During the year ended December 31, 2019, the Company invested in two portfolio companies, Roundtable Equity Holdings LLC and Subsidiary (“Roundtables”) and Milton Industries, Inc. (“Milton”), for approximately $56.5 million in aggregate.

During the year ended December 31, 2020, the Company invested in three additional portfolio companies, Resolution Economics, LLC (“Resolution Economics”), Blue Ridge ESOP Associates (“Blue Ridge”) and Healthcare Safety Holdings LLC (“HSH”), for approximately $64.2 million in aggregate.


	As of December 31, 2020
Asset Category	Cost		Fair Value		Fair Value Percentage of Investment Portfolio		Fair Value Percentage of Net Assets
Senior debt
Senior secured debt - first lien	$	42,100,000	$	42,100,000	18.2	%	13.6	%
Senior secured debt - second lien	35,942,454		35,942,454		15.6		11.6
Total senior debt	78,042,454		78,042,454		33.8		25.2
Equity	119,414,659		153,155,000		66.2		49.6
Total investments	$	197,457,113	$	231,197,454	100.0	%	74.8	%


	As of December 31, 2019
Asset Category	Cost		Fair Value		Fair Value Percentage of Investment Portfolio		Fair Value Percentage of Net Assets
Senior debt
Senior secured debt - first lien	$	17,700,000	$	17,700,000	12.3	%	10.1	%
Senior secured debt - second lien	30,467,603		30,467,603		21.1		17.5
Total senior debt	48,167,603		48,167,603		33.4		27.6
Equity	85,106,736		96,027,397		66.6		55.1
Total investments	$	133,274,339	$	144,195,000	100.0	%	82.7	%

Collectively, the Company’s debt investments accrue interest at a weighted average per annum rate of 15.4% and have weighted average remaining years to maturity of 4.4 years as of December 31, 2020. The note purchase agreements contain customary covenants and events of default. As of December 31, 2020, all of the Company’s portfolio companies were in compliance with the Company’s debt covenants.

The industry and geographic dispersion of the Company’s investment portfolio as a percentage of total fair value of the Company’s investments as of December 31, 2020 and December 31, 2019 were as follows:


Industry	December 31, 2020		December 31, 2019
Commercial and Professional Services	27.5	%	39.2	%
Information Services and Advisory Solutions	22.3		32.2
Healthcare Supplies	18.4		—
Hobby Goods and Supplies	15.2		21.7
Business Services	10.8		—
Manufacturing	5.8		6.9
Total	100.0	%	100.0	%

(1)The geographic dispersion is determined by the portfolio company’s country of domicile or the jurisdiction of the security’s issuer.

The Company had four portfolio companies which individually met at least one of the significance tests under Rule 4-08(g) of Regulation S-X (“Rule 4-08(g)”) for the years ended December 31, 2020 and 2019. In addition, the Company’s remaining individually insignificant portfolio companies met the significance tests under Rule 4-08(g) on an aggregate basis. The following tables present audited summarized operating data years ended December 31, 2020 and 2019, and summarized balance sheet data as of December 31, 2020 and December 31, 2019 for the Company’s portfolio companies on an individual or aggregate basis, as applicable:


	Year Ended December 31, 2020
	Lawn Doctor(1)		Polyform(2)		Roundtables(3)		HSH(4)		Other(5)
Revenues	$	28,676,790	$	18,980,631	$	10,941,572	$	13,939,954	$	87,739,720
Expenses	(27,231,876)		(17,372,329)		(11,691,246)		(15,632,468)		(98,687,251)
Income (loss) before taxes	1,444,914		1,608,302		(749,674)		(1,692,514)		(10,947,531)
Income tax (expense) benefit	(371,274)		(468,750)		1,443,128		109,000		3,117,173
Consolidated net income (loss)	1,073,640		1,139,552		693,454		(1,583,514)		(7,830,358)
Net loss attributable to non-controlling interests	213,666		—		—		—		—
Net income (loss)	$	1,287,306	$	1,139,552	$	693,454	$	(1,583,514)	$	(7,830,358)


	Year Ended December 31, 2019(6)
	Lawn Doctor(1)		Polyform(2)		Roundtables(3)
Revenues	$	24,951,481	$	16,517,512	$	3,929,101
Expenses	(25,754,966)		(17,016,753)		(5,269,538)
Loss before taxes	(803,485)		(499,241)		(1,340,437)
Income tax benefit	142,104		140,000		335,795
Consolidated net loss	(661,381)		(359,241)		(1,004,642)
Net loss attributable to non-controlling interests	232,270		—		—
Net loss	$	(429,111)	$	(359,241)	$	(1,004,642)


	As of December 31, 2020
	Lawn Doctor(1)		Polyform(2)		Roundtables(3)		HSH(4)		Other(5)
Current assets	$	8,386,243	$	9,692,346	$	4,166,690	$	12,684,343	$	51,902,237
Non-current assets	94,600,554		30,032,976		59,582,072		42,701,069		311,984,977
Current liabilities	7,669,894		2,460,606		4,406,878		5,732,781		35,926,638
Non-current liabilities	53,385,715		21,563,451		19,553,072		29,297,356		146,900,604
Non-controlling interest	(392,791)		—		—		—		—
Stockholders’ equity	42,323,979		15,701,265		39,788,812		20,355,275		181,059,972


	As of December 31, 2019(6)
	Lawn Doctor(1)		Polyform(2)		Roundtables(3)
Current assets	$	5,679,790	$	5,917,238	$	2,495,539
Non-current assets	96,327,351		31,474,762		61,232,699
Current liabilities	5,208,665		1,484,148		3,686,652
Non-current liabilities	52,854,284		21,123,045		20,946,228
Non-controlling interest	(179,125)		—		—
Stockholders’ equity	44,123,317		14,784,807		39,095,358

(1) As of December 31, 2020 and December 31, 2019, the Company owned approximately 61% and 62%, respectively, of the outstanding equity in Lawn Doctor on an undiluted basis.

(2) As of December 31, 2020 and December 31, 2019, the Company owned approximately 87% of the outstanding equity in Polyform on an undiluted basis.

(3) Summarized operating data presented for Roundtables for 2019 is for the period from August 1, 2019 (the date the Company acquired its investments in Roundtables) to December 31, 2019. As of December 31, 2020 and December 31, 2019, the Company owned approximately 81% of the outstanding equity in Roundtables on an undiluted basis.

(4) Summarized operating data presented for HSH is for the period from July 16, 2020 (the date the Company acquired its investments in HSH) to December 31, 2020. As of December 31, 2020, the Company owned approximately 75% of the outstanding equity in HSH on an undiluted basis.

(5) Includes results for the Company’s co-investments in which it owns a minority equity interest (Milton, Resolution Economics and Blue Ridge) for the period presented unless otherwise noted. Summarized operating data for Resolution Economics is for the period from January 2, 2020 (the date the Company acquired its investments in Resolution Economics) to November 30, 2020 (reported on a one-month lag basis). Summarized operating data for Blue Ridge is for the period from March 24, 2020 (the date the Company acquired its investments in Blue Ridge) to December 31, 2020.