Note 10 - Financial Highlights

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Investment Company, Financial Highlights [Text Block]

Note 10. Financial Highlights

The following is a schedule of financial highlights of the Company for the years ended December 31, 2023 and 2022:

	Year Ended
	December 31,			December 31,
	2023			2022
Per unit data (1):
Net asset value at beginning of year	$	5.92		$	7.10
Net investment income		0.02			0.12
Net change in unrealized appreciation (depreciation) on investments		0.31			(0.72	)
Net realized losses on investments		(0.32	)		(0.09	)
Foreign exchange gain		—			—
Net decrease in net assets resulting from operations		0.01			(0.69	)
Distributions		(0.22	)		(0.49	)
Net change in accrued distribution and other fees		0.00			—
Net decrease in net assets		(0.21	)		(1.18	)
Net asset value at end of year (2)	$	5.71		$	5.92
Total return based on net asset value (3)		0.17	%		(9.73	)%
Net assets at end of year	$	272,854,872		$	281,947,405
Units Outstanding at end of year		47,777,985			47,639,086
Ratio/Supplemental data:
Ratio of net investment income to average net assets		0.33	%		1.88	%
Ratio of total expenses to average net assets		5.39	%		6.93	%

1 The per unit data was derived by using the weighted average units outstanding during the years ended December 31, 2023 and 2022, which were 47,759,797 and 47,725,053, respectively.

2

For financial statement reporting purposes under GAAP, as of December 31, 2023 and 2022, the Company recorded a liability in the amount of $350,000 and $420,000, respectively, for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees payable. This liability is reflected in this table, which is consistent with the financial statements. While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value.

3

Total return does not assume the reinvestment of distributions paid.