Commitments: As of June 30, 2025 and December 31, 2024, the Company had $12,080,871 and $20,353,563 in outstanding commitments to direct investments and $1,101,695 and $1,101,695 in outstanding commitments to fund investments.

June 30, 2025	Outstanding Commitments
Direct Investments
Ambient Enterprises Holdco LLC	$	1,460,924
The Range NYC, LLC (dba Five Iron Golf)		1,680,672
Consolidated Machine & Tool Holdings, LLC		161,021
Kelso Industries		1,921,111
Qualified Digital		6,857,143
Total Direct Investments	$	12,080,871

Fund Investments
Madryn Select Opportunities, LP	$	1,101,695
Total Fund Investments	$	1,101,695

Total	$	13,182,566

December 31, 2024	Outstanding Commitments
Direct Investments
Ambient Enterprises Holdco LLC	$	1,773,731
Kelso Industries		5,000,000
Qualified Digital, LLC		6,857,143
The Range NYC, LLC (dba Five Iron Golf)		6,722,689
Total Direct Investments	$	20,353,563

Fund Investments
Madryn Select Opportunities, LP	$	1,101,695
Total Fund Investments	$	1,101,695

Total	$	21,455,258

Management believes that the Company’s available cash balances and line of credit provide sufficient funds to cover its unfunded commitments as of June 30, 2025 and December 31, 2024.

Indemnifications: In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnification. The Company’s maximum exposure under these agreements is unknown, as these involve future claims that may be made against the Company but that have not occurred. The Company expects the risk of any future obligations under these indemnification provisions to be remote.

Legal proceedings: In the normal course of business, the Company may be subject to legal and regulatory proceedings that are generally incidental to its ongoing operations. While there can be no assurance of the ultimate disposition of any such proceedings, the Company is not currently aware of any such proceedings or disposition that would have a material adverse effect on the Company’s consolidated financial statements.

Concentration of credit and counterparty risk: Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of the contract. In the event that the counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparties or issuers of the instruments. It is the Company’s policy to review, as necessary, the credit standing of each counterparty.