v3.26.3
Investments (Tables)
 9 Months Ended
Sep. 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:

 

 

September 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

 

 

$

51,384,308

 

 

 

31.6

%

 

$

48,500,000

 

 

$

63,321,632

 

 

 

47.9

%

Junior secured convertible notes

 

 

2,987,272

 

 

 

2,987,272

 

 

 

1.8

%

 

 

2,984,566

 

 

 

2,984,566

 

 

 

2.3

%

Unsecured convertible notes

 

 

17,737,715

 

 

 

19,372,582

 

 

 

12.0

%

 

 

4,250,000

 

 

 

4,535,559

 

 

 

3.4

%

Preferred stock investments

 

 

56,051,087

 

 

 

86,226,971

 

 

 

53.1

%

 

 

40,049,483

 

 

 

59,821,668

 

 

 

45.2

%

Common stock investments

 

 

796,904

 

 

 

227,830

 

 

 

0.1

%

 

 

796,904

 

 

 

341,733

 

 

 

0.3

%

Warrants

 

 

501,824

 

 

 

2,355,159

 

 

 

1.4

%

 

 

501,824

 

 

 

1,215,343

 

 

 

0.9

%

Total

 

$

126,574,802

 

 

$

162,554,122

 

 

 

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:

 

 

September 30, 2026

 

 

December 31, 2025

 

Enterprise SaaS

 

 

31.6

%

 

 

47.9

%

Technology-Enabled Marketplace

 

 

14.1

%

 

 

17.8

%

Healthcare

 

 

54.3

%

 

 

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 September 30,
2026

 

 

Percentage of Total Investment Income for the nine months ended September 30,
2026

 

 

Percentage of Total Assets as of September 30,
2026

 

Mediafly, Inc.

 

 

67.6

%

 

 

68.6

%

 

 

27.2

%

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

 

 

4.4

%

 

 

4.5

%

 

 

12.1

%

ChartSpan Medical Technologies, Inc.

 

 

—

 

 

 

0.0

%

 

 

20.5

%

Peregrine Health, Inc.

 

 

4.2

%

 

 

3.0

%

 

 

11.0

%

 

As of December 31, 2025 and for the three and nine months ended September 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 September 30, 2025

 

 

Percentage of Total Investment Income for the nine months ended September 30, 2025

 

 

Percentage of Total Assets as of December 31, 2025

 

Mediafly, Inc.

 

 

79.9

%

 

 

80.3

%

 

 

38.6

%

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

 

 

5.2

%

 

 

3.4

%

 

 

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 nine months ended September 30, 2026 were as follows:

 

Portfolio Company

 

Type of Asset

 

Fair value as of
June 30, 2026

 

 

Gross Additions

 

 

Gross Reductions1

 

 

Change in Unrealized Gains (Losses)

 

 

Fair value as of
September 30, 2026

 

 

Dividend and Interest Income

 

Non-Controlled / Affiliated Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ChartSpan Medical Technologies, Inc.

 

Preferred stock investments

 

$

38,201,263

 

 

$

—

 

 

$

—

 

 

$

483,503

 

 

$

38,684,766

 

 

$

—

 

Istios Health, LLC

 

Preferred stock investments

 

 

7,143,933

 

 

 

—

 

 

 

—

 

 

 

805,660

 

 

 

7,949,593

 

 

 

—

 

Korio, Inc.

 

Unsecured convertible notes

 

 

2,000,000

 

 

 

—

 

 

 

—

 

 

 

57,593

 

 

 

2,057,593

 

 

 

50,411

 

Korio, Inc.

 

Preferred stock investments

 

 

4,122,961

 

 

 

—

 

 

 

—

 

 

 

207,213

 

 

 

4,330,174

 

 

 

—

 

Peregrine Health, Inc.

 

Unsecured convertible notes

 

 

3,000,000

 

 

 

—

 

 

 

—

 

 

 

114,791

 

 

 

3,114,791

 

 

 

76,667

 

Peregrine Health, Inc.

 

Preferred stock investments

 

 

13,357,947

 

 

 

—

 

 

 

—

 

 

 

2,009,633

 

 

 

15,367,580

 

 

 

—

 

Peregrine Health, Inc.

 

Warrants

 

 

1,796,730

 

 

 

—

 

 

 

—

 

 

 

558,429

 

 

 

2,355,159

 

 

 

—

 

Total Investments

 

 

 

$

69,622,834

 

 

$

—

 

 

$

—

 

 

$

4,236,822

 

 

$

73,859,656

 

 

$

127,078

 

 

 

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
September 30, 2026

 

 

Dividend and Interest Income

 

Non-Controlled / Affiliated Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ChartSpan Medical Technologies, Inc.

 

Preferred stock investments

 

$

20,533,093

 

 

$

16,001,604

 

 

$

—

 

 

$

2,150,069

 

 

$

38,684,766

 

 

$

1,604

 

Integrative Life Network, LLC

 

Common stock investments

 

 

341,733

 

 

 

—

 

 

 

(211,086

)

 

 

(130,647

)

 

 

—

 

 

 

—

 

Istios Health, LLC

 

Preferred stock investments

 

 

4,000,000

 

 

 

—

 

 

 

—

 

 

 

3,949,593

 

 

 

7,949,593

 

 

 

—

 

Korio, Inc.

 

Unsecured convertible notes

 

 

—

 

 

 

2,000,000

 

 

 

—

 

 

 

57,593

 

 

 

2,057,593

 

 

 

126,027

 

Korio, Inc.

 

Preferred stock investments

 

 

3,777,486

 

 

 

—

 

 

 

—

 

 

 

552,688

 

 

 

4,330,174

 

 

 

—

 

Peregrine Health, Inc.

 

Unsecured convertible notes

 

 

—

 

 

 

3,000,000

 

 

 

—

 

 

 

114,791

 

 

 

3,114,791

 

 

 

163,333

 

Peregrine Health, Inc.

 

Preferred stock investments

 

 

10,955,748

 

 

 

—

 

 

 

—

 

 

 

4,411,832

 

 

 

15,367,580

 

 

 

—

 

Peregrine Health, Inc.

 

Warrants

 

 

1,215,343

 

 

 

—

 

 

 

—

 

 

 

1,139,816

 

 

 

2,355,159

 

 

 

—

 

Total Investments

 

 

 

$

40,823,403

 

 

$

21,001,604

 

 

$

(211,086

)

 

$

12,245,735

 

 

$

73,859,656

 

 

$

290,964

 

 

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 nine months ended September 30, 2025 were as follows:

 

Portfolio Company

 

Type of Asset

 

Fair value as of
June 30, 2025

 

 

Gross Additions

 

 

Gross Reductions

 

 

Change in Unrealized Gains (Losses)

 

 

Fair value as of
 September 30, 2025

 

 

Dividend and Interest Income

 

Non-Controlled / Affiliated Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ChartSpan Medical Technologies, Inc.

 

Preferred stock investments

 

$

9,607,368

 

 

$

5,466,827

 

 

$

—

 

 

$

706,377

 

 

$

15,780,572

 

 

$

—

 

Integrative Life Network, LLC

 

Common stock investments

 

 

308,085

 

 

 

—

 

 

 

—

 

 

 

(2,731

)

 

 

305,354

 

 

 

—

 

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

 

 

10,566,506

 

 

 

—

 

 

 

—

 

 

 

86,329

 

 

 

10,652,835

 

 

 

—

 

Peregrine Health, Inc.

 

Warrants

 

 

1,158,843

 

 

 

—

 

 

 

—

 

 

 

(16,399

)

 

 

1,142,444

 

 

 

—

 

Total Investments

 

 

 

$

29,140,802

 

 

$

5,466,827

 

 

$

—

 

 

$

773,576

 

 

$

35,381,205

 

 

$

—

 

 

 

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
 September 30, 2025

 

 

Dividend and Interest Income

 

Non-Controlled / Affiliated Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ChartSpan Medical Technologies, Inc.

 

Preferred stock investments

 

$

—

 

 

$

12,466,826

 

 

$

—

 

 

$

3,313,746

 

 

$

15,780,572

 

 

$

—

 

Integrative Life Network, LLC

 

Common stock investments

 

 

796,904

 

 

 

—

 

 

 

—

 

 

 

(491,550

)

 

 

305,354

 

 

 

—

 

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

 

 

 

—

 

 

 

—

 

 

 

2,569,659

 

 

 

10,652,835

 

 

 

—

 

Peregrine Health, Inc.

 

Warrants

 

 

501,824

 

 

 

—

 

 

 

—

 

 

 

640,620

 

 

 

1,142,444

 

 

 

—

 

Total Investments

 

 

 

$

12,881,904

 

 

$

16,466,826

 

 

$

—

 

 

$

6,032,475

 

 

$

35,381,205

 

 

$

—