investment, Identifier [Axis]: Filterworks Acquisition USA, LLC $2,283,702 Term Note at 12% | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | 2,880,946 | 2,633,105 | |||||
Principle Amount | $ 2,283,702 | ||||||
Interest Rate | 12% | ||||||
Reference Rate and Spread (+), PIK | 2% | ||||||
Due Date | Aug. 30, 2024 | ||||||
Gross Additions | [10] | $ 247,841 | |||||
Amount of Interest/Dividend/Fee Income | [14] | 388,915 | |||||
Investment, Identifier [Axis]: Filterworks Acquisition USA, LLC - $2,283,702 Term Note at 12% | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | 2,895,511 | 2,880,946 | |||||
Principle Amount | $ 2,283,702 | ||||||
Interest Rate | 12% | ||||||
Reference Rate and Spread (+), PIK | 2% | ||||||
Due Date | Aug. 30, 2024 | ||||||
Gross Additions | [9] | $ 14,565 | |||||
Amount of Interest/Dividend/Fee Income | [13] | 107,949 | |||||
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 | ||||||
Investment, Identifier [Axis]: Filterworks Acquisition USA, LLC - 626.2 shares Class A-1 Units | |||||||
Schedule of Investments [Line Items] | |||||||
Number of Shares Owned | shares | 626.2 | ||||||
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 | |||||
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 | ||||||
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 | |||||
Number of Shares Owned | shares | 626.2 | ||||||
Investment, Identifier [Axis]: Filterworks Acquisition USA, LLC d/b/a Autotality | |||||||
Schedule of Investments [Line Items] | |||||||
Cost | 3,660,986 | [15],[16],[18],[28],[29] | $ 3,646,421 | [1],[17],[19],[30],[31] | |||
Fair Value | $ 3,291,737 | [15],[16],[18],[20],[21],[28],[29] | $ 3,277,172 | [1],[6],[7],[17],[19],[30],[31] | |||
Investment, Identifier [Axis]: Filterworks Acquisition USA, LLC d/b/a Autotality - $2,283,702 Term Note | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Nov. 18, 2019 | [15],[16],[18],[22],[28],[29] | Nov. 18, 2019 | [1],[3],[17],[19],[30],[31] | |||
Equity | 8% | [15],[16],[18],[23],[28],[29] | 8% | [1],[5],[17],[19],[30],[31] | |||
Cost | $ 2,895,511 | [15],[16],[18],[28],[29] | $ 2,880,946 | [1],[17],[19],[30],[31] | |||
Fair Value | $ 2,895,511 | [15],[16],[18],[20],[21],[28],[29] | $ 2,880,946 | [1],[6],[7],[17],[19],[30],[31] | |||
Percent of Net Assets | 5.40% | [15],[16],[18],[28],[29] | 5.40% | [1],[17],[19],[30],[31] | |||
Interest Rate | 12% | [15],[16],[18],[24],[28],[29] | 12% | [1],[8],[17],[19],[30],[31] | |||
Reference Rate and Spread (+), PIK | 2% | [15],[16],[18],[24],[28],[29] | 2% | [1],[8],[17],[19],[30],[31] | |||
Due Date | Aug. 30, 2024 | [15],[16],[18],[24],[28],[29] | Aug. 30, 2024 | [1],[8],[17],[19],[30],[31] | |||
Investment owned face amount | $ 2,283,702 | [15],[16],[18],[24],[28],[29] | $ 2,283,702 | [1],[8],[17],[19],[30],[31] | |||
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 | [15],[16],[18],[22],[28],[29] | Sep. 30, 2022 | |||||
Cost | [15],[16],[18],[28],[29] | $ 139,232 | |||||
Fair Value | [15],[16],[18],[20],[21],[28],[29] | $ 139,232 | |||||
Number of Shares Owned | shares | [15],[16],[18],[24],[28],[29] | 417.7 | |||||
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 | Jun. 03, 2022 | [15],[16],[18],[22],[28],[29] | Jun. 03, 2022 | [1],[3],[17],[19],[30],[31] | |||
Cost | $ 626,243 | [15],[16],[18],[28],[29] | $ 626,243 | [1],[17],[19],[30],[31] | |||
Fair Value | $ 256,994 | [15],[16],[18],[20],[21],[28],[29] | $ 256,994 | [1],[6],[7],[17],[19],[30],[31] | |||
Number of Shares Owned | shares | 626.2 | [15],[16],[18],[24],[28],[29] | 626.2 | [1],[8],[17],[19],[30],[31] | |||
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],[3],[17],[19],[30],[31] | Sep. 30, 2022 | |||||
Cost | [1],[17],[19],[30],[31] | $ 139,232 | |||||
Fair Value | [1],[6],[7],[17],[19],[30],[31] | $ 139,232 | |||||
Number of Shares Owned | shares | [1],[8],[17],[19],[30],[31] | 417.7 | |||||
Investment, Identifier [Axis]: GoNoodle, Inc. | |||||||
Schedule of Investments [Line Items] | |||||||
Cost | $ 1,429,566 | [18],[33] | $ 1,426,001 | [1],[2],[19],[31] | |||
Fair Value | $ 1,429,566 | [18],[20],[21],[33] | $ 1,426,001 | [1],[2],[6],[7],[19],[31] | |||
Investment, Identifier [Axis]: GoNoodle, Inc. - 1,500,000 Secured Note | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Nov. 01, 2019 | [16],[18],[22],[26],[29] | Nov. 01, 2019 | [1],[2],[3],[19],[31] | |||
Equity | 1% | [16],[18],[23],[26],[29] | 1% | [1],[2],[5],[19],[31] | |||
Cost | $ 1,429,503 | [16],[18],[26],[29] | $ 1,425,938 | [1],[2],[19],[31] | |||
Fair Value | $ 1,429,503 | [16],[18],[20],[21],[26],[29] | $ 1,425,938 | [1],[2],[6],[7],[19],[31] | |||
Percent of Net Assets | 2.30% | [16],[18],[26],[29] | 2.30% | [1],[2],[19],[31] | |||
Principle Amount | $ 1,500,000 | [16],[18],[24],[26],[29] | $ 1,500,000 | [1],[2],[8],[19],[31] | |||
Interest Rate | 12% | [16],[18],[24],[26],[29] | 12% | [1],[2],[8],[19],[31] | |||
Reference Rate and Spread (+), PIK | 1% | [16],[18],[24],[26],[29] | 1% | [1],[2],[8],[19],[31] | |||
Due Date | Sep. 30, 2025 | [16],[18],[24],[26],[29] | Sep. 30, 2025 | [1],[2],[8],[19],[31] | |||
Investment, Identifier [Axis]: GoNoodle, Inc. - Warrant for 21,948 Series D Preferred | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Nov. 01, 2019 | [16],[18],[22],[26],[29] | Nov. 01, 2019 | [1],[2],[3],[19],[31] | |||
Cost | $ 38 | [16],[18],[26],[29] | $ 38 | [1],[2],[19],[31] | |||
Fair Value | $ 38 | [16],[18],[20],[21],[26],[29] | $ 38 | [1],[2],[6],[7],[19],[31] | |||
Number of Warrants Owned | Units | 21,948 | [16],[18],[24],[26],[29] | 21,948 | [1],[2],[8],[19],[31] | |||
Investment, Identifier [Axis]: GoNoodle, Inc. - Warrant for 47,324 Series C Preferred | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Mar. 01, 2015 | [16],[18],[22],[26],[29] | Mar. 01, 2015 | [1],[2],[3],[19],[31] | |||
Cost | $ 25 | [16],[18],[26],[29] | $ 25 | [1],[2],[19],[31] | |||
Fair Value | $ 25 | [16],[18],[20],[21],[26],[29] | $ 25 | [1],[2],[6],[7],[19],[31] | |||
Number of Warrants Owned | Units | 47,324 | [16],[18],[24],[26],[29] | 47,324 | [1],[2],[8],[19],[31] | |||
Investment, Identifier [Axis]: HDI Acquisition LLC. - $1,245,119 Term Loan | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Nov. 08, 2019 | [16],[18],[22],[26],[29] | Nov. 08, 2019 | [1],[2],[3],[19],[31],[32] | |||
Equity | 0% | [16],[18],[23],[26],[29] | 0% | [1],[2],[5],[19],[31],[32] | |||
Cost | $ 1,055,615 | [16],[18],[26],[29] | $ 1,050,305 | [1],[2],[19],[31],[32] | |||
Fair Value | $ 1,055,615 | [16],[18],[20],[21],[26],[29] | $ 1,050,305 | [1],[2],[6],[7],[19],[31],[32] | |||
Percent of Net Assets | 1.70% | [16],[18],[26],[29] | 1.70% | [1],[2],[19],[31],[32] | |||
Principle Amount | $ 1,245,119 | [16],[18],[24],[26],[29] | $ 1,245,119 | [1],[2],[8],[19],[31],[32] | |||
Interest Rate | 12% | [16],[18],[24],[26],[29] | 12% | [1],[2],[8],[19],[31],[32] | |||
Reference Rate and Spread (+), PIK | 2% | [16],[18],[24],[26],[29] | 2% | [1],[2],[8],[19],[31],[32] | |||
Due Date | Jun. 30, 2025 | [16],[18],[24],[26],[29] | Jun. 30, 2025 | [1],[2],[8],[19],[31],[32] | |||
Investment, Identifier [Axis]: Highland All About People Holdings, Inc. | |||||||
Schedule of Investments [Line Items] | |||||||
Cost | $ 4,080,018 | [15],[16],[18],[29] | $ 4,049,187 | [1],[17],[19],[31] | |||
Fair Value | 4,080,018 | [15],[16],[18],[20],[21],[29] | 4,049,187 | [1],[6],[7],[17],[19],[31] | |||
Gross Additions | 30,831 | [9] | 4,049,187 | [10] | |||
Amount of Interest/Dividend/Fee Income | $ 126,323 | [13] | 201,524 | [14] | |||
Investment, Identifier [Axis]: Highland All About People Holdings, Inc. $3,000,000 Term Note at 12% | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | 3,049,187 | ||||||
Principle Amount | $ 3,000,000 | ||||||
Interest Rate | 12% | ||||||
Reference Rate and Spread (+), PIK | 4% | ||||||
Due Date | Aug. 07, 2028 | ||||||
Gross Additions | [10] | $ 3,049,187 | |||||
Amount of Interest/Dividend/Fee Income | [14] | $ 201,524 | |||||
Investment, Identifier [Axis]: Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12% | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Aug. 07, 2023 | [15],[16],[18],[22],[29] | Aug. 07, 2023 | [1],[3],[17],[19],[31] | |||
Equity | 12% | [15],[16],[18],[23],[29] | 12% | [1],[5],[17],[19],[31] | |||
Cost | $ 3,080,018 | [15],[16],[18],[29] | $ 3,049,187 | [1],[17],[19],[31] | |||
Fair Value | $ 3,080,018 | [15],[16],[18],[20],[21],[29] | $ 3,049,187 | [1],[6],[7],[17],[19],[31] | |||
Percent of Net Assets | 6.60% | [15],[16],[18],[29] | 6.70% | [1],[17],[19],[31] | |||
Principle Amount | $ 3,000,000 | ||||||
Interest Rate | 12% | [15],[16],[18],[24],[29] | 12% | [1],[8],[17],[19],[31] | |||
Reference Rate and Spread (+), PIK | 4% | [15],[16],[18],[24],[29] | 4% | [1],[8],[17],[19],[31] | |||
Due Date | Aug. 07, 2028 | [15],[16],[18],[24],[29] | Aug. 07, 2028 | [1],[8],[17],[19],[31] | |||
Investment owned face amount | $ 3,000,000 | [15],[16],[18],[24],[29] | $ 3,000,000 | [1],[8],[17],[19],[31] | |||
Investment, Identifier [Axis]: Highland All About People Holdings, Inc. - $3,000,000 Term Note at 12% | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | $ 3,080,018 | ||||||
Interest Rate | 12% | ||||||
Reference Rate and Spread (+), PIK | 4% | ||||||
Due Date | Aug. 07, 2028 | ||||||
Gross Additions | [9] | $ 30,831 | |||||
Amount of Interest/Dividend/Fee Income | [13] | $ 126,323 | |||||
Investment, Identifier [Axis]: Highland All About People Holdings, Inc. - 1,000,000 Class A Units | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Aug. 07, 2023 | [15],[16],[18],[22],[29] | Aug. 07, 2023 | [1],[3],[17],[19],[31] | |||
Cost | $ 1,000,000 | [15],[16],[18],[29] | $ 1,000,000 | [1],[17],[19],[31] | |||
Fair Value | $ 1,000,000 | [15],[16],[18],[20],[21],[29] | $ 1,000,000 | [1],[6],[7],[17],[19],[31] | |||
Number of Shares Owned | shares | 1,000,000 | [15],[16],[18],[24],[29] | 1,000,000 | [1],[8],[17],[19],[31] | |||
Investment, Identifier [Axis]: Highland All About People Holdings, Inc. 1,000,000 Class A Units | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | $ 1,000,000 | ||||||
Number of Shares Owned | shares | 1,000,000 | ||||||
Gross Additions | [10] | $ 1,000,000 | |||||
Investment, Identifier [Axis]: ITA Acquisition, LLC | |||||||
Schedule of Investments [Line Items] | |||||||
Cost | $ 5,661,245 | [16],[18],[28],[29],[36] | 5,272,770 | [1],[19],[30],[31],[35],[37] | |||
Fair Value | 4,537,435 | [16],[18],[20],[21],[28],[29],[36] | 4,148,960 | [1],[6],[7],[19],[30],[31],[35],[37] | 3,536,207 | ||
Gross Additions | 388,475 | [9] | 612,753 | [10] | |||
Amount of Interest/Dividend/Fee Income | $ 191,999 | [13] | 716,114 | [14] | |||
Investment, Identifier [Axis]: ITA Acquisition, LLC $1,500,000 Term Note at 12% | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | 1,652,252 | 1,560,091 | |||||
Principle Amount | $ 1,500,000 | ||||||
Interest Rate | 12% | ||||||
Reference Rate and Spread (+), PIK | 2% | ||||||
Due Date | Jun. 21, 2026 | ||||||
Gross Additions | [10] | $ 92,161 | |||||
Amount of Interest/Dividend/Fee Income | [14] | $ 295,615 | |||||
Investment, Identifier [Axis]: ITA Acquisition, LLC - $1,500,000 Term Note | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Jun. 22, 2021 | [16],[18],[22],[28],[29],[36] | Jun. 22, 2021 | [1],[3],[19],[30],[31],[35],[37] | |||
Cost | $ 1,673,223 | [16],[18],[28],[29],[36] | $ 1,652,252 | [1],[6],[19],[30],[31],[35],[37] | |||
Fair Value | $ 1,673,223 | [16],[18],[20],[21],[28],[29],[36] | 1,652,252 | [1],[6],[7],[19],[30],[31],[35],[37] | |||
Principle Amount | [1],[8],[19],[30],[31],[35],[37] | $ 1,500,000 | |||||
Interest Rate | 12% | [16],[18],[24],[28],[29],[36] | 12% | [1],[8],[19],[30],[31],[35],[37] | |||
Reference Rate and Spread (+), PIK | 2% | [16],[18],[24],[28],[29],[36] | 2% | [1],[8],[19],[30],[31],[35],[37] | |||
Due Date | Jun. 21, 2026 | [16],[18],[24],[28],[29],[36] | Jun. 21, 2026 | [1],[6],[8],[19],[30],[31],[35],[37] | |||
Investment owned face amount | [16],[18],[24],[28],[29],[36] | $ 1,500,000 | |||||
Investment, Identifier [Axis]: ITA Acquisition, LLC - $1,500,000 Term Note at 12% | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | 1,673,223 | $ 1,652,252 | |||||
Principle Amount | $ 1,500,000 | ||||||
Interest Rate | 12% | ||||||
Reference Rate and Spread (+), PIK | 2% | ||||||
Due Date | Jun. 21, 2026 | ||||||
Gross Additions | [9] | $ 20,971 | |||||
Amount of Interest/Dividend/Fee Income | [13] | $ 73,301 | |||||
Investment, Identifier [Axis]: ITA Acquisition, LLC - $1,500,000 Term Note at 12% (+5% PIK) through September 30, 2024 | |||||||
Schedule of Investments [Line Items] | |||||||
Interest Rate | 12% | [16],[18],[24],[28],[29],[36] | 12% | [1],[8],[19],[30],[31],[35],[37] | |||
Reference Rate and Spread (+), PIK | 5% | [16],[18],[24],[28],[29],[36] | 5% | [1],[8],[19],[30],[31],[35],[37] | |||
Due Date | [16],[18],[24],[28],[29],[36] | Sep. 30, 2024 | |||||
Investment, Identifier [Axis]: ITA Acquisition, LLC - $2,297,808 Amended and Restated Term Note at 12% | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | [1],[3],[19],[30],[31],[35],[37] | Jun. 22, 2021 | |||||
Equity | [1],[5],[19],[30],[31],[35],[37] | 37% | |||||
Cost | [1],[19],[30],[31],[35],[37] | $ 2,496,708 | |||||
Fair Value | $ 2,496,708 | [1],[6],[7],[19],[30],[31],[35],[37] | 1,976,116 | ||||
Percent of Net Assets | [1],[19],[30],[31],[35],[37] | 6.80% | |||||
Principle Amount | [1],[8],[19],[30],[31],[35],[37] | $ 2,297,808 | |||||
Interest Rate | [1],[8],[19],[30],[31],[35],[37] | 12% | |||||
Reference Rate and Spread (+), PIK | [1],[8],[19],[30],[31],[35],[37] | 2% | |||||
Due Date | [1],[8],[19],[30],[31],[35],[37] | Jun. 21, 2026 | |||||
Gross Additions | [10] | $ 520,592 | |||||
Amount of Interest/Dividend/Fee Income | [14] | $ 420,499 | |||||
Investment, Identifier [Axis]: ITA Acquisition, LLC - $2,297,808 Amended and Restated Term Note at 12% (+5% PIK) through September 30, 2024 | |||||||
Schedule of Investments [Line Items] | |||||||
Interest Rate | [1],[8],[19],[30],[31],[35],[37] | 12% | |||||
Reference Rate and Spread (+), PIK | [1],[8],[19],[30],[31],[35],[37] | 5% | |||||
Investment, Identifier [Axis]: ITA Acquisition, LLC - $2,297,808 Third Amended and Restated Term Note at 12% | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | [16],[18],[22],[28],[29],[36] | Jun. 22, 2021 | |||||
Equity | [16],[18],[23],[28],[29],[36] | 37% | |||||
Cost | [16],[18],[28],[29],[36] | $ 2,864,212 | |||||
Fair Value | $ 2,864,212 | [16],[18],[20],[21],[28],[29],[36] | $ 2,496,708 | ||||
Percent of Net Assets | [16],[18],[28],[29],[36] | 7.40% | |||||
Principle Amount | $ 2,297,808 | ||||||
Interest Rate | [16],[18],[24],[28],[29],[36] | 12% | |||||
Reference Rate and Spread (+), PIK | [16],[18],[24],[28],[29],[36] | 2% | |||||
Due Date | [16],[18],[24],[28],[29],[36] | Jun. 21, 2026 | |||||
Investment owned face amount | [16],[18],[24],[28],[29],[36] | $ 2,297,808 | |||||
Gross Additions | [9] | 367,504 | |||||
Amount of Interest/Dividend/Fee Income | [13] | $ 118,698 | |||||
Investment, Identifier [Axis]: ITA Acquisition, LLC - $2,297,808 Third Amended and Restated Term Note at 12% (+5% PIK) through September 30, 2024 | |||||||
Schedule of Investments [Line Items] | |||||||
Interest Rate | [16],[18],[24],[28],[29],[36] | 12% | |||||
Reference Rate and Spread (+), PIK | [16],[18],[24],[28],[29],[36] | 5% | |||||
Due Date | [16],[18],[24],[28],[29],[36] | Sep. 30, 2024 | |||||
Investment, Identifier [Axis]: ITA Acquisition, LLC - 1,124 Class A Preferred Units | |||||||
Schedule of Investments [Line Items] | |||||||
Number of Shares Owned | shares | 1,124 | [16],[18],[24],[28],[29],[36] | 1,124 | [1],[8],[19],[30],[31],[35],[37] | |||
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 | [16],[18],[22],[28],[29],[36] | Jun. 22, 2021 | [1],[3],[19],[30],[31],[35],[37] | |||
Cost | $ 1,123,810 | [16],[18],[28],[29],[36] | $ 1,123,810 | [1],[19],[30],[31],[35],[37] | |||
Investment, Identifier [Axis]: ITA Acquisition, LLC - 1,924 Class B Common Units | |||||||
Schedule of Investments [Line Items] | |||||||
Number of Shares Owned | shares | 1,924 | [16],[18],[24],[28],[29],[36] | 1,924 | [1],[8],[19],[30],[31],[35],[37] | |||
Investment, Identifier [Axis]: ITA Acquisition, LLC 1,124 ITA Acquisition, LLC - 1,924 Class B Common Units. | |||||||
Schedule of Investments [Line Items] | |||||||
Number of Shares Owned | shares | 1,924 | 1,924 | |||||
Investment, Identifier [Axis]: Inter-National Electronic Alloys LLC | |||||||
Schedule of Investments [Line Items] | |||||||
Cost | [1],[17],[19],[30],[31] | $ 4,349,839 | |||||
Fair Value | $ 4,366,743 | 4,349,839 | [1],[6],[7],[17],[19],[30],[31] | ||||
Gross Additions | 16,904 | [9] | 4,349,839 | [10] | |||
Amount of Interest/Dividend/Fee Income | 121,618 | [13] | 358,736 | [14] | |||
Investment, Identifier [Axis]: Inter-National Electronic Alloys LLC $3,288,235 Term Note at 12% | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | 3,338,074 | ||||||
Principle Amount | $ 3,288,235 | ||||||
Interest Rate | 12% | ||||||
Reference Rate and Spread (+), PIK | 2% | ||||||
Gross Additions | [10] | $ 3,338,074 | |||||
Amount of Interest/Dividend/Fee Income | [14] | $ 358,736 | |||||
Investment, Identifier [Axis]: Inter-National Electronic Alloys LLC - $3,288,235 Term Note at 12% | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | [1],[3],[17],[19],[30],[31] | Apr. 04, 2023 | |||||
Equity | [1],[5],[17],[19],[30],[31] | 6% | |||||
Cost | [1],[17],[19],[30],[31] | $ 3,338,074 | |||||
Fair Value | 3,354,978 | $ 3,338,074 | [1],[6],[7],[17],[19],[30],[31] | ||||
Percent of Net Assets | [1],[17],[19],[30],[31] | 7.10% | |||||
Principle Amount | $ 3,288,235 | ||||||
Interest Rate | 12% | 12% | [1],[8],[17],[19],[30],[31] | ||||
Reference Rate and Spread (+), PIK | 2% | 2% | [1],[8],[17],[19],[30],[31] | ||||
Due Date | Apr. 04, 2028 | Apr. 04, 2028 | [1],[8],[17],[19],[30],[31] | ||||
Investment owned face amount | [1],[8],[17],[19],[30],[31] | $ 3,288,235 | |||||
Gross Additions | [9] | $ 16,904 | |||||
Amount of Interest/Dividend/Fee Income | [13] | 121,618 | |||||
Investment, Identifier [Axis]: Inter-National Electronic Alloys LLC - 75.3 Class B Preferred Units | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | [1],[3],[17],[19],[30],[31] | Apr. 04, 2023 | |||||
Cost | [1],[17],[19],[30],[31] | $ 1,011,765 | |||||
Fair Value | $ 1,011,765 | $ 1,011,765 | [1],[6],[7],[17],[19],[30],[31] | ||||
Number of Shares Owned | shares | 75.3 | 75.3 | [1],[8],[17],[19],[30],[31] | ||||
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 | [10] | $ 1,011,765 | |||||
Investment, Identifier [Axis]: Inter-National Electronic Alloys LLC d/b/a EFINEA | |||||||
Schedule of Investments [Line Items] | |||||||
Cost | [15],[16],[18],[28],[29] | $ 4,366,743 | |||||
Fair Value | [15],[16],[18],[20],[21],[28],[29] | $ 4,366,743 | |||||
Investment, Identifier [Axis]: Inter-National Electronic Alloys LLC d/b/a EFINEA - $3,288,235 Term Note | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | [15],[16],[18],[22],[28],[29] | Apr. 04, 2023 | |||||
Equity | [15],[16],[18],[23],[28],[29] | 6% | |||||
Cost | [15],[16],[18],[28],[29] | $ 3,354,978 | |||||
Fair Value | [15],[16],[18],[20],[21],[28],[29] | $ 3,354,978 | |||||
Percent of Net Assets | [15],[16],[18],[28],[29] | 7.10% | |||||
Interest Rate | [15],[16],[18],[24],[28],[29] | 12% | |||||
Reference Rate and Spread (+), PIK | [15],[16],[18],[24],[28],[29] | 2% | |||||
Due Date | [15],[16],[18],[24],[28],[29] | Apr. 04, 2028 | |||||
Investment owned face amount | [15],[16],[18],[24],[28],[29] | $ 3,288,235 | |||||
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 | [15],[16],[18],[22],[28],[29] | Apr. 04, 2023 | |||||
Cost | [15],[16],[18],[28],[29] | $ 1,011,765 | |||||
Fair Value | [15],[16],[18],[20],[21],[28],[29] | $ 1,011,765 | |||||
Number of Shares Owned | shares | [15],[16],[18],[24],[28],[29] | 75.3 | |||||
Investment, Identifier [Axis]: Investments, NET ASSETS - 100% | |||||||
Schedule of Investments [Line Items] | |||||||
Net Assets | $ 61,569,339 | [20],[21] | $ 60,815,213 | [6],[7] | |||
Percent of Net Assets | 100% | 100% | |||||
Investment, Identifier [Axis]: Knoa Software, Inc. | |||||||
Schedule of Investments [Line Items] | |||||||
Cost | $ 1,229,155 | [15],[16],[18],[34] | $ 1,229,155 | [1],[4],[17],[19] | |||
Fair Value | 100,000 | [1],[4],[6],[7],[17],[19] | 100,000 | ||||
Net Change in Unrealized Appreciation (Depreciation) | $ (100,000) | ||||||
Amount of Interest/Dividend/Fee Income | [14] | $ 34,850 | |||||
Investment, Identifier [Axis]: Knoa Software, Inc. - 1,876,922 Series B Preferred | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Jun. 09, 2014 | [15],[16],[18],[22],[34] | Jun. 09, 2014 | [1],[3],[4],[17],[19] | |||
Cost | $ 479,155 | [15],[16],[18],[34] | $ 479,155 | [1],[4],[17],[19] | |||
Fair Value | $ 100,000 | [1],[4],[6],[7],[17],[19] | 100,000 | ||||
Number of Shares Owned | shares | 1,876,922 | [15],[16],[18],[24],[34] | 1,876,922 | [1],[4],[8],[17],[19] | |||
Net Change in Unrealized Appreciation (Depreciation) | $ (100,000) | ||||||
Investment, Identifier [Axis]: Knoa Software, Inc. - 973,533 Series A-1 Convertible Preferred | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Nov. 20, 2012 | [15],[16],[18],[22],[34] | Nov. 20, 2012 | [1],[3],[4],[17],[19] | |||
Equity | 7% | [15],[16],[18],[23],[34] | 7% | [1],[4],[5],[17],[19] | |||
Cost | $ 750,000 | [15],[16],[18],[34] | $ 750,000 | [1],[4],[17],[19] | |||
Percent of Net Assets | 0% | [15],[16],[18],[34] | 0.20% | [1],[4],[17],[19] | |||
Number of Shares Owned | shares | 973,533 | [15],[16],[18],[24],[34] | 973,533 | [1],[4],[8],[17],[19] | |||
Amount of Interest/Dividend/Fee Income | [14] | $ 34,850 | |||||
Investment, Identifier [Axis]: LIABILITIES IN EXCESS OF OTHER ASSETS - (26.8%) | |||||||
Schedule of Investments [Line Items] | |||||||
Liabilities in Excess of Other Assets | [6],[7] | $ (16,310,499) | |||||
Percentage of Liabilities in excess of other assets | (26.80%) | ||||||
Investment, Identifier [Axis]: LIABILITIES IN EXCESS OF OTHER ASSETS - (34.4%) | |||||||
Schedule of Investments [Line Items] | |||||||
Liabilities in Excess of Other Assets | [20],[21] | $ (21,204,786) | |||||
Percentage of Liabilities in excess of other assets | (34.40%) | ||||||
Investment, Identifier [Axis]: Lumious - $850,000 Replacement Term Note | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Nov. 16, 2018 | [16],[18],[22],[26] | Nov. 16, 2018 | [1],[2],[3],[19] | |||
Equity | 0% | [16],[18],[23],[26] | 0% | [1],[2],[5],[19] | |||
Cost | $ 789,944 | [16],[18],[26] | $ 789,944 | [1],[2],[19] | |||
Fair Value | $ 789,944 | [16],[18],[20],[21],[26] | $ 789,944 | [1],[2],[6],[7],[19] | |||
Percent of Net Assets | 1.30% | [16],[18],[26] | 1.30% | [1],[2],[19] | |||
Principle Amount | $ 850,000 | [16],[18],[24],[26] | $ 850,000 | [1],[2],[8],[19] | |||
Interest Rate | 14% | [16],[18],[24],[26] | 14% | [1],[2],[8],[19] | |||
Due Date | Dec. 01, 2025 | [16],[18],[24],[26] | Dec. 01, 2024 | [1],[2],[8],[19] | |||
Investment, Identifier [Axis]: Mattison Avenue Holdings LLC - $5,500,000 Term Note | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | [16],[18],[22],[26],[29] | Mar. 28, 2024 | |||||
Equity | [16],[18],[23],[26],[29] | 0% | |||||
Cost | [16],[18],[26],[29] | $ 5,503,056 | |||||
Fair Value | [16],[18],[20],[21],[26],[29] | $ 5,503,056 | |||||
Percent of Net Assets | [16],[18],[26],[29] | 8.90% | |||||
Principle Amount | [16],[18],[24],[26],[29] | $ 5,500,000 | |||||
Interest Rate | [16],[18],[24],[26],[29] | 9% | |||||
Reference Rate and Spread (+), PIK | [16],[18],[24],[26],[29],[33] | 5% | |||||
Due Date | [16],[18],[24],[26],[29] | Jul. 01, 2024 | |||||
Investment, Identifier [Axis]: Mattison Avenue Holdings LLC - $5,500,000 Term Note Modified to 14% | |||||||
Schedule of Investments [Line Items] | |||||||
Interest Rate | [16],[18],[24],[26],[29] | 14% | |||||
Due Date | [16],[18],[24],[26],[29] | Jun. 25, 2027 | |||||
Investment, Identifier [Axis]: Mattison Avenue Holdings LLC. - $1,794,944 Third Amended, Restated and Consolidated Promissory Note | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | [1],[2],[3],[19],[31] | Jun. 23, 2021 | |||||
Equity | [1],[2],[5],[19],[31] | 0% | |||||
Cost | [1],[2],[19],[31] | $ 1,894,470 | |||||
Fair Value | [1],[2],[6],[7],[19],[31] | $ 1,894,470 | |||||
Percent of Net Assets | [1],[2],[19],[31] | 3.10% | |||||
Principle Amount | [1],[2],[8],[19],[31] | $ 1,794,944 | |||||
Interest Rate | [1],[2],[8],[19],[31] | 12% | |||||
Reference Rate and Spread (+), PIK | [1],[2],[8],[19],[31] | 2% | |||||
Due Date | [1],[2],[8],[19],[31] | Jan. 31, 2024 | |||||
Investment, Identifier [Axis]: Mezmeriz, Inc. - 1,554,565 Series Seed Preferred | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | May 14, 2015 | [15],[16],[18],[22],[34] | May 14, 2015 | [1],[3],[4],[17],[19] | |||
Equity | 12% | [15],[16],[18],[23],[34] | 12% | [1],[4],[5],[17],[19] | |||
Cost | $ 742,850 | [15],[16],[18],[34] | $ 742,850 | [1],[4],[17],[19] | |||
Percent of Net Assets | 0% | [15],[16],[18],[34] | 0% | [1],[4],[17],[19] | |||
Number of Shares Owned | shares | 1,554,565 | [15],[16],[18],[24],[34] | 1,554,565 | [1],[4],[8],[17],[19] | |||
Investment, Identifier [Axis]: Microcision LLC - Membership Interest Purchase Warrant for 5% | |||||||
Schedule of Investments [Line Items] | |||||||
Membership Interest | 5% | ||||||
Net Realized Gains (Losses) | $ 115,010 | ||||||
Investment, Identifier [Axis]: Mountain Regional Equipment Solutions | |||||||
Schedule of Investments [Line Items] | |||||||
Cost | [16],[18],[26],[28] | $ 3,207,545 | |||||
Fair Value | [16],[18],[20],[21],[26],[28] | $ 3,207,545 | |||||
Investment, Identifier [Axis]: Mountain Regional Equipment Solutions - $3,000,000 Term Note | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | [16],[18],[22],[26],[28] | Jan. 16, 2024 | |||||
Equity | [16],[18],[23],[26],[28] | 4% | |||||
Cost | [16],[18],[26],[28] | $ 2,943,000 | |||||
Fair Value | [16],[18],[20],[21],[26],[28] | $ 2,943,000 | |||||
Percent of Net Assets | [16],[18],[26],[28] | 5.20% | |||||
Principle Amount | [16],[18],[24],[26],[28] | $ 3,000,000 | |||||
Interest Rate | [16],[18],[24],[26],[28] | 14% | |||||
Due Date | [16],[18],[24],[26],[28] | Jan. 16, 2029 | |||||
Investment, Identifier [Axis]: Mountain Regional Equipment Solutions - 37,991 Common Units | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | [16],[18],[22],[26],[28] | Jan. 16, 2024 | |||||
Cost | [16],[18],[26],[28] | $ 204,545 | |||||
Fair Value | [16],[18],[20],[21],[26],[28] | $ 204,545 | |||||
Number of Shares Owned | shares | [16],[18],[24],[26],[28] | 37,991 | |||||
Investment, Identifier [Axis]: Mountain Regional Equipment Solutions - Warrant for 1% Membership Interest | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | [16],[18],[22],[26],[28] | Jan. 16, 2024 | |||||
Cost | [16],[18],[26],[28] | $ 60,000 | |||||
Fair Value | [16],[18],[20],[21],[26],[28] | $ 60,000 | |||||
Membership Interest | [16],[18],[24],[26],[28] | 1% | |||||
Investment, Identifier [Axis]: Nailbiter, Inc. | |||||||
Schedule of Investments [Line Items] | |||||||
Cost | $ 2,250,000 | [16],[18],[26] | 2,250,000 | [1],[2],[19] | |||
Fair Value | $ 2,250,000 | [16],[18],[20],[21],[26] | $ 2,250,000 | [1],[2],[6],[7],[19] | |||
Investment, Identifier [Axis]: Nailbiter, Inc. - $2,250,000 Subordinated Secured Promissory Note | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Nov. 22, 2021 | [16],[18],[22],[26] | Nov. 22, 2021 | [1],[2],[3],[19] | |||
Equity | 1% | [16],[18],[23],[26] | 1% | [1],[2],[5],[19] | |||
Cost | $ 2,250,000 | [16],[18],[26] | $ 2,250,000 | [1],[2],[19] | |||
Fair Value | $ 2,250,000 | [16],[18],[20],[21],[26] | $ 2,250,000 | [1],[2],[6],[7],[19] | |||
Percent of Net Assets | 3.70% | [16],[18],[26] | 3.70% | [1],[2],[19] | |||
Interest Rate | 9% | [16],[18],[24],[26] | 9% | [1],[2],[8],[19] | |||
Due Date | Nov. 23, 2024 | [16],[18],[24],[26] | Nov. 23, 2024 | [1],[2],[8],[19] | |||
Investment owned face amount | $ 2,250,000 | [16],[18],[24],[26] | $ 2,250,000 | [1],[2],[8],[19] | |||
Investment, Identifier [Axis]: Nailbiter, Inc. - Interest Receivable $50,092 | |||||||
Schedule of Investments [Line Items] | |||||||
Interest Receivable | [1],[2],[8] | $ 50,092 | |||||
Investment, Identifier [Axis]: Nailbiter, Inc. - Warrants for Preferred Stock | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Nov. 22, 2021 | [16],[18],[22],[26] | Nov. 22, 2021 | [1],[2],[3],[19] | |||
Investment, Identifier [Axis]: Non-Control/Non-Affiliate Investments - Net assets | |||||||
Schedule of Investments [Line Items] | |||||||
Percent of Net Assets | 38.30% | [16],[26] | 32% | [1],[2] | |||
Investment, Identifier [Axis]: OnCore Golf Technology, Inc. - 300,483 Preferred AA | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Nov. 30, 2018 | [16],[18],[22],[26],[34] | Nov. 30, 2018 | [1],[2],[3],[4],[19] | |||
Equity | 3% | [16],[18],[23],[26],[34] | 3% | [1],[2],[4],[5],[19] | |||
Cost | $ 752,712 | [16],[18],[26],[34] | $ 752,712 | [1],[2],[4],[19] | |||
Fair Value | $ 100,000 | [16],[18],[20],[21],[26],[34] | $ 100,000 | [1],[2],[4],[6],[7],[19] | |||
Percent of Net Assets | 0.20% | [16],[18],[26],[34] | 0.20% | [1],[2],[4],[19] | |||
Number of Shares Owned | shares | 300,483 | [16],[18],[24],[26],[34] | 300,483 | [1],[2],[4],[8],[19] | |||
Investment, Identifier [Axis]: Open Exchange | |||||||
Schedule of Investments [Line Items] | |||||||
Cost | $ 1,401,940 | [16],[18],[26],[34] | $ 1,401,940 | [1],[2],[4],[19] | |||
Fair Value | $ 700,000 | [16],[18],[20],[21],[26],[34] | $ 700,000 | [1],[2],[4],[6],[7],[19] | |||
Investment, Identifier [Axis]: Open Exchange, Inc - 397,899 Common | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Oct. 22, 2019 | [16],[18],[22],[26],[34] | Oct. 22, 2019 | [1],[2],[3],[4],[19] | |||
Cost | $ 208,243 | [16],[18],[26],[34] | $ 208,243 | [1],[2],[4],[19] | |||
Number of Shares Owned | shares | 397,899 | [16],[18],[24],[26],[34] | 397,899 | [1],[2],[4],[8],[19] | |||
Investment, Identifier [Axis]: Open Exchange, Inc - 397,899 Series C Preferred | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Nov. 13, 2013 | [16],[18],[22],[26],[34] | Nov. 13, 2013 | [1],[2],[3],[4],[19] | |||
Equity | 3% | [16],[18],[23],[26],[34] | 3% | [1],[2],[4],[5],[19] | |||
Cost | $ 1,193,697 | [16],[18],[26],[34] | $ 1,193,697 | [1],[2],[4],[19] | |||
Fair Value | $ 700,000 | [16],[18],[20],[21],[26],[34] | $ 700,000 | [1],[2],[4],[6],[7],[19] | |||
Percent of Net Assets | 1.10% | [16],[18],[26],[34] | 1.10% | [1],[2],[4],[19] | |||
Number of Shares Owned | shares | 397,899 | [16],[18],[24],[26],[34] | 397,899 | [1],[2],[4],[8],[19] | |||
Investment, Identifier [Axis]: PennantPark Investment Corporation - 195,000 shares | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Aug. 13, 2020 | [16],[22],[25],[26] | Aug. 13, 2020 | [1],[2],[3],[27] | |||
Equity | 1% | [16],[23],[25],[26] | 1% | [1],[2],[5],[27] | |||
Cost | $ 892,212 | [16],[25],[26] | $ 892,212 | [1],[2],[27] | |||
Fair Value | $ 1,341,600 | [16],[20],[21],[25],[26] | $ 1,347,450 | [1],[2],[6],[7],[27] | |||
Percent of Net Assets | 2.20% | [16],[25],[26] | 2.20% | [1],[2],[27] | |||
Number of Shares Owned | shares | 195,000 | [16],[24],[25],[26] | 195,000 | [1],[2],[8],[27] | |||
Value of shares owned per share | $ / shares | $ 6.88 | [16],[24],[25],[26] | $ 6.91 | [1],[2],[8],[27] | |||
Investment, Identifier [Axis]: PostProcess Technologies, Inc. - 360,002 Series A1 Preferred | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Nov. 01, 2019 | [16],[18],[22],[26],[34] | Nov. 01, 2019 | [1],[2],[3],[4],[19] | |||
Equity | 1% | [16],[18],[23],[26],[34] | 1% | [1],[2],[4],[5],[19] | |||
Cost | $ 348,875 | [16],[18],[26],[34] | $ 348,875 | [1],[2],[4],[19] | |||
Percent of Net Assets | 0% | [16],[18],[26],[34] | 0% | [1],[2],[4],[19] | |||
Number of Shares Owned | shares | 360,002 | [16],[18],[24],[26],[34] | 360,002 | [1],[2],[4],[8],[19] | |||
Investment, Identifier [Axis]: Pressure Pro, Inc. | |||||||
Schedule of Investments [Line Items] | |||||||
Cost | $ 2,427,515 | [15],[16],[18],[29],[38] | $ 3,093,436 | [1],[17],[19],[31] | |||
Fair Value | 2,427,515 | [15],[16],[18],[20],[21],[29],[38] | 3,093,436 | [1],[6],[7],[17],[19],[31] | |||
Gross Additions | 21,515 | [9] | 3,093,436 | [10] | |||
Gross Reductions | [11] | (687,436) | |||||
Amount of Interest/Dividend/Fee Income | $ 135,561 | [13] | $ 474,582 | [14] | |||
Investment, Identifier [Axis]: Pressure Pro, Inc. - $3,000,000 Term Note | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | [15],[16],[18],[22],[29],[38] | Jan. 19, 2023 | |||||
Equity | [15],[16],[18],[23],[29],[38] | 10% | |||||
Cost | [15],[16],[18],[29],[38] | $ 2,397,515 | |||||
Fair Value | [15],[16],[18],[20],[21],[29],[38] | $ 2,397,515 | |||||
Percent of Net Assets | [15],[16],[18],[29],[38] | 3.90% | |||||
Interest Rate | [15],[16],[18],[24],[29],[38] | 12% | |||||
Reference Rate and Spread (+), PIK | [15],[16],[18],[24],[29],[38] | 3% | |||||
Due Date | [15],[16],[18],[24],[29],[38] | Jan. 19, 2028 | |||||
Investment owned face amount | [15],[16],[18],[24],[29],[38] | $ 3,000,000 | |||||
Investment, Identifier [Axis]: Pressure Pro, Inc. - $3,000,000 Term Note at 12% | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | [1],[3],[17],[19],[31] | Jan. 19, 2023 | |||||
Equity | [1],[5],[17],[19],[31] | 10% | |||||
Cost | [1],[17],[19],[31] | $ 3,063,436 | |||||
Fair Value | 2,397,515 | $ 3,063,436 | [1],[6],[7],[17],[19],[31] | ||||
Percent of Net Assets | [1],[17],[19],[31] | 5.10% | |||||
Principle Amount | $ 3,000,000 | ||||||
Interest Rate | 12% | 12% | [1],[8],[17],[19],[31] | ||||
Reference Rate and Spread (+), PIK | 3% | 3% | [1],[8],[17],[19],[31] | ||||
Due Date | Jan. 19, 2028 | Jan. 19, 2028 | [1],[8],[17],[19],[31] | ||||
Investment owned face amount | [1],[8],[17],[19],[31] | $ 3,000,000 | |||||
Gross Additions | $ 21,515 | [9] | 3,063,436 | [10] | |||
Gross Reductions | [11] | (687,436) | |||||
Amount of Interest/Dividend/Fee Income | $ 135,561 | [13] | $ 474,582 | [14] | |||
Investment, Identifier [Axis]: Pressure Pro, Inc. - Warrant for 10% Membership Interest | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Jan. 19, 2023 | [15],[16],[18],[22],[29],[38] | Jan. 19, 2023 | [1],[3],[17],[19],[31] | |||
Cost | $ 30,000 | [15],[16],[18],[29],[38] | $ 30,000 | [1],[17],[19],[31] | |||
Fair Value | $ 30,000 | [15],[16],[18],[20],[21],[29],[38] | $ 30,000 | [1],[6],[7],[17],[19],[31] | |||
Membership Interest | 10% | [15],[16],[18],[24],[29],[38] | 10% | [1],[8],[17],[19],[31] | |||
Investment warrant rate | 10% | ||||||
Gross Additions | [10] | $ 30,000 | |||||
Investment, Identifier [Axis]: SciAps, Inc. | |||||||
Schedule of Investments [Line Items] | |||||||
Cost | $ 5,213,984 | [15],[16],[18] | 5,213,984 | [1],[17],[19] | |||
Fair Value | 5,213,984 | [15],[16],[18],[20],[21] | 5,213,984 | [1],[6],[7],[17],[19] | |||
Amount of Interest/Dividend/Fee Income | [13] | 62,700 | |||||
Investment, Identifier [Axis]: SciAps, Inc. | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | 5,213,984 | 5,208,984 | |||||
Gross Additions | [10] | 5,000 | |||||
Amount of Interest/Dividend/Fee Income | [14] | $ 261,300 | |||||
Investment, Identifier [Axis]: SciAps, Inc. - $2,090,000 Second Amended and Restated Secured Subordinated Promissory Note at 12% | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | [1],[3],[17],[19] | Aug. 20, 2021 | |||||
Cost | [1],[17],[19] | $ 2,090,000 | |||||
Fair Value | 2,090,000 | 2,090,000 | [1],[6],[7],[17],[19] | 2,085,000 | |||
Principle Amount | $ 2,090,000 | $ 2,090,000 | |||||
Interest Rate | 12% | 12% | [1],[8],[17],[19] | ||||
Due Date | [1],[8],[17],[19] | Aug. 20, 2024 | |||||
Investment owned face amount | [1],[8],[17],[19] | $ 2,090,000 | |||||
Gross Additions | [10] | 5,000 | |||||
Amount of Interest/Dividend/Fee Income | $ 62,700 | [13] | $ 261,300 | [14] | |||
Investment, Identifier [Axis]: SciAps, Inc. - $2,090,000 Subordinated Promissory Note | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | [15],[16],[18],[22] | Aug. 20, 2021 | |||||
Cost | [15],[16],[18] | $ 2,090,000 | |||||
Fair Value | [15],[16],[18],[20],[21] | $ 2,090,000 | |||||
Interest Rate | [15],[16],[18],[24] | 12% | |||||
Due Date | [15],[16],[18],[24] | Aug. 20, 2024 | |||||
Investment owned face amount | [15],[16],[18],[24] | $ 2,090,000 | |||||
Investment, Identifier [Axis]: SciAps, Inc. - 113,636 Series C Convertible Preferred | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Apr. 07, 2016 | [15],[16],[18],[22] | Apr. 07, 2016 | [1],[3],[17],[19] | |||
Cost | $ 175,000 | [15],[16],[18] | $ 175,000 | [1],[17],[19] | |||
Fair Value | $ 175,000 | [15],[16],[18],[20],[21] | $ 175,000 | [1],[6],[7],[17],[19] | 175,000 | ||
Number of Shares Owned | shares | 113,636 | [15],[16],[18],[24] | 113,636 | [1],[8],[17],[19] | |||
Investment, Identifier [Axis]: SciAps, Inc. - 117,371 Series B Convertible Preferred | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Aug. 31, 2015 | [15],[16],[18],[22] | Aug. 31, 2015 | [1],[3],[17],[19] | |||
Cost | $ 250,000 | [15],[16],[18] | $ 250,000 | [1],[17],[19] | |||
Fair Value | $ 250,000 | [15],[16],[18],[20],[21] | $ 250,000 | [1],[6],[7],[17],[19] | 250,000 | ||
Number of Shares Owned | shares | 117,371 | [15],[16],[18],[24] | 117,371 | [1],[8],[17],[19] | |||
Investment, Identifier [Axis]: SciAps, Inc. - 147,059 Series D Convertible Preferred | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | May 09, 2017 | [15],[16],[18],[22] | May 09, 2017 | [1],[3],[17],[19] | |||
Cost | $ 250,000 | [15],[16],[18] | $ 250,000 | [1],[17],[19] | |||
Fair Value | $ 250,000 | [15],[16],[18],[20],[21] | $ 250,000 | [1],[6],[7],[17],[19] | 250,000 | ||
Number of Shares Owned | shares | 147,059 | [15],[16],[18],[24] | 147,059 | [1],[8],[17],[19] | |||
Investment, Identifier [Axis]: SciAps, Inc. - 187,500 Series A Preferred | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Jul. 12, 2013 | [15],[16],[18],[22] | Jul. 12, 2013 | [1],[3],[17],[19] | |||
Equity | 6% | [15],[16],[18],[23] | 6% | [1],[5],[17],[19] | |||
Cost | $ 1,500,000 | [15],[16],[18] | $ 1,500,000 | [1],[17],[19] | |||
Fair Value | $ 1,500,000 | [15],[16],[18],[20],[21] | $ 1,500,000 | [1],[6],[7],[17],[19] | 1,500,000 | ||
Percent of Net Assets | 8.50% | [15],[16],[18] | 8.60% | [1],[17],[19] | |||
Number of Shares Owned | shares | 187,500 | [15],[16],[18],[24] | 187,500 | [1],[8],[17],[19] | |||
Investment, Identifier [Axis]: SciAps, Inc. - 274,299 Series A1 Convertible Preferred | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Apr. 04, 2014 | [15],[16],[18],[22] | Apr. 04, 2014 | [1],[3],[17],[19] | |||
Cost | $ 504,710 | [15],[16],[18] | $ 504,710 | [1],[17],[19] | |||
Fair Value | $ 504,710 | [15],[16],[18],[20],[21] | $ 504,710 | [1],[6],[7],[17],[19] | 504,710 | ||
Number of Shares Owned | shares | 274,299 | [15],[16],[18],[24] | 274,299 | [1],[8],[17],[19] | |||
Investment, Identifier [Axis]: SciAps, Inc. - 369,698 Series C1 Convertible Preferred | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Apr. 07, 2016 | [15],[16],[18],[22] | Apr. 07, 2016 | [1],[3],[17],[19] | |||
Cost | $ 399,274 | [15],[16],[18] | $ 399,274 | [1],[17],[19] | |||
Fair Value | $ 399,274 | [15],[16],[18],[20],[21] | $ 399,274 | [1],[6],[7],[17],[19] | 399,274 | ||
Number of Shares Owned | shares | 369,698 | [15],[16],[18],[24] | 369,698 | [1],[8],[17],[19] | |||
Investment, Identifier [Axis]: SciAps, Inc. - Warrant to purchase Series D-1 Preferred | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | May 09, 2017 | [15],[16],[18],[22] | May 09, 2017 | [1],[3],[17],[19] | |||
Cost | $ 45,000 | [15],[16],[18] | $ 45,000 | [1],[17],[19] | |||
Fair Value | 45,000 | [15],[16],[18],[20],[21] | 45,000 | [1],[6],[7],[17],[19] | 45,000 | ||
Investment, Identifier [Axis]: Seybert’s | |||||||
Schedule of Investments [Line Items] | |||||||
Cost | 7,826,210 | [15],[16],[18],[29] | 5,994,530 | [1],[17],[19],[31] | |||
Fair Value | 7,826,210 | [15],[16],[18],[20],[21],[29] | 5,994,530 | [1],[6],[7],[17],[19],[31] | |||
Investment, Identifier [Axis]: Seybert’s Billiards Corporation | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | 7,826,210 | 5,994,530 | 5,868,961 | ||||
Gross Additions | 1,831,680 | [9] | 125,569 | [10] | |||
Amount of Interest/Dividend/Fee Income | $ 242,981 | [13] | $ 854,384 | [14] | |||
Investment, Identifier [Axis]: Seybert’s Billiards Corporation - $1,435,435 Term Note | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Jan. 19, 2021 | [15],[16],[18],[22],[29] | Jan. 19, 2021 | [1],[3],[17],[19],[31] | |||
Cost | $ 1,484,377 | [15],[16],[18],[29] | $ 1,475,613 | [1],[17],[19],[31] | |||
Fair Value | $ 1,484,377 | [15],[16],[18],[29] | 1,475,613 | [1],[6],[7],[17],[19],[31] | |||
Principle Amount | [1],[8],[17],[19],[31] | $ 1,435,435 | |||||
Interest Rate | 12% | [15],[16],[18],[24],[29] | 12% | [1],[8],[17],[19],[31] | |||
Reference Rate and Spread (+), PIK | 2% | [15],[16],[18],[24],[29] | 2% | [1],[8],[17],[19],[31] | |||
Due Date | Jan. 19, 2026 | [15],[16],[18],[24],[29] | Jan. 19, 2026 | [1],[8],[17],[19],[31] | |||
Investment owned face amount | [15],[16],[18],[24],[29] | $ 1,435,435 | |||||
Investment, Identifier [Axis]: Seybert’s Billiards Corporation - $1,435,435 Term Note at 12% | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | 1,484,377 | $ 1,475,613 | 1,440,855 | ||||
Principle Amount | $ 1,435,435 | $ 1,435,435 | |||||
Interest Rate | 12% | 12% | |||||
Reference Rate and Spread (+), PIK | 2% | 2% | |||||
Due Date | Jan. 19, 2026 | Jan. 19, 2026 | |||||
Gross Additions | $ 8,764 | [9] | $ 34,758 | [10] | |||
Amount of Interest/Dividend/Fee Income | 55,740 | [13] | 220,890 | [14] | |||
Investment, Identifier [Axis]: Seybert’s Billiards Corporation - $4,139,444 Term Note at 12% | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | 4,274,917 | 4,184,106 | |||||
Principle Amount | $ 4,139,444 | ||||||
Interest Rate | 12% | ||||||
Reference Rate and Spread (+), PIK | 2% | ||||||
Due Date | Jan. 19, 2026 | ||||||
Gross Additions | [10] | $ 90,811 | |||||
Amount of Interest/Dividend/Fee Income | [14] | 633,494 | |||||
Investment, Identifier [Axis]: Seybert’s Billiards Corporation - $6,099,131 Third Amended and Restated Term Note at 12% | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | 6,097,833 | $ 4,274,917 | |||||
Principle Amount | $ 6,099,131 | ||||||
Interest Rate | 12% | ||||||
Reference Rate and Spread (+), PIK | 2% | ||||||
Due Date | Jan. 19, 2026 | ||||||
Gross Additions | [9] | $ 1,822,916 | |||||
Amount of Interest/Dividend/Fee Income | [13] | $ 187,241 | |||||
Investment, Identifier [Axis]: Seybert’s Billiards Corporation - 4,139,444 Term Note | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | [1],[3],[17],[19],[31] | Nov. 22, 2021 | |||||
Equity | [1],[5],[17],[19],[31] | 8% | |||||
Cost | [1],[17],[19],[31] | $ 4,274,917 | |||||
Fair Value | [1],[6],[7],[17],[19],[31] | $ 4,274,917 | |||||
Percent of Net Assets | [1],[17],[19],[31] | 9.80% | |||||
Principle Amount | [1],[8],[17],[19],[31] | $ 4,139,444 | |||||
Interest Rate | [1],[8],[17],[19],[31] | 12% | |||||
Reference Rate and Spread (+), PIK | [1],[8],[17],[19],[31] | 2% | |||||
Due Date | [1],[8],[17],[19],[31] | Jan. 19, 2026 | |||||
Investment, Identifier [Axis]: Seybert’s Billiards Corporation - 5.82 Common shares | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Oct. 24, 2022 | [15],[16],[18],[22],[29] | Oct. 24, 2022 | [1],[3],[17],[19],[31] | |||
Cost | $ 194,000 | [15],[16],[18],[29] | $ 194,000 | [1],[17],[19],[31] | |||
Fair Value | $ 194,000 | [15],[16],[18],[20],[21],[29] | $ 194,000 | [1],[6],[7],[17],[19],[31] | $ 194,000 | ||
Number of Shares Owned | shares | 5.82 | [15],[16],[18],[24],[29] | 5.82 | [1],[8],[17],[19],[31] | |||
Investment, Identifier [Axis]: Seybert’s Billiards Corporation - 6,099,131 Third Amended and Restated Term Note at 12% | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | [15],[16],[18],[22],[29] | Nov. 22, 2021 | |||||
Equity | [15],[16],[18],[23],[29] | 8% | |||||
Cost | [15],[16],[18],[29] | $ 6,097,833 | |||||
Fair Value | [15],[16],[18],[20],[21],[29] | $ 6,097,833 | |||||
Percent of Net Assets | [15],[16],[18],[29] | 12.70% | |||||
Interest Rate | [15],[16],[18],[24],[29] | 12% | |||||
Reference Rate and Spread (+), PIK | [15],[16],[18],[24],[29] | 2% | |||||
Due Date | [15],[16],[18],[24],[29] | Jan. 19, 2026 | |||||
Investment owned face amount | [15],[16],[18],[24],[29] | $ 6,099,131 | |||||
Investment, Identifier [Axis]: Seybert’s Billiards Corporation - Warrant for 4% Membership Interest | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Jan. 19, 2021 | [15],[16],[18],[22],[29] | Jan. 19, 2021 | [1],[3],[17],[19],[31] | Jan. 19, 2021 | [1],[3],[17],[19],[31] | |
Cost | $ 25,000 | [15],[16],[18],[29] | $ 25,000 | [1],[17],[19],[31] | $ 25,000 | [1],[17],[19],[31] | |
Fair Value | $ 25,000 | [15],[16],[18],[20],[21],[29] | $ 25,000 | [1],[6],[7],[17],[19],[31] | 25,000 | [1],[6],[7],[17],[19],[31] | |
Membership Interest | 4% | [15],[16],[18],[24],[29] | 4% | [1],[8],[17],[19],[31] | |||
Investment warrant rate | 4% | ||||||
Investment, Identifier [Axis]: Seybert’s Billiards Corporation - Warrant for 4% Membership Interest One | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | [15],[16],[18],[22],[29] | Jan. 19, 2021 | |||||
Cost | [15],[16],[18],[29] | $ 25,000 | |||||
Fair Value | $ 25,000 | [15],[16],[18],[20],[21],[29] | $ 25,000 | 25,000 | |||
Membership Interest | [15],[16],[18],[24],[29] | 4% | |||||
Investment warrant rate | 4% | ||||||
Amount of Interest/Dividend/Fee Income | [14] | $ 0 | |||||
Investment, Identifier [Axis]: Subtotal Affiliate Investments | |||||||
Schedule of Investments [Line Items] | |||||||
Cost | $ 46,960,202 | [15],[16] | 45,720,974 | [1],[17] | |||
Fair Value | 54,638,600 | [15],[16],[20],[21] | 53,499,372 | [1],[6],[7],[17] | |||
Investment, Identifier [Axis]: Subtotal Control Investments | |||||||
Schedule of Investments [Line Items] | |||||||
Cost | 5,661,245 | [16],[36] | 5,272,770 | [1],[35] | |||
Fair Value | 4,537,435 | [16],[20],[21],[36] | 4,148,960 | [1],[6],[7],[35] | |||
Investment, Identifier [Axis]: Subtotal Non-Control/Non-Affiliate Investments | |||||||
Schedule of Investments [Line Items] | |||||||
Cost | 24,282,868 | [16],[26] | 17,371,862 | [1],[2] | |||
Fair Value | 23,598,090 | [16],[20],[21],[26] | 19,477,380 | [1],[2],[6],[7] | |||
Investment, Identifier [Axis]: TOTAL INVESTMENTS – 126.8% | |||||||
Schedule of Investments [Line Items] | |||||||
Cost | 68,365,606 | ||||||
Fair Value | [6],[7] | $ 77,125,712 | |||||
Percent of Net Assets | 126.80% | ||||||
Investment, Identifier [Axis]: TOTAL INVESTMENTS – 134.4% | |||||||
Schedule of Investments [Line Items] | |||||||
Cost | 76,904,315 | ||||||
Fair Value | [20],[21] | $ 82,774,125 | |||||
Percent of Net Assets | 134.40% | ||||||
Investment, Identifier [Axis]: Tilson Technology Management, Inc. | |||||||
Schedule of Investments [Line Items] | |||||||
Cost | $ 3,100,015 | [15],[16],[18] | $ 3,100,015 | [1],[17],[19] | |||
Fair Value | 10,550,000 | [15],[16],[18],[20],[21] | 10,550,000 | [1],[6],[7],[17],[19] | 10,300,000 | ||
Gross Additions | [10] | 250,000 | |||||
Amount of Interest/Dividend/Fee Income | $ 13,125 | [13] | $ 52,501 | [14] | |||
Investment, Identifier [Axis]: Tilson Technology Management, Inc. - *120,000 Series B Preferred | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Jan. 20, 2015 | [15],[16],[18],[22] | Jan. 20, 2015 | [1],[3],[17],[19] | |||
Equity | 9% | [15],[16],[18],[23] | 9% | [1],[5],[17],[19] | |||
Cost | $ 600,000 | [15],[16],[18] | $ 600,000 | [1],[17],[19] | |||
Fair Value | $ 4,559,500 | [15],[16],[18],[20],[21] | $ 4,559,500 | [1],[6],[7],[17],[19] | |||
Percent of Net Assets | 17.10% | [15],[16],[18] | 17.30% | [1],[17],[19] | |||
Number of Shares Owned | shares | 120,000 | [15],[16],[18],[24] | 120,000 | [1],[8],[17],[19] | |||
Investment, Identifier [Axis]: Tilson Technology Management, Inc. - *15,385 Series E Preferred | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Mar. 15, 2019 | [15],[16],[18],[22] | Mar. 15, 2019 | [1],[3],[17],[19] | |||
Cost | $ 500,012 | [15],[16],[18] | $ 500,012 | [1],[17],[19] | |||
Fair Value | $ 584,500 | [15],[16],[18],[20],[21] | $ 584,500 | [1],[6],[7],[17],[19] | |||
Number of Shares Owned | shares | 15,385 | [15],[16],[18],[24] | 15,385 | [1],[8],[17],[19] | |||
Investment, Identifier [Axis]: Tilson Technology Management, Inc. - *2.5% dividend payable quarterly | |||||||
Schedule of Investments [Line Items] | |||||||
Dividend payable quarterly | 2.50% | [15],[16],[24] | 2.50% | [1],[8],[17] | |||
Investment, Identifier [Axis]: Tilson Technology Management, Inc. - *21,391 Series C Preferred | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Sep. 28, 2016 | [15],[16],[18],[22] | Sep. 28, 2016 | [1],[3],[17],[19] | |||
Cost | $ 200,000 | [15],[16],[18] | $ 200,000 | [1],[17],[19] | |||
Fair Value | $ 812,800 | [15],[16],[18],[20],[21] | $ 812,800 | [1],[6],[7],[17],[19] | |||
Number of Shares Owned | shares | 21,391 | [15],[16],[18],[24] | 21,391 | [1],[8],[17],[19] | |||
Investment, Identifier [Axis]: Tilson Technology Management, Inc. - *70,176 Series D Preferred | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Sep. 29, 2017 | [15],[16],[18],[22] | Sep. 29, 2017 | [1],[3],[17],[19] | |||
Cost | $ 800,000 | [15],[16],[18] | $ 800,000 | [1],[17],[19] | |||
Fair Value | $ 2,666,400 | [15],[16],[18],[20],[21] | $ 2,666,400 | [1],[6],[7],[17],[19] | |||
Number of Shares Owned | shares | 70,176 | [15],[16],[18],[24] | 70,176 | [1],[8],[17],[19] | |||
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 | 4,559,500 | ||||
Number of Shares Owned | shares | 120,000 | 120,000 | |||||
Amount of Interest/Dividend/Fee Income | $ 13,125 | [13] | $ 52,501 | [14] | |||
Investment, Identifier [Axis]: Tilson Technology Management, Inc. - 15,385 Series E Preferred | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | $ 584,500 | $ 584,500 | 584,500 | ||||
Number of Shares Owned | shares | 15,385 | 15,385 | |||||
Investment, Identifier [Axis]: Tilson Technology Management, Inc. - 21,391 Series C Preferred | |||||||
Schedule of Investments [Line Items] | |||||||
Fair Value | $ 812,800 | $ 812,800 | 812,800 | ||||
Number of Shares Owned | shares | 21,391 | 21,391 | |||||
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 | [15],[16],[18],[22] | Mar. 15, 2019 | [1],[3],[17],[19] | |||
Fair Value | $ 800,000 | [15],[16],[18],[20],[21] | $ 800,000 | [1],[6],[7],[17],[19] | |||
Number of Shares Owned | shares | 211,567 | [15],[16],[18],[24] | 211,567 | [1],[8],[17],[19] | |||
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 | [15],[16],[18],[22] | Jun. 15, 2020 | [1],[3],[17],[19] | |||
Cost | $ 750,003 | [15],[16],[18] | $ 750,003 | [1],[17],[19] | |||
Fair Value | $ 876,800 | [15],[16],[18],[20],[21] | $ 876,800 | [1],[6],[7],[17],[19] | 876,800 | ||
Number of Shares Owned | shares | 23,077 | [15],[16],[18],[24] | 23,077 | [1],[8],[17],[19] | |||
Investment, Identifier [Axis]: Tilson Technology Management, Inc. - 250 Class D-1 Units of SQF Holdco LLC | |||||||
Schedule of Investments [Line Items] | |||||||
Date Acquired | Feb. 16, 2023 | [15],[16],[18],[22] | Feb. 16, 2023 | [1],[3],[17],[19] | |||
Cost | $ 250,000 | [15],[16],[18] | $ 250,000 | [1],[17],[19] | |||
Fair Value | $ 250,000 | [15],[16],[18],[20],[21] | $ 250,000 | [1],[6],[7],[17],[19] | |||
Number of Shares Owned | shares | 250 | [15],[16],[18],[24] | 250 | [1],[8],[17],[19] | |||
Gross Additions | [10] | $ 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 | $ 2,666,400 | ||||
Number of Shares Owned | shares | 70,176 | 70,176 | |||||
[1] 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). Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. The Date Acquired column indicates the date on which the Corporation first acquired an investment. 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. As of December 31, 2023 , the total cost of investment securities was approximately $ 68.4 million. Net unrealized appreciation was approximately $ 8.8 million, which was comprised of $ 14.1 million of unrealized appreciation of investment securities and ($ 5.4 ) million of unrealized depreciation of investment securities. At December 31, 2023 , the aggregate gross unrealized gain for federal income tax purposes was $ 14.1 million and the aggregate gross unrealized loss for federal income tax purposes was ($ 4.2 ) million. The net unrealized gain for federal income tax purposes was $ 9.9 million based on a tax cost of $ 68 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, 2023 , ASC 820 designates 91 % of the Corporation’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). At December 31, 2023 , restricted securities represented 91 % 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. 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. 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). 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. Investments classified as Level 3 for purposes of the fair value determination by RCM and approved by the Board of Directors. Investments classified as Level 3 for purposes of the fair value determination by RCM and approved by the Board of Directors. As of March 31, 2024 , the total cost of investment securities was approximately $ 76.9 million. Net unrealized appreciation was approximately $ 5.9 million, which was comprised of $ 11.3 million of unrealized appreciation of investment securities and ($ 5.5 ) million of unrealized depreciation of investment securities. At March 31, 2024 , the aggregate gross unrealized gain for federal income tax purposes was $ 11.6 million and the aggregate gross unrealized loss for federal income tax purposes was ($ 4.2 ) million. The net unrealized gain for federal income tax purposes was $ 7.4 mil lion based on a tax cost of $ 75.4 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 March 31, 2024 , ASC 820 designates 95 % 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). The Date Acquired column indicates the date on which the Corporation first acquired an investment. 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. At March 31, 2024, restricted securities represented 95 % 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. Indicates assets that the Corporation believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70 % of the Corporation’s total assets at the time of acquisition of any additional non-qualifying assets. Of the Corporation’s total assets, 6.27 % were non-qualifying assets as of March 31, 2024 . Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Indicates assets that the Corporation believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70 % of the Corporation’s total assets at the time of acquisition of any additional non-qualifying assets. Of the Corporation’s total assets, 5.38 % were non-qualifying assets as of December 31, 2023. Equity holdings are held in a wholly owned ( 100 %) “blocker corporation” subsidiary of Rand Capital Corporation 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. Equity holdings are held in a wholly owned ( 100 %) “blocker corporation” subsidiary of Rand Capital Corporation 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. 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. 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. 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. Represents interest due (amounts over $ 50,000 ) from investments included as interest receivable on the Corporation’s Consolidated Statements of Financial Position. Reduction in cost and fair value from previously reported balances reflects current principal repayment. |
CONSOLIDATED SCHEDULE OF PORT_2
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Schedule of Investments [Line Items] | ||
Percentage of fair value level 3 investments | 95% | 91% |
Investment at Cost | $ 76,904,315 | $ 68,365,606 |
Interest due from investments | $ 347,755 | $ 244,600 |
Minimum percentage of total assets in qualifying assets | 70% | 70% |
Percentage of aggregate assets in non-qualifying assets | 6.27% | 5.38% |
Blocker corporation | ||
Schedule of Investments [Line Items] | ||
Equity owned percentage | 100% | 100% |
Fair Value | ||
Schedule of Investments [Line Items] | ||
Investment at Cost | $ 76,900,000 | $ 68,400,000 |
Net unrealized appreciation | 5,900,000 | 8,800,000 |
Unrealized appreciation of investment securities | 11,300,000 | 14,100,000 |
Unrealized depreciation of investment securities | 5,500,000 | 5,400,000 |
Aggregate gross unrealized gain for federal income tax | 11,600,000 | 14,100,000 |
Aggregate gross unrealized loss for federal income tax | 4,200,000 | 4,200,000 |
Net unrealized gain for federal income tax | 7,400,000 | 9,900,000 |
Tax cost | 75,400,000 | 68,000,000 |
Minimum | ||
Schedule of Investments [Line Items] | ||
Interest due from investments | $ 50,000 | $ 50,000 |
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) | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Investments [Line Items] | ||
Percentage of Total Investments (at fair value) | 100% | |
Professional Services | ||
Schedule of Investments [Line Items] | ||
Percentage of Total Investments (at fair value) | 41.70% | |
Manufacturing | ||
Schedule of Investments [Line Items] | ||
Percentage of Total Investments (at fair value) | 22% | |
Consumer Product | ||
Schedule of Investments [Line Items] | ||
Percentage of Total Investments (at fair value) | 13% | |
BDC Investment Funds | ||
Schedule of Investments [Line Items] | ||
Percentage of Total Investments (at fair value) | 5.70% | |
Automotive | ||
Schedule of Investments [Line Items] | ||
Percentage of Total Investments (at fair value) | 4.30% | |
Software | ||
Schedule of Investments [Line Items] | ||
Percentage of Total Investments (at fair value) | 7.70% | |
Oil and Gas | ||
Schedule of Investments [Line Items] | ||
Percentage of Total Investments (at fair value) | 5.60% | |
Industry Concentration Risk | Investments At Fair Value | ||
Schedule of Investments [Line Items] | ||
Percentage of Total Investments (at fair value) | 100% | |
Industry Concentration Risk | Professional and Business Services | Investments At Fair Value | ||
Schedule of Investments [Line Items] | ||
Percentage of Total Investments (at fair value) | 43.30% | |
Industry Concentration Risk | Manufacturing | Investments At Fair Value | ||
Schedule of Investments [Line Items] | ||
Percentage of Total Investments (at fair value) | 20.20% | |
Industry Concentration Risk | Consumer Product | Investments At Fair Value | ||
Schedule of Investments [Line Items] | ||
Percentage of Total Investments (at fair value) | 14.50% | |
Industry Concentration Risk | Distribution | Investments At Fair Value | ||
Schedule of Investments [Line Items] | ||
Percentage of Total Investments (at fair value) | 9.10% | |
Industry Concentration Risk | BDC Investment Funds | Investments At Fair Value | ||
Schedule of Investments [Line Items] | ||
Percentage of Total Investments (at fair value) | 5.40% | |
Industry Concentration Risk | Automotive | Investments At Fair Value | ||
Schedule of Investments [Line Items] | ||
Percentage of Total Investments (at fair value) | 4% | |
Industry Concentration Risk | Software | Investments At Fair Value | ||
Schedule of Investments [Line Items] | ||
Percentage of Total Investments (at fair value) | 3.50% |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 1,399,381 | $ 2,170,277 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
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 | 3 Months Ended | |||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
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 have in the past also invested 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 | $ 23.85 | $ 23.56 | $ 23 | $ 22.36 |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||
Security Dividends [Text Block] | Board of Directors declared the following quarterly cash dividend during the three months ended March 31, 2024: Dividend/Share Record Date Payment Date 1 st $ 0.25 March 13, 2024 March 29, 2024 | |||
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 New Order) that do not hold any investments in such existing portfolio companies. |
Organization
Organization | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024. 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 our 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 on 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 on December 31, 2024. The Investment Management Agreement and Administration Agreement can continue for successive annual periods after December 31, 2024 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 has designated Adam S. Gusky and Benjamin E. Godley for nomination to the Board. We are an externally managed, closed-end, non-diversified management 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, 2023. In connection with the completion of the Transaction, we have shifted to an investment strategy focused on higher yielding debt investments and elected U.S. Federal tax treatment as a regulated investment company (“RIC”). The Board declared the following quarterly cash dividend during the three months ended March 31, 2024: Dividend/Share Record Date Payment Date 1 st $ 0.25 March 13, 2024 March 29, 2024 In order to continue to qualify as a RIC, Rand holds several of its equity investments in wholly-owned subsidiaries that facilitate a tax structure that is advantageous to the RIC election. Rand has the following wholly-owned blocker subsidiaries in place at March 31, 2024: 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., and Rand ITA 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 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 in respect 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 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 SEC. Our shares are traded on the Nasdaq Capital Market under the symbol “RAND.” |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
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 three months ended March 31, 2024 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, 2023 . 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 March 31, 2024 or December 31, 2023. 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 ex-dividend 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, income associated with portfolio company monitoring fees and income associated with portfolio company loan modification 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. 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 purchase price allocated to the note by an equal amount in the form of a note discount or OID. The note is reported net of the OID and the OID is accreted into interest income over the life of the loan. 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 during the three months ended March 31, 2024 and 2023 were $ 53,949 and $ 61,814 , respectively. Interest paid during the three months ended March 31, 2024 and 2023 was $ 377,857 and $ 122,383 , respectively. The Corporation converted $ 328,829 and $ 216,286 of interest receivable into investments during the three months ended March 31, 2024 and 2023 , 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 March 31, 2024 and December 31, 2023 , there were 500,000 shares of $ 10.00 par value preferred stock authorized and unissued. On May 7, 2024, 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 May 7, 2025, and replaces the share repurchase authorization that was previously approved by the Board in April 2023. No shares of Rand's common stock were repurchased by the Corporation during the three months ended March 31, 2024 or the three months ended March 31, 2023 . Income Taxes – The Corporation elected to be treated, for U.S. federal income tax purposes, as a RIC 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, as of March 31, 2024 and December 31, 2023 , the valuation allowance against the Corporation's U.S. federal deferred tax assets was $ 131,338 . 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 March 31, 2024 or December 31, 2023. 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 did no t incur any federal excise tax expense during the three months ended March 31, 2024 . The Corporation incurred $ 24,543 in federal excise tax expense during the three months ended March 31, 2023. 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, 2020 through 2023. In general, the Corporation’s state income tax returns are open to audit under the statute of limitations for the years ended December 31, 2020 through 2023. 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 three months ended March 31, 2024 or 2023 . 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: March 31, 2024 Tilson Technology Management, Inc. (Tilson) 13 % Seybert’s Billiards Corporation (Seybert’s) 9 % BMP Food Service Supply Holdco, LLC (FSS) 9 % Mattison Avenue Holdings LLC (Mattison) 7 % SciAps, Inc. (Sciaps) 6 % December 31, 2023 Tilson 14 % FSS 10 % Seybert's 8 % Sciaps 7 % Inter-National Electronic Alloys LLC (INEA) 6 % Recent Accounting Pronouncements – In December 2023, FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures", to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. The Corporation is currently evaluating the potential effect that updated standard will have on its financial statement disclosures. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 3. INVESTMENTS The Corporation’s investments are carried at fair value 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 a cost 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 “cost approach”, “market approach” or “income approach.” The cost 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 March 31, 2024, 5 % of the Corporation’s investments were Level 1 investments and 95 % were Level 3 investments. At December 31, 2023 , 9 % of the Corporation’s investments were Level 1 investments and 91 % were Level 3 investments. There were no Level 2 investments at March 31, 2024 or December 31, 2023. 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 financing 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 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 characteristics 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 March 31, 2024: Market Approach EBITDA Multiple Market Approach Liquidation Seniority Market Approach Market Approach Transaction Pricing Totals Non-Control/Non-Affiliate Equity $ 72,522 $ — $ 700,000 $ 364,608 $ 1,137,130 Non-Control/Non-Affiliate Loan and Debt 10,582,253 4,469,447 — 2,943,000 17,994,700 Total Non-Control/Non-Affiliate $ 10,654,775 $ 4,469,447 $ 700,000 $ 3,307,608 $ 19,131,830 Affiliate Equity $ 5,889,991 $ — $ 3,123,984 $ 10,550,000 $ 19,563,975 Affiliate Loan and Debt 31,234,625 — 2,090,000 1,750,000 35,074,625 Total Affiliate $ 37,124,616 $ — $ 5,213,984 $ 12,300,000 $ 54,638,600 Control Equity $ — $ — $ — $ — $ — Control Loan and Debt — 4,537,435 — — 4,537,435 Total Control $ — $ 4,537,435 $ — $ — $ 4,537,435 Total Level 3 Investments $ 47,779,391 $ 9,006,882 $ 5,913,984 $ 15,607,608 $ 78,307,865 Range 4X - 7X 1X 1.5X - 3.5X 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 March 31, 2024: Fair Value Measurements at Reported Date Using March 31, 2024 Quoted Prices in Active Markets for Identical Assets Significant Other Significant Loan investments $ 16,554,132 $ — $ — $ 16,554,132 Debt investments 41,052,628 — — 41,052,628 Equity investments 25,167,365 4,466,260 — 20,701,105 Total $ 82,774,125 $ 4,466,260 $ — $ 78,307,865 The following table provides a summary of the components of Level 1, 2 and 3 Assets Measured at Fair Value at December 31, 2023: Fair Value Measurements at Reported Date Using December 31, 2023 Quoted Prices in Active Markets for Identical Assets Significant Other Significant Loan investments $ 12,417,977 $ — $ — $ 12,417,977 Debt investments 36,861,525 — — 36,861,525 Equity investments 27,846,210 7,309,650 — 20,536,560 Total $ 77,125,712 $ 7,309,650 $ — $ 69,816,062 The following table provides a summary of changes in Assets Measured at Fair Value Using Significant Unobservable Inputs (Level 3) for the three months ended March 31, 2024: Fair Value Measurements Using Significant Description Loan Investments Debt Equity Total Ending balance December 31, 2023, of Level 3 Assets $ 12,417,977 $ 36,861,525 $ 20,536,560 $ 69,816,062 Unrealized losses included in net change in net assets from operations: Knoa Software, Inc. (Knoa) — — ( 100,000 ) ( 100,000 ) Total unrealized losses — — ( 100,000 ) ( 100,000 ) Purchases of securities/changes to securities/non-cash conversions: Caitec, Inc. (Caitec) 139,094 — — 139,094 FCM Industries Holdco LLC (First Coast Mulch) — 11,169 — 11,169 Filterworks Acquisition USA, LLC (Filterworks) — 14,565 — 14,565 GoNoodle, Inc. (GoNoodle) — 3,565 — 3,565 HDI Acquisition LLC (Hilton Displays) — 5,310 — 5,310 Highland All About People Holdings, Inc. (All About People) — 30,831 — 30,831 Inter-National Electronic Alloys LLC (INEA) — 16,904 — 16,904 ITA Acquisition, LLC (ITA) 388,475 — — 388,475 Mattison Avenue Holdings LLC (Mattison) 5,503,056 — — 5,503,056 Mountain Regional Equipment Solutions (MRES) — 2,943,000 264,545 3,207,545 Pressure Pro, Inc. (Pressure Pro) — 21,515 — 21,515 Seybert’s Billiards Corporation (Seybert’s) — 1,831,680 — 1,831,680 Total purchases of securities/changes to securities/non-cash 6,030,625 4,878,539 264,545 11,173,709 Repayments and sales of securities: Mattison ( 1,894,470 ) — — ( 1,894,470 ) Pressure Pro — ( 687,436 ) — ( 687,436 ) Total repayments and sales of securities ( 1,894,470 ) ( 687,436 ) — ( 2,581,906 ) Ending balance March 31, 2024, of Level 3 Assets $ 16,554,132 $ 41,052,628 $ 20,701,105 $ 78,307,865 Change in unrealized appreciation/depreciation included in earnings related to Level 3 investments still held at reporting date $ ( 100,000 ) The following table provides a summary of changes in Assets Measured at Fair Value Using Significant Unobservable Inputs (Level 3) for the three months ended March 31, 2023: Fair Value Measurements Using Significant 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: Microcision, LLC (Microcision) — — 58,329 58,329 SocialFlow, Inc. (Social Flow) — — ( 4,941 ) ( 4,941 ) Total realized gains, net — — 53,388 53,388 Purchases of securities/changes to securities/non-cash conversions: Caitec, Inc. (Caitec) 18,310 — — 18,310 DSD Operating, LLC (DSD) 15,699 — — 15,699 Filterworks Acquisition USA, LLC (Filterworks) — 72,410 — 72,410 BMP Food Service Supply Holdco, LLC (FSS) — 2,320,000 — 2,320,000 GoNoodle, Inc. (GoNoodle) — 3,529 — 3,529 HDI Acquisition LLC (Hilton Displays) — 6,639 — 6,639 ITA Acquisition, LLC (ITA) 44,387 — — 44,387 Mattison Avenue Holdings LLC (Mattison) 9,283 — — 9,283 Pressure Pro, Inc. (Pressure Pro) — 2,989,250 30,000 3,019,250 Seybert’s Billiards Corporation (Seybert’s) — 30,781 — 30,781 SciAps, Inc. (Sciaps) — 3,750 — 3,750 Social Flow — — 4,941 4,941 Tilson Technology Management, Inc. (Tilson) — — 250,000 250,000 Total purchases of securities/changes to securities/non-cash 87,679 5,426,359 284,941 5,798,979 Repayments and sales of securities: FSS — — ( 210,000 ) ( 210,000 ) Hilton Displays — ( 300,000 ) — ( 300,000 ) Microcision — — ( 58,329 ) ( 58,329 ) Total repayments and sales of securities — ( 300,000 ) ( 268,329 ) ( 568,329 ) Ending balance March 31, 2023, of Level 3 Assets $ 14,666,030 $ 24,708,975 $ 21,005,744 $ 60,380,749 Change in unrealized appreciation/depreciation included in earnings related to investments still held at reporting date $ — |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2024 | |
Other Assets [Abstract] | |
Other Assets | Note 4. OTHER ASSETS At March 31, 2024 and December 31, 2023, other assets was comprised of the following: March 31, 2024 December 31, 2023 Dividends receivable $ 101,655 $ 85,090 Deferred financing fees, net 81,250 87,500 Prepaid expenses 70,943 16,711 Total other assets $ 253,848 $ 189,301 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 5. COMMITMENTS AND CONTINGENCIES The Corporation had no commitments at March 31, 2024 or December 31, 2023 . |
Senior Secured Revolving Credit
Senior Secured Revolving Credit Facility | 3 Months Ended |
Mar. 31, 2024 | |
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 $ 5,800,000 at March 31, 2024. 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 March 31, 2024 , the Corporation's applicable interest rate was 8.84 %. 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 March 31, 2024, 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 March 31, 2024 and December 31, 2023 was $ 19,200,000 and $ 16,250,000 , respectively. The unamortized closing fee was $ 81,250 and $ 87,500 as of March 31, 2024 and December 31, 2023, respectively, and it is recorded in Other Assets on the Consolidated Statement of Financial Position. Amortization expense related to the Credit Facility during both the three months ended March 31, 2024 and 2023 was $ 6,250 . For the three months ended March 31, 2024 and 2023, the average debt outstanding under the Credit Facility and weighted average interest rate were as follows: Three months ended Three months ended Average debt outstanding $ 17,276,374 $ 6,873,333 Weighted average interest rate 8.83 % 8.17 % |
Changes In Stockholders' Equity
Changes In Stockholders' Equity (Net Assets) | 3 Months Ended |
Mar. 31, 2024 | |
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 months ended March 31, 2024 and 2023, respectively: Common Stock Capital in excess of par value Treasury Stock, at cost Total distributable earnings (losses) Total Stockholders’ January 1, 2024 $ 264,892 $ 55,801,170 $ ( 1,566,605 ) $ 6,315,756 $ 60,815,213 Payment of dividend — — — ( 645,255 ) ( 645,255 ) Net increase in net assets from operations — — — 1,399,381 1,399,381 March 31, 2024 $ 264,892 $ 55,801,170 $ ( 1,566,605 ) $ 7,069,882 $ 61,569,339 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 — — — ( 516,204 ) ( 516,204 ) Net increase in net assets from operations — — — 2,170,277 2,170,277 March 31, 2023 $ 264,892 $ 51,464,267 $ ( 1,566,605 ) $ 9,212,839 $ 59,375,393 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
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 months ended March 31, 2024 and 2023 , the Base Management Fee was $ 302,595 and $ 245,393 , respectively. At March 31, 2024 and December 31, 2023 , the Corporation had $ 302,480 and $ 287,297 payable, respectively, for the Base Management Fees on its Consolidated Statements 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 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 three months ended March 31, 2024 and 2023 , 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, 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 such unrealized capital appreciation will be realized in the future. As of March 31, 2024 , 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 2024. 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 $ 2,392,000 at March 31, 2024 , which represents the fee that would be due based on net portfolio appreciation. The $ 2,392,000 accrued capital gains incentive fee is recorded in the line item “Capital gains incentive fees” on the Consolidated Statement of Financial Position at March 31, 2024. At December 31, 2023 , there was an accrual of $ 2,971,700 for the capital gains incentive fee, which represented both the capital gains fee payable to RCM of $ 692,000 and $ 2,279,700 that would be due based on net portfolio appreciation at December 31, 2023 . The $ 692,000 capital gains fee payable is recorded in the line item "Due to investment adviser" on the Consolidated Statement of Financial Position at December 31, 2023, and was paid to RCM during the three months ended March 31, 2024. 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. For the three months ended March 31, 2024 and 2023 , the Corporation recorded administrative fees of $ 38,167 and $ 37,250 , respectively, related to costs incurred by RCM that are reimbursable under the Administration Agreement. |
Financial Highlights
Financial Highlights | 3 Months Ended |
Mar. 31, 2024 | |
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: Three months ended March 31, 2024 Three months ended March 31, 2023 Net asset value, beginning of period 23.56 22.36 Income from operations (1): Net investment income 0.32 0.28 Net realized gains 1.34 0.02 Net unrealized (depreciation) appreciation ( 1.12 ) 0.54 Increase in net assets from operations 0.54 0.84 Payment of cash dividend ( 0.25 ) ( 0.20 ) Increase in net assets 0.29 0.64 Net asset value, end of period $ 23.85 $ 23.00 Per share market price, end of period $ 13.97 $ 13.42 Total return based on market value (2) 9.47 % 2.25 % Total return based on net asset value (3) 2.30 % 3.76 % Supplemental data: Ratio of expenses before income taxes to average net assets (4) 8.02 % 7.16 % Ratio of expenses including income taxes to average net assets (4) 8.02 % 7.76 % Ratio of net investment income to average net assets (4) 5.49 % 4.88 % Portfolio turnover 13.56 % 8.59 % Debt/equity ratio 31.18 % 13.39 % Net assets, end of period $ 61,569,339 $ 59,375,393 (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. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 10. SUBSEQUENT EVENT Subsequent to the quarter end, on May 8, 2024 , Rand's Board of Directors declared a quarterly cash dividend of $ 0.29 per share. The cash dividend will be paid on or about June 14, 2024 to shareholders of record as of May 31, 2024 . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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 three months ended March 31, 2024 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, 2023 . 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 March 31, 2024 or December 31, 2023. 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 ex-dividend 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, income associated with portfolio company monitoring fees and income associated with portfolio company loan modification 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. 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 purchase price allocated to the note by an equal amount in the form of a note discount or OID. The note is reported net of the OID and the OID is accreted into interest income over the life of the loan. |
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 during the three months ended March 31, 2024 and 2023 were $ 53,949 and $ 61,814 , respectively. Interest paid during the three months ended March 31, 2024 and 2023 was $ 377,857 and $ 122,383 , respectively. The Corporation converted $ 328,829 and $ 216,286 of interest receivable into investments during the three months ended March 31, 2024 and 2023 , 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 March 31, 2024 and December 31, 2023 , there were 500,000 shares of $ 10.00 par value preferred stock authorized and unissued. On May 7, 2024, 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 May 7, 2025, and replaces the share repurchase authorization that was previously approved by the Board in April 2023. No shares of Rand's common stock were repurchased by the Corporation during the three months ended March 31, 2024 or the three months ended March 31, 2023 . |
Income Taxes | Income Taxes – The Corporation elected to be treated, for U.S. federal income tax purposes, as a RIC 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, as of March 31, 2024 and December 31, 2023 , the valuation allowance against the Corporation's U.S. federal deferred tax assets was $ 131,338 . 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 March 31, 2024 or December 31, 2023. 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 did no t incur any federal excise tax expense during the three months ended March 31, 2024 . The Corporation incurred $ 24,543 in federal excise tax expense during the three months ended March 31, 2023. 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, 2020 through 2023. In general, the Corporation’s state income tax returns are open to audit under the statute of limitations for the years ended December 31, 2020 through 2023. 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 three months ended March 31, 2024 or 2023 . |
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: March 31, 2024 Tilson Technology Management, Inc. (Tilson) 13 % Seybert’s Billiards Corporation (Seybert’s) 9 % BMP Food Service Supply Holdco, LLC (FSS) 9 % Mattison Avenue Holdings LLC (Mattison) 7 % SciAps, Inc. (Sciaps) 6 % December 31, 2023 Tilson 14 % FSS 10 % Seybert's 8 % Sciaps 7 % Inter-National Electronic Alloys LLC (INEA) 6 % |
Recent Accounting Pronouncements | Recent Accounting Pronouncements – In December 2023, FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures", to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. The Corporation is currently evaluating the potential effect that updated standard will have on its financial statement disclosures. |
Organization (Tables)
Organization (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash Dividend Payable | The Board declared the following quarterly cash dividend during the three months ended March 31, 2024: Dividend/Share Record Date Payment Date 1 st $ 0.25 March 13, 2024 March 29, 2024 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, 2024 Tilson Technology Management, Inc. (Tilson) 13 % Seybert’s Billiards Corporation (Seybert’s) 9 % BMP Food Service Supply Holdco, LLC (FSS) 9 % Mattison Avenue Holdings LLC (Mattison) 7 % SciAps, Inc. (Sciaps) 6 % December 31, 2023 Tilson 14 % FSS 10 % Seybert's 8 % Sciaps 7 % Inter-National Electronic Alloys LLC (INEA) 6 % |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of the Significant Unobservable Inputs to Determine the Fair Value of Level 3 Portfolio Investments | The following table provides a summary of the significant unobservable inputs used to determine the fair value of the Corporation’s Level 3 portfolio investments as of March 31, 2024: Market Approach EBITDA Multiple Market Approach Liquidation Seniority Market Approach Market Approach Transaction Pricing Totals Non-Control/Non-Affiliate Equity $ 72,522 $ — $ 700,000 $ 364,608 $ 1,137,130 Non-Control/Non-Affiliate Loan and Debt 10,582,253 4,469,447 — 2,943,000 17,994,700 Total Non-Control/Non-Affiliate $ 10,654,775 $ 4,469,447 $ 700,000 $ 3,307,608 $ 19,131,830 Affiliate Equity $ 5,889,991 $ — $ 3,123,984 $ 10,550,000 $ 19,563,975 Affiliate Loan and Debt 31,234,625 — 2,090,000 1,750,000 35,074,625 Total Affiliate $ 37,124,616 $ — $ 5,213,984 $ 12,300,000 $ 54,638,600 Control Equity $ — $ — $ — $ — $ — Control Loan and Debt — 4,537,435 — — 4,537,435 Total Control $ — $ 4,537,435 $ — $ — $ 4,537,435 Total Level 3 Investments $ 47,779,391 $ 9,006,882 $ 5,913,984 $ 15,607,608 $ 78,307,865 Range 4X - 7X 1X 1.5X - 3.5X 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 March 31, 2024: Fair Value Measurements at Reported Date Using March 31, 2024 Quoted Prices in Active Markets for Identical Assets Significant Other Significant Loan investments $ 16,554,132 $ — $ — $ 16,554,132 Debt investments 41,052,628 — — 41,052,628 Equity investments 25,167,365 4,466,260 — 20,701,105 Total $ 82,774,125 $ 4,466,260 $ — $ 78,307,865 The following table provides a summary of the components of Level 1, 2 and 3 Assets Measured at Fair Value at December 31, 2023: Fair Value Measurements at Reported Date Using December 31, 2023 Quoted Prices in Active Markets for Identical Assets Significant Other Significant Loan investments $ 12,417,977 $ — $ — $ 12,417,977 Debt investments 36,861,525 — — 36,861,525 Equity investments 27,846,210 7,309,650 — 20,536,560 Total $ 77,125,712 $ 7,309,650 $ — $ 69,816,062 |
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 three months ended March 31, 2024: Fair Value Measurements Using Significant Description Loan Investments Debt Equity Total Ending balance December 31, 2023, of Level 3 Assets $ 12,417,977 $ 36,861,525 $ 20,536,560 $ 69,816,062 Unrealized losses included in net change in net assets from operations: Knoa Software, Inc. (Knoa) — — ( 100,000 ) ( 100,000 ) Total unrealized losses — — ( 100,000 ) ( 100,000 ) Purchases of securities/changes to securities/non-cash conversions: Caitec, Inc. (Caitec) 139,094 — — 139,094 FCM Industries Holdco LLC (First Coast Mulch) — 11,169 — 11,169 Filterworks Acquisition USA, LLC (Filterworks) — 14,565 — 14,565 GoNoodle, Inc. (GoNoodle) — 3,565 — 3,565 HDI Acquisition LLC (Hilton Displays) — 5,310 — 5,310 Highland All About People Holdings, Inc. (All About People) — 30,831 — 30,831 Inter-National Electronic Alloys LLC (INEA) — 16,904 — 16,904 ITA Acquisition, LLC (ITA) 388,475 — — 388,475 Mattison Avenue Holdings LLC (Mattison) 5,503,056 — — 5,503,056 Mountain Regional Equipment Solutions (MRES) — 2,943,000 264,545 3,207,545 Pressure Pro, Inc. (Pressure Pro) — 21,515 — 21,515 Seybert’s Billiards Corporation (Seybert’s) — 1,831,680 — 1,831,680 Total purchases of securities/changes to securities/non-cash 6,030,625 4,878,539 264,545 11,173,709 Repayments and sales of securities: Mattison ( 1,894,470 ) — — ( 1,894,470 ) Pressure Pro — ( 687,436 ) — ( 687,436 ) Total repayments and sales of securities ( 1,894,470 ) ( 687,436 ) — ( 2,581,906 ) Ending balance March 31, 2024, of Level 3 Assets $ 16,554,132 $ 41,052,628 $ 20,701,105 $ 78,307,865 Change in unrealized appreciation/depreciation included in earnings related to Level 3 investments still held at reporting date $ ( 100,000 ) The following table provides a summary of changes in Assets Measured at Fair Value Using Significant Unobservable Inputs (Level 3) for the three months ended March 31, 2023: Fair Value Measurements Using Significant 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: Microcision, LLC (Microcision) — — 58,329 58,329 SocialFlow, Inc. (Social Flow) — — ( 4,941 ) ( 4,941 ) Total realized gains, net — — 53,388 53,388 Purchases of securities/changes to securities/non-cash conversions: Caitec, Inc. (Caitec) 18,310 — — 18,310 DSD Operating, LLC (DSD) 15,699 — — 15,699 Filterworks Acquisition USA, LLC (Filterworks) — 72,410 — 72,410 BMP Food Service Supply Holdco, LLC (FSS) — 2,320,000 — 2,320,000 GoNoodle, Inc. (GoNoodle) — 3,529 — 3,529 HDI Acquisition LLC (Hilton Displays) — 6,639 — 6,639 ITA Acquisition, LLC (ITA) 44,387 — — 44,387 Mattison Avenue Holdings LLC (Mattison) 9,283 — — 9,283 Pressure Pro, Inc. (Pressure Pro) — 2,989,250 30,000 3,019,250 Seybert’s Billiards Corporation (Seybert’s) — 30,781 — 30,781 SciAps, Inc. (Sciaps) — 3,750 — 3,750 Social Flow — — 4,941 4,941 Tilson Technology Management, Inc. (Tilson) — — 250,000 250,000 Total purchases of securities/changes to securities/non-cash 87,679 5,426,359 284,941 5,798,979 Repayments and sales of securities: FSS — — ( 210,000 ) ( 210,000 ) Hilton Displays — ( 300,000 ) — ( 300,000 ) Microcision — — ( 58,329 ) ( 58,329 ) Total repayments and sales of securities — ( 300,000 ) ( 268,329 ) ( 568,329 ) Ending balance March 31, 2023, of Level 3 Assets $ 14,666,030 $ 24,708,975 $ 21,005,744 $ 60,380,749 Change in unrealized appreciation/depreciation included in earnings related to investments still held at reporting date $ — |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Assets [Abstract] | |
Schedule of Other Assets | At March 31, 2024 and December 31, 2023, other assets was comprised of the following: March 31, 2024 December 31, 2023 Dividends receivable $ 101,655 $ 85,090 Deferred financing fees, net 81,250 87,500 Prepaid expenses 70,943 16,711 Total other assets $ 253,848 $ 189,301 |
Senior Secured Revolving Cred_2
Senior Secured Revolving Credit Facility (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Line of Credit Facility [Abstract] | |
Schedule of Average Debt Outstanding Under the Credit Facility and Weighted Average Interest Rate | For the three months ended March 31, 2024 and 2023, the average debt outstanding under the Credit Facility and weighted average interest rate were as follows: Three months ended Three months ended Average debt outstanding $ 17,276,374 $ 6,873,333 Weighted average interest rate 8.83 % 8.17 % |
Changes In Stockholders' Equi_2
Changes In Stockholders' Equity (Net Assets) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 months ended March 31, 2024 and 2023, respectively: Common Stock Capital in excess of par value Treasury Stock, at cost Total distributable earnings (losses) Total Stockholders’ January 1, 2024 $ 264,892 $ 55,801,170 $ ( 1,566,605 ) $ 6,315,756 $ 60,815,213 Payment of dividend — — — ( 645,255 ) ( 645,255 ) Net increase in net assets from operations — — — 1,399,381 1,399,381 March 31, 2024 $ 264,892 $ 55,801,170 $ ( 1,566,605 ) $ 7,069,882 $ 61,569,339 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 — — — ( 516,204 ) ( 516,204 ) Net increase in net assets from operations — — — 2,170,277 2,170,277 March 31, 2023 $ 264,892 $ 51,464,267 $ ( 1,566,605 ) $ 9,212,839 $ 59,375,393 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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: Three months ended March 31, 2024 Three months ended March 31, 2023 Net asset value, beginning of period 23.56 22.36 Income from operations (1): Net investment income 0.32 0.28 Net realized gains 1.34 0.02 Net unrealized (depreciation) appreciation ( 1.12 ) 0.54 Increase in net assets from operations 0.54 0.84 Payment of cash dividend ( 0.25 ) ( 0.20 ) Increase in net assets 0.29 0.64 Net asset value, end of period $ 23.85 $ 23.00 Per share market price, end of period $ 13.97 $ 13.42 Total return based on market value (2) 9.47 % 2.25 % Total return based on net asset value (3) 2.30 % 3.76 % Supplemental data: Ratio of expenses before income taxes to average net assets (4) 8.02 % 7.16 % Ratio of expenses including income taxes to average net assets (4) 8.02 % 7.76 % Ratio of net investment income to average net assets (4) 5.49 % 4.88 % Portfolio turnover 13.56 % 8.59 % Debt/equity ratio 31.18 % 13.39 % Net assets, end of period $ 61,569,339 $ 59,375,393 (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) - East Asset Management shares in Millions, $ in Millions | 1 Months Ended |
Nov. 30, 2019 USD ($) shares | |
Subsidiary, Sale of Stock [Line Items] | |
Stock sale transaction cost | $ | $ 25 |
Common stock issued | shares | 8.3 |
Shares owned percentage | 64% |
Organization - Schedule of Cash
Organization - Schedule of Cash Dividend Payable (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Dividend per share | $ 0.25 |
Record date | Mar. 13, 2024 |
Payment date | Mar. 29, 2024 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | May 07, 2024 | |
Summary of Significant Accounting Policies [Line Items] | ||||
Income taxes paid | $ 53,949 | $ 61,814 | ||
Interest paid | 377,857 | 122,383 | ||
Interest receivable into investments | $ 328,829 | 216,286 | ||
Preferred stock authorized | 500,000 | 500,000 | ||
Preferred stock par value | $ 10 | $ 10 | ||
Deferred tax asset, valuation allowance | $ 131,338 | $ 131,338 | ||
Federal excise tax expense | $ 0 | 24,543 | ||
Percentage of excise tax | 4% | |||
Uncertain tax positions | $ 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% | |||
Control investments voting securities percentage on Board | 50% | |||
Affiliate investments voting securities | 5% | |||
Maximum | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Affiliate investments voting securities | 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) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Tilson | ||
Accounting Policies [Line Items] | ||
Concentration risk investment portfolio | 13% | 14% |
FSS | ||
Accounting Policies [Line Items] | ||
Concentration risk investment portfolio | 9% | 10% |
Seybert's | ||
Accounting Policies [Line Items] | ||
Concentration risk investment portfolio | 9% | 8% |
Mattison | ||
Accounting Policies [Line Items] | ||
Concentration risk investment portfolio | 7% | |
Sciaps | ||
Accounting Policies [Line Items] | ||
Concentration risk investment portfolio | 6% | 7% |
INEA | ||
Accounting Policies [Line Items] | ||
Concentration risk investment portfolio | 6% |
Investments - Additional Inform
Investments - Additional Information (Details) | Mar. 31, 2024 | Dec. 31, 2023 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Percentage of fair value level 1 investments | 5% | 9% |
Percentage of fair value level 2 investments | 0% | 0% |
Percentage of fair value level 3 investments | 95% | 91% |
Investments - Summary of the Si
Investments - Summary of the Significant Unobservable Inputs to Determine the Fair Value of Level 3 Portfolio Investments (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | $ 82,774,125 | $ 77,125,712 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Approach EBITDA Multiple | 47,779,391 | |
Market Approach Liquidation Seniority | 9,006,882 | |
Market Approach Revenue Multiple | 5,913,984 | |
Market Approach Transaction Pricing | 15,607,608 | |
Totals | 78,307,865 | $ 69,816,062 |
Level 3 | Non-Control/Non-Affiliate Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Approach EBITDA Multiple | 72,522 | |
Market Approach Revenue Multiple | 700,000 | |
Market Approach Transaction Pricing | 364,608 | |
Totals | 1,137,130 | |
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 | 10,582,253 | |
Market Approach Liquidation Seniority | 4,469,447 | |
Market Approach Transaction Pricing | 2,943,000 | |
Totals | 17,994,700 | |
Level 3 | Total Non-Control/Non-Affiliate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Approach EBITDA Multiple | 10,654,775 | |
Market Approach Liquidation Seniority | 4,469,447 | |
Market Approach Revenue Multiple | 700,000 | |
Market Approach Transaction Pricing | 3,307,608 | |
Totals | 19,131,830 | |
Level 3 | Affiliate Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Approach EBITDA Multiple | 5,889,991 | |
Market Approach Revenue Multiple | 3,123,984 | |
Market Approach Transaction Pricing | 10,550,000 | |
Totals | 19,563,975 | |
Level 3 | Affiliate Loan and Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Approach EBITDA Multiple | 31,234,625 | |
Market Approach Revenue Multiple | 2,090,000 | |
Market Approach Transaction Pricing | 1,750,000 | |
Totals | 35,074,625 | |
Level 3 | Total Affiliate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Approach EBITDA Multiple | 37,124,616 | |
Market Approach Revenue Multiple | 5,213,984 | |
Market Approach Transaction Pricing | 12,300,000 | |
Totals | 54,638,600 | |
Level 3 | Control Loan and Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Approach Liquidation Seniority | 4,537,435 | |
Totals | 4,537,435 | |
Level 3 | Total Control | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Approach Liquidation Seniority | 4,537,435 | |
Totals | $ 4,537,435 |
Investments - Summary of the co
Investments - Summary of the components of Assets Measured at Fair Value (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | $ 82,774,125 | $ 77,125,712 |
Loan investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 16,554,132 | 12,417,977 |
Debt investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 41,052,628 | 36,861,525 |
Equity investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 25,167,365 | 27,846,210 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 4,466,260 | 7,309,650 |
Level 1 | Equity investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 4,466,260 | 7,309,650 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 78,307,865 | 69,816,062 |
Level 3 | Loan investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 16,554,132 | 12,417,977 |
Level 3 | Debt investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | 41,052,628 | 36,861,525 |
Level 3 | Equity investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Totals | $ 20,701,105 | $ 20,536,560 |
Investments - Summary of Change
Investments - Summary of Changes in Assets Measured at Fair Value Using Significant Unobservable Inputs (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
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 | $ (2,890,296) | $ 1,401,973 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Ending balance, of Level 3 Assets | 69,816,062 | 55,096,711 |
Total realized losses, net | 53,388 | |
Total unrealized gains (losses) | (100,000) | |
Purchases of securities/changes to securities/non-cash conversions | 11,173,709 | 5,798,979 |
Repayments and sales of securities | (2,581,906) | (568,329) |
Ending balance, of Level 3 Assets | 78,307,865 | 60,380,749 |
Change in unrealized appreciation/depreciation included in earnings related to Level 3 investments still held at reporting date | (100,000) | |
Level 3 | Clearview Social | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total realized losses, net | 3,019,250 | |
Level 3 | Microcision | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total realized losses, net | 3,207,545 | 58,329 |
Repayments and sales of securities | (58,329) | |
Level 3 | Social Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total realized losses, net | (4,941) | |
Total unrealized gains (losses) | 4,941 | |
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 | 139,094 | 18,310 |
Level 3 | DSD | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Purchases of securities/changes to securities/non-cash conversions | 15,699 | |
Level 3 | Knoa | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total unrealized gains (losses) | (100,000) | |
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 | 14,565 | 72,410 |
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 | (210,000) | |
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 | 11,169 | |
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 | 3,565 | 3,529 |
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 | 5,310 | 6,639 |
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 | 30,831 | |
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 | 16,904 | |
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 | 388,475 | 44,387 |
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 | 5,503,056 | 9,283 |
Repayments and sales of securities | (1,894,470) | |
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 | 21,515 | |
Repayments and sales of securities | (687,436) | |
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 | 1,831,680 | 30,781 |
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 | 3,750 | |
Level 3 | Tilson | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total unrealized gains (losses) | 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 | 12,417,977 | 14,578,351 |
Purchases of securities/changes to securities/non-cash conversions | 6,030,625 | 87,679 |
Repayments and sales of securities | (1,894,470) | |
Ending balance, of Level 3 Assets | 16,554,132 | 14,666,030 |
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 | 139,094 | 18,310 |
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 | 15,699 | |
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 | 388,475 | 44,387 |
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 | 5,503,056 | 9,283 |
Repayments and sales of securities | (1,894,470) | |
Level 3 | Debt investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Ending balance, of Level 3 Assets | 36,861,525 | 19,582,616 |
Purchases of securities/changes to securities/non-cash conversions | 4,878,539 | 5,426,359 |
Repayments and sales of securities | (687,436) | (300,000) |
Ending balance, of Level 3 Assets | 41,052,628 | 24,708,975 |
Level 3 | Debt investments | Clearview Social | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total realized losses, net | 2,989,250 | |
Level 3 | Debt investments | Microcision | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total realized losses, net | 2,943,000 | |
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 | 14,565 | 72,410 |
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 | 11,169 | |
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 | 3,565 | 3,529 |
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 | 5,310 | 6,639 |
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 | 30,831 | |
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 | 16,904 | |
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 | 21,515 | |
Repayments and sales of securities | (687,436) | |
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 | 1,831,680 | 30,781 |
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 | 3,750 | |
Level 3 | Equity investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Ending balance, of Level 3 Assets | 20,536,560 | 20,935,744 |
Total realized losses, net | 53,388 | |
Total unrealized gains (losses) | (100,000) | |
Purchases of securities/changes to securities/non-cash conversions | 264,545 | 284,941 |
Repayments and sales of securities | (268,329) | |
Ending balance, of Level 3 Assets | 20,701,105 | 21,005,744 |
Level 3 | Equity investments | Clearview Social | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total realized losses, net | 30,000 | |
Level 3 | Equity investments | Microcision | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total realized losses, net | 264,545 | 58,329 |
Repayments and sales of securities | (58,329) | |
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) | |
Total unrealized gains (losses) | 4,941 | |
Level 3 | Equity investments | Knoa | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total unrealized gains (losses) | $ (100,000) | |
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 | Tilson | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total unrealized gains (losses) | $ 250,000 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Other Assets [Abstract] | ||
Dividends receivables | $ 101,655 | $ 85,090 |
Deferred financing fees, net | 81,250 | 87,500 |
Prepaid expenses | 70,943 | 16,711 |
Total other assets | $ 253,848 | $ 189,301 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments |
Senior Secured Revolving Cred_3
Senior Secured Revolving Credit Facility - Additional Information (Details) | 3 Months Ended | |||
Jun. 27, 2022 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Line of Credit Facility [Line Items] | ||||
Line of credit facility, outstanding balance | $ 19,200,000 | $ 16,250,000 | ||
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 | 19,200,000 | 16,250,000 | ||
Unamortized closing fee | 81,250 | $ 87,500 | ||
Amortization expense | 6,250 | $ 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 | $ 5,800,000 | ||
Maturity date | Jun. 27, 2027 | |||
Variable rate | 0.25% | |||
Interest rate | 8.84% | |||
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Line of Credit Facility [Line Items] | ||
Average debt outstanding | $ 17,276,374 | $ 6,873,333 |
Weighted average interest rate | 8.83% | 8.17% |
Changes In Stockholders' Equi_3
Changes In Stockholders' Equity (Net Assets) - Schedule of Changes in Stockholders' Equity (Net Assets) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net assets at beginning of period | $ 60,815,213 | $ 57,721,320 |
Payment of dividend | (645,255) | (516,204) |
Net increase in net assets from operations | 1,399,381 | 2,170,277 |
Net assets at end of period | 61,569,339 | 59,375,393 |
Common Stock | ||
Net assets at beginning of period | 264,892 | 264,892 |
Net assets at end of period | 264,892 | 264,892 |
Capital in excess of par value | ||
Net assets at beginning of period | 55,801,170 | 51,464,267 |
Net assets at end of period | 55,801,170 | 51,464,267 |
Treasury Stock, at cost | ||
Net assets at beginning of period | (1,566,605) | (1,566,605) |
Net assets at end of period | (1,566,605) | (1,566,605) |
Total distributable earnings (losses) | ||
Net assets at beginning of period | 6,315,756 | 7,558,766 |
Payment of dividend | (645,255) | (516,204) |
Net increase in net assets from operations | 1,399,381 | 2,170,277 |
Net assets at end of period | $ 7,069,882 | $ 9,212,839 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Related Party Transaction [Line Items] | |||
Base management fee | $ 302,595 | $ 245,393 | |
Percentage of cumulative net return | 20% | ||
Capital gains fee payable | $ 692,000 | ||
Capital gains fee paid | $ 692,000 | ||
Administrative fees | 38,167 | 37,250 | |
Accrue of capital gains incentive fee | $ 2,392,000 | 2,971,700 | |
Capital gains incentive fees | 2,279,700 | ||
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 | $ 302,480 | $ 287,297 | |
Base management fee | 302,595 | 245,393 | |
Capital gains fee payable | $ 0 | ||
Hurdle rate per quarter | 1.75% | ||
Annualized hurdle rate | 7% | ||
Income based fee | $ 0 | 0 | |
Administration Agreement | |||
Related Party Transaction [Line Items] | |||
Administrative fees | $ 38,167 | $ 37,250 |
Financial Highlights - Schedule
Financial Highlights - Schedule of Financial Highlights (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investment Company, Financial Highlights [Line Items] | ||
Net asset value, beginning of period | $ 23.56 | $ 22.36 |
Income from operations: | ||
Net investment income | 0.32 | 0.28 |
Increase in net assets from operations | 0.54 | 0.84 |
Payment of cash dividend | (0.25) | (0.2) |
Increase in net assets | 0.29 | 0.64 |
Net asset value, end of period | 23.85 | 23 |
Per share market price, end of period | $ 13.97 | $ 13.42 |
Total return based on market value | 9.47% | 2.25% |
Total return based on net asset value | 2.30% | 3.76% |
Supplemental data: | ||
Ratio of expenses before income taxes to average net assets | 8.02% | 7.16% |
Ratio of expenses including income taxes to average net assets | 8.02% | 7.76% |
Ratio of net investment income to average net assets | 5.49% | 4.88% |
Portfolio turnover | 13.56% | 8.59% |
Debt/equity ratio | 31.18% | 13.39% |
Net assets, end of period | $ 61,569,339 | $ 59,375,393 |
Net Realized Gains | ||
Income from operations: | ||
Net realized gains and Net unrealized (depreciation) appreciation | $ 1.34 | $ 0.02 |
Net Unrealized (Depreciation) Appreciation | ||
Income from operations: | ||
Net realized gains and Net unrealized (depreciation) appreciation | $ (1.12) | $ 0.54 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Details) - $ / shares | 3 Months Ended | |
May 08, 2024 | Mar. 31, 2024 | |
Subsequent Event [Line Items] | ||
Dividend per share | $ 0.25 | |
Dividend payable date | Mar. 29, 2024 | |
Dividend record date | Mar. 13, 2024 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Dividend declared date | May 08, 2024 | |
Dividend per share | $ 0.29 | |
Dividend payable date | Jun. 14, 2024 | |
Dividend record date | May 31, 2024 |