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Note 11 - Market Disruption and Geopolitical Risks
9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Unusual or Infrequent Items, or Both, Disclosure [Text Block]

NOTE 11. MARKET DISRUPTION AND GEOPOLITICAL RISKS

 

 

The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. The Company's portfolio companies may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, trade disputes, tariffs and supply chain disruptions, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, cybersecurity events, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, territorial invasions and global economic sanctions implemented in response, natural disasters, social and political discord or debt crises and downgrades, global pandemics and public health crises, among others, may result in market volatility and may have long-term effects on both the U.S. and global financial markets. For example, military conflicts and wars, such as Russia's invasion of Ukraine and the war among Israel, Hamas, Iran and other militant groups in the Middle East, have caused and could continue to cause market disruptions in the regions and globally. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value the Company's portfolio. 

 

 

Therefore, the Company could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment.