XML 33 R22.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

Significant Accounting Policies

Schedule of Investments Measured at Fair Value

		Fair Value Measurements as of September 30, 2025
*(in thousands)*		Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets
Investments:
Control investments		$	22,850			$	—			$	—			$	22,850
Non-affiliate investments			5,178				—				3,911				1,267
Total investments		$	28,028			$	—			$	3,911			$	24,117

		Fair Value Measurements as of December 31, 2024
*(in thousands)*		Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets
Investments:
Control investments		$	27,500			$	—			$	—			$	27,500
Total investments		$	27,500			$	—			$	—			$	27,500

Schedule of Reconciliation of Fair Value Changes for Investments

		Fair value measurements using significant unobservable inputs (Level 3)
*(in thousands)*		Control Investments				Affiliate Investments				Non-affiliate Investments				Total
Fair value as of January 1, 2025		$	27,500			$	—			$	—			$	27,500
Sale of portfolio securities			(4,000	)			—				—				(4,000	)
Purchases of portfolio securities			—				—				2,750				2,750
Change in unrealized appreciation			1,000				—				1,208				2,208
Fair value as of March 31, 2025			24,500				—				3,958				28,458
Change in unrealized appreciation			(1,650	)			—				(639	)			(2,289	)
Fair value as of June 30, 2025			22,850				—				3,319				26,169
Change in unrealized appreciation			—				—				(2,052	)			(2,052	)
Fair value as of September 30, 2025		$	22,850			$	—			$	1,267			$	24,117

		Fair value measurements using significant unobservable inputs (Level 3)
(in thousands)		Control Investments				Affiliate Investments				Non-affiliate Investments				Total
Fair value as of January 1, 2024		$	40,853			$	—			$	—			$	40,853
Purchases of portfolio securities			2,247				—				—				2,247
Change in unrealized appreciation			(1,350	)			—				—				(1,350	)
Fair value as of March 31, 2024			41,750												41,750
Change in unrealized appreciation			4,750				—				—				4,750
Fair value as of June 30, 2024			46,500				—				—				46,500
Change in unrealized appreciation			(9,000	)			—				—				(9,000	)
Fair value as of September 30, 2024		$	37,500			$	—			$	—			$	37,500

Schedule of Fair Value Measurement Significant Non-Observable Inputs

												Range
*(in thousands)*		Fair Value				Valuation Techniques		Unobservable Inputs				Minimum				Maximum				Weighted Average

Limited liability company investments
						Guideline Public Company Method		Proved Reserve Multiple					6,212	x			7,133	x			6,673	x
								Daily Production Multiple					26,897	x			28,476	x			27,687	x
Morgan E&P, Inc.			12,350			Guideline Transaction Method		Proved Reserve Multiple					5,304	x			8,969	x			7,137	x
								Daily Production Multiple					22,297	x			36,221	x			29,259	x
						Discounted Cash Flow		Discount Rate					10.8	%			11.6	%			11.2	%

Senior debt
Morgan E&P, Inc.			10,500			Yield analysis		Company specific yield					10.40	%			12.0	%			11.2	%

Warrant
General Enterprise Ventures, Inc.			1,267			Black-Scholes		Volatility					3.0	%			38.0	%			20.5	%

			24,117

														Range
*(in thousands)*		Fair Value				Valuation Techniques				Unobservable Inputs				Minimum				Maximum				Weighted Average
Limited liability company investments
										Acreage Value (per acre)				$	1,000			$	4,000			$	1,784
Equus Energy, LLC		$	4,000			Guideline Transaction Method				Proved Reserve Multiple					6.2	x			10.8	x			8.65	x
										Daily Production Multiple					24,921.7	x			45,307.1	x			40,787.19	x
						Discounted Cash Flow				Discount Rate					10.9	%			10.9	%			10.9	%
						Transaction Price								$	4,000			$	4,000			$	4,000

						Guideline Public Company Method				Proved Reserve Multiple					6,415	x			7,342	x			6,878.5	x
										Daily Production Multiple					29,948	x			40,946	x			35,447	x
Morgan E&P, Inc.			13,000			Guideline Transaction Method				Proved Reserve Multiple					5,304	x			8,786	x			7,045	x
										Daily Production Multiple					22,297	x			32,595	x			27,446	x
						Discounted Cash Flow				Discount Rate					11.7	%			12.6	%			12.15	%

Senior debt
Morgan E&P, Inc.			10,500			Yield analysis				Company specific yield					11.52	%			12.0	%			11.76	%

		$	27,500

Schedule of Basic and Diluted Earnings Per Share

(in thousands, except share and per-share data)		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Net income (loss) attributable to common shareholders		$	(8,101	)		$	(9,627	)		$	(4,244	)		$	(8,122	)
Weighted average shares outstanding - basic			13,681				13,586				13,618				13,586
Effect of dilutive securities			—				—			$	—				—
Weighted average shares outstanding - diluted			13,681				13,586				13,618				13,586
Basic earnings per share		$	(0.59	)		$	(0.70	)		$	(0.31	)		$	(0.59	)
Diluted earnings per share		$	(0.59	)		$	(0.70	)		$	(0.31	)		$	(0.59	)

Schedule of Distributable Earnings

		September 30,				December 31,
(in thousands)		2025				2024
Accumulated undistributed net investment losses		$	(57,896	)		$	(54,780	)
Unrealized appreciation of portfolio securities, net			15,935				8,889
Unrealized depreciation on warrant liability			(1,158	)			—
Accumulated undistributed net capital gains			(6,414	)			602
Accumulated deficit		$	(49,533	)		$	(45,289	)

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details