v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, All Other Investments [Abstract]  
Schedule of investment portfolio at cost and fair value

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

%

 
Schedule of investments at fair value

The industry composition of investments at fair value was as follows:

 

 

June 30, 2026

 

 

December 31, 2025

 

Enterprise SaaS

 

 

35.0

%

 

 

47.9

%

Technology-Enabled Marketplace

 

 

14.6

%

 

 

17.8

%

Healthcare

 

 

50.4

%

 

 

34.3

%

Total

 

 

100.0

%

 

 

100.0

%

 
Schedule of aggregate percentage of total assets or investment income the Company had the following Portfolio Companies that individually accounted for 10% or more of the Company’s aggregate total assets or investment income:

 

Portfolio Company

 

Percentage of Total Investment Income for the three months ended June 30,
2026

 

 

Percentage of Total Investment Income for the six months ended June 30,
2026

 

 

Percentage of Total Assets as of June 30,
2026

 

Mediafly, Inc.

 

 

67.2

%

 

 

69.1

%

 

 

30.6

%

CareSave Technologies, Inc. (d/b/a ShiftMed)

 

 

4.4

%

 

 

4.5

%

 

 

12.7

%

ChartSpan Medical Technologies, Inc.

 

 

0.1

%

 

 

0.0

%

 

 

21.2

%

Peregrine Health, Inc.

 

 

4.2

%

 

 

2.5

%

 

 

10.1

%

 

 

As of December 31, 2025 and for the three and six months ended June 30, 2025, the Company had the following Portfolio Companies that individually accounted for 10% or more of the Company’s aggregate total assets or investment income:

 

Portfolio Company

 

Percentage of Total Investment Income for the three months ended June 30, 2025

 

 

Percentage of Total Investment Income for the six months ended June 30, 2025

 

 

Percentage of Total Assets as of December 31, 2025

 

Mediafly, Inc.

 

 

76.7

%

 

 

80.5

%

 

 

38.6

%

CareSave Technologies, Inc. (d/b/a ShiftMed)

 

 

4.8

%

 

 

2.5

%

 

 

14.4

%

ChartSpan Medical Technologies, Inc.

 

 

—

 

 

 

—

 

 

 

12.5

%

 

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
Schedule of transactions related to investments

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

 

 

1.
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

 

 

$

—