In accordance with the provisions of the 1940 Act, the Company classifies investments by level of control. As defined in the 1940 Act, “Controlled Investments” are investments in those companies that the Company is deemed to “Control.” “Affiliated Investments” are investments in those companies that are “Affiliated Persons” of the Company, as defined in the 1940 Act, other than Control Investments. “Non-Controlled / Non-Affiliated Investments” are those that are neither Controlled Investments nor Affiliated Investments. Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if the Company owns more than 25.0% of the voting securities and/or has the power to exercise control over the management or policies of such portfolio company. Generally, under the 1940 Act, “Affiliated Investments” that are not otherwise “Controlled Investments” are defined as investments in which the Company owns at least 5.0%, up to 25.0% (inclusive), of the voting securities and does not have the power to exercise control over the management or policies of such portfolio company. Generally, under the 1940 Act, “Non-Controlled / Non-Affiliated Investments” are defined as investments in which the Company owns less than 5.0% of the voting securities of such portfolio company.

The composition of the Company’s investment portfolio at cost and fair value was as follows:


	June 30, 2026							December 31, 2025
	Cost		Fair Value		% of Total Investments at Fair Value			Cost		Fair Value		% of Total Investments at Fair Value
Senior secured convertible notes	$	48,500,000	$	55,183,987		35.0	%	$	48,500,000	$	63,321,632		47.9	%
Junior secured convertible notes		2,986,370		2,986,370		1.9	%		2,984,566		2,984,566		2.3	%
Unsecured convertible notes		13,737,714		14,684,723		9.3	%		4,250,000		4,535,559		3.4	%
Preferred stock investments		56,051,087		82,766,636		52.5	%		40,049,483		59,821,668		45.2	%
Common stock investments		796,904		217,100		0.1	%		796,904		341,733		0.3	%
Warrants		501,824		1,796,730		1.1	%		501,824		1,215,343		0.9	%
Total	$	122,573,899	$	157,635,546		100.0	%	$	97,082,777	$	132,220,501		100.0	%

Refer to Note 5 - Fair Value Measurements for additional information on the fair value of the Company’s investments.

As of and for the three and six months ended June 30, 2026, the Company had the following Portfolio Companies that individually accounted for 10% or more of the Company’s aggregate total assets or investment income:

Mediafly, Inc. is required to pay the cumulative accrued interest on the senior secured convertible notes, along with the principal, at the maturity date. Failure of this Portfolio Company to pay contractual interest payments could have a material adverse effect on the Company’s results of operations and cash flows from operations which would impact its ability to make distributions to shareholders in the future.

Transactions related to investments in non-controlled / affiliated companies for the three and six months ended June 30, 2026 were as follows:


Portfolio Company	Type of Asset	Fair value as of March 31, 2026		Gross Additions		Gross Reductions1			Change in Unrealized Gains (Losses)		Fair value as of June 30, 2026		Dividend and Interest Income
Non-Controlled / Affiliated Investments
ChartSpan Medical Technologies, Inc.	Preferred stock investments	$	19,553,113	$	16,001,604	$	—		$	2,646,546	$	38,201,263	$	1,604
Integrative Life Network, LLC	Common stock investments		211,086		—		(211,086	)		—		—		—
Istios Health, LLC	Preferred stock investments		4,000,000		—		—			3,143,933		7,143,933		—
Korio, Inc.	Unsecured convertible notes		2,000,000		—		—			—		2,000,000		49,863
Korio, Inc.	Preferred stock investments		3,931,219		—		—			191,742		4,122,961		—
Peregrine Health, Inc.	Unsecured convertible notes		3,000,000		—		—			—		3,000,000		75,833
Peregrine Health, Inc.	Preferred stock investments		12,528,408		—		—			829,539		13,357,947		—
Peregrine Health, Inc.	Warrants		1,573,308		—		—			223,422		1,796,730		—
Total Investments		$	46,797,134	$	16,001,604	$	(211,086	)	$	7,035,182	$	69,622,834	$	127,300


Portfolio Company	Type of Asset	Fair value as of December 31, 2025		Gross Additions		Gross Reductions1			Change in Unrealized Gains (Losses)			Fair value as of June 30, 2026		Dividend and Interest Income
Non-Controlled / Affiliated Investments
ChartSpan Medical Technologies, Inc.	Preferred stock investments	$	20,533,093	$	16,001,604	$	—		$	1,666,566		$	38,201,263	$	1,604
Integrative Life Network, LLC	Common stock investments		341,733		—		(211,086	)		(130,647	)		—		—
Istios Health, LLC	Preferred stock investments		4,000,000		—		—			3,143,933			7,143,933		—
Korio, Inc.	Unsecured convertible notes		—		2,000,000		—			—			2,000,000		75,616
Korio, Inc.	Preferred stock investments		3,777,486		—		—			345,475			4,122,961		—
Peregrine Health, Inc.	Unsecured convertible notes		—		3,000,000		—			—			3,000,000		86,667
Peregrine Health, Inc.	Preferred stock investments		10,955,748		—		—			2,402,199			13,357,947		—
Peregrine Health, Inc.	Warrants		1,215,343		—		—			581,387			1,796,730		—
Total Investments		$	40,823,403	$	21,001,604	$	(211,086	)	$	8,008,913		$	69,622,834	$	163,887

The "Gross Reductions" column represents the net change in investment classification from non-controlled/affiliated to non-controlled/non-affiliated at the time of transfer.

Transactions related to investments in non-controlled / affiliated companies for the three and six months ended June 30, 2025 were as follows:


Portfolio Company	Type of Asset	Fair value as of March 31, 2025		Gross Additions		Gross Reductions		Change in Unrealized Gains (Losses)			Fair value as of June 30, 2025		Dividend and Interest Income
Non-Controlled / Affiliated Investments
ChartSpan Medical Technologies, Inc.	Preferred stock investments	$	—	$	6,999,999	$	—	$	2,607,369		$	9,607,368	$	—
Integrative Life Network, LLC	Common stock investments		796,904		—		—		(488,819	)		308,085		—
Istios Health, LLC	Preferred stock investments		—		4,000,000		—		—			4,000,000		—
Korio, Inc.	Preferred stock investments		3,500,000		—		—		—			3,500,000		—
Peregrine Health, Inc.	Preferred stock investments		8,083,176		—		—		2,483,330			10,566,506		—
Peregrine Health, Inc.	Warrants		501,824		—		—		657,019			1,158,843		—
Total Investments		$	12,881,904	$	10,999,999	$	—	$	5,258,899		$	29,140,802	$	—


Portfolio Company	Type of Asset	Fair value as of December 31, 2024		Gross Additions		Gross Reductions		Change in Unrealized Gains (Losses)			Fair value as of June 30, 2025		Dividend and Interest Income
Non-Controlled / Affiliated Investments
ChartSpan Medical Technologies, Inc.	Preferred stock investments	$	—	$	6,999,999	$	—	$	2,607,369		$	9,607,368	$	—
Integrative Life Network, LLC	Common stock investments		796,904		—		—		(488,819	)		308,085		—
Istios Health, LLC	Preferred stock investments		—		4,000,000		—		—			4,000,000		—
Korio, Inc.	Preferred stock investments		3,500,000		—		—		—			3,500,000		—
Peregrine Health, Inc.	Preferred stock investments		8,083,176		—		—		2,483,330			10,566,506		—
Peregrine Health, Inc.	Warrants		501,824		—		—		657,019			1,158,843		—
Total Investments		$	12,881,904	$	10,999,999	$	—	$	5,258,899		$	29,140,802	$	—