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Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Significant Accounting Policies

Schedule of Investments Measured at Fair Value

						Fair Value Measurements as of June 30, 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		$	46,500			$	—			$	—			$	46,500
Total investments			46,500				—				—				46,500
U.S. Treasury bills			53,944				53,944				—				—
Total investments and U.S. Treasury bills		$	100,444			$	53,944			$	—			$	46,500

						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
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

		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			—				—				—				—
Fair value as of March 31, 2023			15,650				—				—				15,650
Change in unrealized appreciation			6,800				—				—				6,800
Purchases of portfolio securities			750				—				—				750
Fair value as of June 30, 2023		$	23,200			$	—			$	—			$	23,200

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
Equus Energy, LLC		$	10,000			Guideline Transaction Method		Acreage Value (per acre)		$	1,500			$	11,000			$	4,062
								Proved Reserve Multiple			4.3	x			11.1	x			9.1	x
								Daily Production Multiple			18,357.4	x			47,107.0	x			41,330.7	x
						Discounted Cash Flow		Discount Rate			11.1	%			11.1	%			11.1	%
						Guideline Public Company Method		Proved Reserve Multiple			11,170	x			13,727	x			13,131	x
								Daily Production Multiple			49,999	x			64,797	x			49,975	x
Morgan E&P, LLC			26,000			Guideline Transaction Method		Proved Reserve Multiple			9,061	x			11,758	x			10,894	x
								Daily Production Multiple			34,249	x			60,375	x			44,360	x
						Discounted Cash Flow		Discount Rate			10.4	%			12.1	%			11.25	%

Senior debt			10,500			Yield analysis		Discount for lack of marketability			11.54	%			12.0	%			11.77	%
Morgan E&P, LLC		$	46,500

										Range
*(in thousands)*		Fair Value				Valuation Techniques		Unobservable Inputs		Minimum				Maximum				Weighted Average
Limited liability company investments
Equus Energy, LLC		$	10,000			Guideline Transaction Method		Acreage Value (per acre)		$	1,500			$	11,000			$	4,062
								Proved Reserve Multiple			4.2	x			10.9	x			9.0	x
								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	%
						Guideline Public Company Method		Proved Reserve Multiple			10,180	x			13,953	x			12,067	x
								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			8,253			Yield analysis		Discount for lack of marketability			11.13	%			12.0	%			11.57	%
Morgan E&P, LLC		$	40,853

Schedule of Distributable Earnings

		June 30, 2024				December 31, 2023
Accumulated undistributed net investment losses		$	(53,435	)		$	(51,465	)
Unrealized appreciation of portfolio securities, net			27,889				24,489
Accumulated undistributed net capital gains			539				464
Accumulated deficit		$	(25,007	)		$	(26,512	)

Schedule of cash and cash equivalents and restricted cash

		June 30, 2024				December 31, 2023
Cash and cash equivalents at end of period		$	1,878			$	6,533
Restricted cash at end of period			539				450
Cash and cash equivalents and restricted cash at end of period		$	2,417			$	6,983

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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