The Company classifies its investment portfolio by level of affiliation and control in accordance with the requirements of the 1940 Act. As defined in the 1940 Act, investee companies are deemed as affiliated investments when a company or individual possesses, or has the right to acquire within 60 days or less, beneficial ownership of 5.0% or more of the outstanding voting securities of an investee company. Control investments are those where the investor has the ability or power to exercise a controlling influence over the management or policies of an investee company. Control is generally deemed to exist when a company or individual possesses, or has the right to acquire within 60 days or less, beneficial ownership of more than 25.0% of the outstanding voting securities of an investee company, or maintains greater than 50% representation on the investee company's board of directors.

The Company’s affiliate and control investments as of December 31, 2023 along with the transactions during the year ended December 31, 2023 are as follows (in thousands):


				For the Year Ended December 31, 2023
				Investment Income Earned 2023		Fair Value as of December 31, 2022		Gross Additions(1)		Gross Reductions(2)			Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Fair Value as of December 31, 2023(3)
Portfolio Company		Investment Type	Investment Description
Affiliate Investments
	Debt Investments
	Gynesonics, Inc.	Senior Secured	SOFR+8.75%, 8.00% ceiling, 5.00% ETP, due 11/30/2026	$	2,105	$	—	$	25,897	$	—		$	—		$	(2,311	)	$	23,586
	Total Debt Investments				2,105		—		25,897		—			—			(2,311	)		23,586

	Equity Investments
	Coginiti Corp	Equity	Common Stock		—		1,174		—		—			—			(318	)		856
	Gynesonics, Inc.	Equity	Series A-2 Preferred Stock		—		—		25,000		—			—			(3,539	)		21,461
		Equity	Series A-1 Preferred Stock		—		—		3,100		—			—			1,477			4,577
	Total Equity Investments				—		1,174		28,100		—			—			(2,380	)		26,894
	Warrants
	Coginiti Corp	Warrants	Common Stock		—		910		—		—			—			(247	)		663
	Gynesonics, Inc.	Warrants	Success fee		—		—		313		—			—			—			313
	Total Warrants				—		910		313		—			—			(247	)		976
Total Affiliate Investments				$	2,105	$	2,084	$	54,310	$	—		$	—		$	(4,938	)	$	51,456
Control Investments
	Debt Investments
	Pivot3, Inc.	Senior Secured	LIBOR+8.50% PIK, 11.00% floor, 4.00% ETP, due 10/15/2023		—		9,290		—		(2,158	)		(17,014	)		9,882			—
	Total Debt Investments				—		9,290		—		(2,158	)		(17,014	)		9,882			—

	Equity Investments
	Pivot3, Inc.	Equity	Equity Interest		—		—		950		—			—			—			950
	Total Equity Investments				—		—		950		—			—			—			950
Total Control Investments				$	—	$	9,290	$	950	$	(2,158	)	$	(17,014	)	$	9,882		$	950

(1)

Gross additions includes increases in the basis of investments resulting from new portfolio investments, PIK interest, accretion of original issue discount (“OID”), the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this category from a different category.

(2)

Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company out of this category into a different category.

(3)

All investments in the portfolio companies, which as of December 31, 2023 represented 9.58% of the Company’s net assets, may be deemed to be restricted securities under the Securities Act, and were valued at fair value as determined in good faith by the Company’s Board of Directors.

The Company’s affiliate and control investments as of December 31, 2022 along with the transactions during the year ended December 31, 2022 are as follows (in thousands):


					For the Year Ended December 31, 2022
			Amount of Investment Income Earned 2022		Fair Value as of December 31, 2021		Gross Additions(1)		Gross Reductions(2)			Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Fair Value as of December 31, 2022(3)
Portfolio Company		Investment Description
Affiliate Investments
	Debt Investments
	Coginiti Corp	LIBOR+9.50% PIK, 10.81% floor, due 12/15/2022	$	109	$	—	$	930	$	(930	)	$	—		$	—		$	—
	Total Debt Investments			109		—		930		(930	)		—			—			—
	Equity Investments
	Coginiti Corp	Common Stock		—		—		4,551		—			—			(3,377	)		1,174
	Total Equity Investments			—		—		4,551		—			—			(3,377	)		1,174
	Warrants
	Coginiti Corp	Warrant for Common Stock, exercise price $0.01/share, expires 3/9/2030		—		—		1,009		—			—			(99	)		910
	Total Warrants			—		—		1,009		—			—			(99	)		910
	Total Affiliate Investments		$	109	$	—	$	6,490	$	(930	)	$	—		$	(3,476	)	$	2,084
Control Investments
	Debt Investments
	Mojix, Inc.	LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025	$	2,287	$	7,568	$	1,987	$	(8,489	)	$	—		$	(1,066	)	$	—
		LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025		744		2,523		647		(2,818	)		—			(352	)		—
		LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025		184		630		160		(704	)		—			(86	)		—
		LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025		185		629		161		(703	)		—			(87	)		—
		LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025		374		1,253		327		(1,400	)		—			(180	)		—
		LIBOR+12.00% , 12.00% cash cap, 5% ETP, due 1/15/2025		291		1,008		266		(1,090	)		—			(184	)		—
	Pivot3, Inc.	LIBOR+8.50% PIK, 11.00% floor, due 11/15/2022		—		14,650		—		—			—			(5,360	)		9,290
	Total Debt Investments			4,065		28,261		3,548		(15,204	)		—			(7,315	)		9,290
	Equity Investments
	Mojix, Inc.	Series A-1 Preferred Stock		32		870		—		(800	)		—			(70	)		—
	Pivot3 Holdings, Inc.	Series 1 Preferred Stock		—		—		—		—			(2,000	)		2,000			—
	Total Equity Investments			32		870		—		(800	)		(2,000	)		1,930			—
	Warrants
	Mojix, Inc.	Warrant for Common Stock, exercise price $1.286/share, expires 12/13/2030		—		—		—		(119	)		—			119			—
		Warrant for Common Stock, exercise price $2.1286/share, expires 12/13/2030		—		—		—		(298	)		—			298			—
		Warrant for Common Stock, exercise price $5.57338/share, expires 12/13/2030		—		—		—		(829	)		—			829			—
	Total Warrants			—		—		—		(1,246	)		—			1,246			—
Total Control Investments			$	4,097	$	29,131	$	3,548	$	(17,250	)	$	(2,000	)	$	(4,139	)	$	9,290

(1)

(2)

Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing Investments for one or more new investments and the movement of an existing portfolio company out of this category into a different category.

(3)

All investments in the portfolio company, which as of December 31, 2022 represented 1.97% of the Company’s net assets, may be deemed to be restricted securities under the Securities Act, and were valued at fair value as determined in good faith by the Company’s Board of Directors.

The following tables show the fair value of the Company's portfolio of investment, excluding U.S. Treasury Bills (in thousands) by geographic region and industry as of December 31, 2023 and December 31, 2022:


	December 31, 2023					December 31, 2022
Geographic Region	Investments at Fair Value		Percentage of Net Assets			Investments at Fair Value		Percentage of Net Assets
United States
Western United States	$	404,541		73.94	%	$	346,372		60.13	%
Northeastern United States		239,444		43.77			351,654		61.04
Midwestern United States		130,784		23.91			74,745		12.98
South Central United States		87,814		16.05			85,000		14.76
Northwestern United States		25,514		4.66			72,615		12.61
Southeastern United States		820		0.15			74,797		12.98
Total United States		888,917		162.48			1,005,183		174.50

United Kingdom		76,839		14.05			60,783		10.55
Germany		44,587		8.15			46,499		8.07
Canada		14,667		2.68			13,844		2.40
Total	$	1,025,010		187.36	%	$	1,126,309		195.52	%


	December 31, 2023					December 31, 2022
Industry	Investments at Fair Value		Percentage of Net Assets			Investments at Fair Value		Percentage of Net Assets
Application Software	$	200,645		36.67	%		184,084		31.96	%
Health Care Technology		182,200		33.30			240,844		41.81
Human Resource & Employment Services		114,602		20.95			97,788		16.98
System Software		113,517		20.74			78,274		13.58
Data Processing & Outsourced Services		106,785		19.52			97,404		16.91
Internet Software and Services		98,462		18.00			149,780		26.00
Property & Casualty Insurance		75,205		13.75			49,440		8.58
Internet & Direct Marketing Retail		55,588		10.16			55,986		9.72
Electronic Equipment & Instruments		27,535		5.04			78,114		13.56
Education Services		25,796		4.72			25,305		4.39
Health Care Equipment		15,524		2.83			27,433		4.76
Asset Management & Custody Banks		8,021		1.47			-		-
Technology Hardware, Storage & Peripherals		570		0.10			1,068		0.19
Specialized Consumer Services		373		0.07			796		0.14
Advertising		136		0.03			-		-
Biotechnology		51		0.01			39,925		6.93
Computer & Electronics Retail		-		-			68		0.01
Total	$	1,025,010		187.36	%	$	1,126,309		195.52	%

In the normal course of business, the Company may utilize derivative contracts in connection with its investment activities. Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The derivative activities and exposure to derivative contracts primarily involve equity price risks. In addition to the primary underlying risk, additional counterparty risk exists due to the potential inability of counterparties to meet the terms of their contracts.

Warrants provide exposure and potential gains upon equity gains of the portfolio company’s equity value. A warrant has a limited life and expires on a certain date. As a warrant’s expiration date approaches, the time value of the warrant will decline. In addition, if the stock underlying the warrant declines in price, the intrinsic value of an “in the money” warrant will decline. Further, if the price of the stock underlying the warrant does not exceed the strike price of the warrant on the expiration date, the warrant will expire worthless. As a result, there is the potential for the entire value of an investment in a warrant to be lost. The Company’s volume of warrant investment activity is closely correlated to its primary senior secured loans to portfolio companies. For the year ended December 31, 2023, the Company had net realized gain (loss) of $(1.4) million and a net unrealized gain (loss) of $(5.2) million from its investments in warrants. For the year ended December 31, 2022, the Company had net realized gain (loss) of $(0.9) million and a net unrealized gain (loss) of $(2.3) million from its investments in warrants. For the year ended December 31, 2021, the Company had net realized gain (loss) of

$0.8 million and a net unrealized gain (loss) of $2.8 million from its investments in warrants. Realized gains (losses) from warrants are included in the respective control, affiliate, or non-control/non-affiliate Net realized gain (loss) on investments on the Statement of Operations. Net change in unrealized gain (loss) from investments in warrants is included in the respective control, affiliate, or non-control/non-affiliate Net change in unrealized gain (loss) on investments on the Statement of Operations.

Counterparty risk exists from the potential failure of an issuer of warrants to settle its exercised warrants. The maximum risk of loss from counterparty risk is the fair value of the contracts and the purchase price of the warrants. The Company’s Board of Directors considers the effects of counterparty risk when determining the fair value of its investments in warrants.