Commitments, Contingencies, and Risks

3 Months Ended

Mar. 31, 2026

Commitments, Contingencies, and Risks [Abstract]

Note 11. Commitments, Contingencies, and Risks

Commitments: As of March 31, 2026 and December 31, 2025, the Company had $11,900,441 and $5,692,616 in outstanding commitments to direct investments and $1,101,695 and $1,101,695 in outstanding commitments to fund investments, respectively.

March 31, 2026	Outstanding Commitments
Direct Investments
Ambient Enterprises Holdco LLC	$	1,465,673
IPA Intermediate Co., LLC		212,766
Kelso Industries		2,331,429
MechanAir, LLC		3,557,540
The Stonewall Group LLC		3,725,329
48forty Intermediate Holdings, Inc. (Alpine Acquisition Corp)		607,704
Total Direct Investments	$	11,900,441

Fund Investments
Madryn Select Opportunities, LP	$	1,101,695
Total Fund Investments	$	1,101,695
Total	$	13,002,136

December 31, 2025	Outstanding Commitments
Direct Investments
Ambient Enterprises Holdco LLC	$	1,922,310
IPA Intermediate Co., LLC		212,766
MechanAir, LLC		3,557,540
Total Direct Investments	$	5,692,616

Fund Investments
Madryn Select Opportunities, LP	$	1,101,695
Total Fund Investments	$	1,101,695
Total	$	6,794,311

Management believes that the Company’s available cash balances provide sufficient funds to cover its unfunded commitments as of March 31, 2026 and December 31, 2025.

Indemnifications: In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnification. The Company’s maximum exposure under these agreements is unknown, as these involve future claims that may be made against the Company but that have not occurred. The Company expects the risk of any future obligations under these indemnification provisions to be remote.

Legal proceedings: In the normal course of business, the Company may be subject to legal and regulatory proceedings that are generally incidental to its ongoing operations. While there can be no assurance of the ultimate disposition of any such proceedings, the Company is not currently aware of any such proceedings or disposition that would have a material adverse effect on the Company’s consolidated financial statements.

Concentration of credit and counterparty risk: Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of the contract. In the event that the counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparties or issuers of the instruments. It is the Company’s policy to review, as necessary, the credit standing of each counterparty.