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SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2024

SIGNIFICANT ACCOUNTING POLICIES

Schedule of Investments Measured at Fair Value

		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

		Fair Value Measurements as of December 31, 2023
*(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		$	40,853			$	—			$	—			$	40,853
Total investments			40,853				—				—				40,853
U.S. Treasury Bills			44,955				44,955				—				—
Total investments and U.S. Treasury Bills		$	85,808			$	44,955			$	—			$	40,853

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, 2024		$	40,853			$	—			$	—			$	40,853
Change in unrealized appreciation			(15,600	)			—				—				(15,600	)
Purchases of portfolio securities			2,247				—				—				2,247
Fair value as of December 31, 2024		$	27,500			$	—			$	—			$	27,500

		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, 2023		$	15,650			$	—			$	—			$	15,650
Change in unrealized appreciation			16,950				—				—				16,950
Purchases of portfolio securities			8,253				—				—				8,253
Fair value as of December 31, 2023		$	40,853			$	—			$	—			$	40,853

		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, 2022		$	13,000			$	—			$	—			$	13,000
Change in unrealized appreciation			2,500				—				—				2,500
Purchases of portfolio securities			150				—				—				150
Fair value as of December 31, 2022		$	15,650			$	—			$	—			$	15,650

Schedule of Fair Value Measurement Significant Non-Observable Inputs

										Range
																		Weighted
*(in thousands*)		Fair Value				Valuation Techniques		Unobservable Inputs		Minimum				Maximum				Average
Limited liability company investments
								Acreage Value (per acre)		$	1,000			$	4,000			$	1,784
		$	4,000			Guideline Transaction Method		Proved Reserve Multiple			6.2	x			10.8	x			8.65	x
Equus Energy, LLC								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

								Proved Reserve Multiple			6,415	x			7,342	x			6,878.5	x
						Guideline Public Company Method		Daily Production Multiple			29,948	x			40,946	x			35,447	x
Morgan E&P, LLC			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, LLC			10,500			Yield analysis		Discount for lack of marketability			11.52	%			12.0	%			11.76	%

		$	27,500

										Range
																		Weighted
*(in thousands*)		Fair Value				Valuation Techniques		Unobservable Inputs		Minimum				Maximum				Average
Limited liability company investments
								Acreage Value (per acre)		$	1,500			$	11,000			$	4,062
		$	10,000			Guideline Transaction Method		Proved Reserve Multiple			4.2	x			10.9	x			9.0	x
Equus Energy, LLC								Daily Production Multiple			19,577.2	x			47,197.76	x			41,648.4	x
						Discounted Cash Flow		Discount Rate			12.8	%			12.8	%			12.8	%

								Proved Reserve Multiple			10,180	x			13,953	x			12,067	x
						Guideline Public Company Method		Daily Production Multiple			44,054	x			58,025	x			51,040	x
Morgan E&P, LLC			22,600			Guideline Transaction Method		Proved Reserve Multiple			8,878	x			12,716	x			10,797	x
								Daily Production Multiple			32,565	x			59,790	x			46,178	x
						Discounted Cash Flow		Discount Rate			10.9	%			12.9	%			11.90	%

Senior debt

Morgan E&P, LLC			8,253			Yield analysis		Discount for lack of marketability			11.13	%			12.0	%			11.57	%

		$	40,853

Schedule of reconciliation of cash and cash equivalents and restricted cash

		December 31,
		2024				2023				2022
Cash and cash equivalents at end of period		$	262			$	6,533			$	19,224
Restricted cash at end of period			—				450				60
Cash and cash equivalents and restricted cash at end of period		$	262			$	6,983			$	19,284

Schedule of Distributable Earnings

		December 31, 2024				December 31, 2023
Accumulated undistributed net investment losses		$	(54,780	)		$	(51,465	)
Unrealized appreciation of portfolio securities, net			8,889				24,489
Accumulated undistributed net capital gains			602				464
Accumulated deficit		$	(45,289	)		$	(26,512	)

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.

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