(8) PORTFOLIO SECURITIES

2025 Portfolio Activity

The following table summarizes significant investment activity during the year ended December 31, 2025 (in thousands):

During 2025, we recorded a decrease of $3.5 million in net unrealized appreciation, from an unrealized appreciation of $8.9 million at December 31, 2024 to a net unrealized appreciation of $5.4 million at December 31, 2025. Such change in unrealized appreciation resulted primarily from the increase in fair value of our holdings in CitroTech, Inc. (formerly, General Enterprise Ventures, Inc.) of $5.4 million and the reversal of the unrealized loss of $4.1 million when we sold our interest in Equus Energy, offset by the decrease in the fair value of our holdings in Morgan E&P, Inc. of $13.0 million, principally due to a lower forward price curve for oil, as well as the elimination of certain reserves of Morgan due to its limited production. During 2025, we also recorded a decrease in the fair value of our holding of redeemable Series A Preferred Stock of North American Energy Opportunities Corp. of $2.75 million due to the failure of certain conditions to redemption that were required to occur prior to August 31, 2025.

2024 Portfolio Activity

The following table summarizes significant investment activity during the year ended December 31, 2024 (in thousands):

During 2024, we recorded a decrease of $15.6 million in net unrealized appreciation, from an unrealized appreciation of $24.5 million at December 31, 2023 to a net unrealized appreciation of $8.9 million at December 31, 2024. Such change in unrealized appreciation resulted primarily from the decrease in the fair value of our holdings in Morgan E&P, LLC of $9.6 million, principally due to a lower forward price curve for oil, as well as the reclassification of certain of its proved reserves from producing to non-producing. The change in unrealized appreciation also resulted from the decrease in fair value of our holding in Equus Energy, LLC of $6.0 million, principally due to various factors, including (i) decreases in the forward curve for oil and natural gas and its effect on the economic prospects of Equus Energy regarding future development of its oil and gas properties, and (ii) indications of interest from third parties regarding the possible sale of these properties during the fourth quarter of 2024. We sold our interest in Equus Energy in March 2025 for a combination of cash and preferred stock valued at $4.0 million.

2023 Portfolio Activity

The following table summarizes significant investment activity during the year ended December 31, 2023 (in thousands):

During 2023, we recorded an increase of $17.0 million in net unrealized appreciation, from an unrealized appreciation of $7.5 million as of December 31, 2022 to a net unrealized appreciation of $24.5 million as of December 31, 2023. Such change in unrealized appreciation resulted primarily from the increase in the fair value of our holdings in Morgan E&P, LLC of $22.6 million, principally due to substantial increases in Morgan’s reserves and the reclassification of certain of its proved reserves from undeveloped to producing. The increase in the fair value of Morgan was offset by the decrease in fair value of our holding in Equus Energy, LLC of $5.7 million, principally due to decreases in the forward curve for natural gas and its effect on the economic prospects of Equus Energy regarding future development of its gas properties.