Neostellar Capital Corp 10-Q for FY2025 Q1

Neostellar Capital Corp. (NSLR)

10-Q 2025-05-07 For: 2025-03-31

Added on April 08, 2026

About this 10-Q

Neostellar Capital Corp filed this 10-Q on May 7, 2025, covering the quarter ended March 31, 2025 (FY2025 Q1).

Headline figures

Quarter ended March 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net loss: $806.72K; compared with a net loss of $22.07M a year earlier
Diluted EPS: -$0.03; compared with -$0.87 a year earlier

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Maryland		27-4443543
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
640 Fifth Avenue, 12th Floor, New York, NY		10019
(Address of principal executive offices)		(Zip Code)

Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share	SSSS	Nasdaq Global Select Market
6.00% Notes due 2026	SSSSL	Nasdaq Global Select Market

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☐
Emerging growth company ☐

		PAGE
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Condensed Consolidated Statements of Assets and Liabilities as of March 31, 2025 (Unaudited) and December 31, 2024	1
	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024 (Unaudited)	2
	Condensed Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2025 and 2024 (Unaudited)	3
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024 (Unaudited)	4
	Condensed Consolidated Schedule of Investments as of March 31, 2025 (Unaudited)	5
	Condensed Consolidated Schedule of Investments as of December 31, 2024	9
	Notes to Condensed Consolidated Financial Statements as of March 31, 2025 (Unaudited)	13
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	43
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	53
Item 4.	Controls and Procedures	54
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	55
Item 1A.	Risk Factors	55
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	55
Item 3.	Defaults Upon Senior Securities	56
Item 4.	Mine Safety Disclosures	56
Item 5.	Other Information	56
Item 6.	Exhibits	57
Signatures		58

	March 31, 2025 (UNAUDITED)			December 31, 2024 (AUDITED)
ASSETS
Investments at fair value:
Non-controlled/non-affiliate investments (cost of $235,908,892 and $234,601,314, respectively)	$	194,570,607		$	198,511,915
Non-controlled/affiliate investments (cost of $20,605,400 and $20,605,400, respectively)		8,796,115			9,268,827
Controlled investments (cost of $1,602,940 and $1,602,940, respectively)		10,210,476			1,600,000
Total Investments (cost of $258,117,232 and $256,809,654, respectively)		213,577,198			209,380,742
Cash		16,180,542			20,035,640
Escrow proceeds receivable		27,347			45,298
Interest and dividends receivable		447,496			756,022
Deferred financing costs		538,413			526,261
Prepaid expenses and other assets⁽¹⁾		896,163			855,630
Total Assets		231,667,159			231,599,593
LIABILITIES
6.00% Notes due December 30, 2026⁽²⁾		39,302,906			44,198,838
6.50% Convertible Notes due August 14, 2029⁽³⁾		33,950,859			29,051,408
Accounts payable and accrued expenses⁽¹⁾		1,609,239			768,394
Dividends payable		—			8,867
Total Liabilities		74,863,004			74,027,507
Commitments and contingencies (Notes 7 and 10)		-			-
Net Assets	$	156,804,155		$	157,572,086
NET ASSETS
Common stock, par value $0.01 per share (100,000,000 authorized; 23,551,859 and 23,601,566 issued and outstanding, respectively)	$	235,519		$	236,016
Paid-in capital in excess of par		226,618,713			226,579,432
Accumulated net investment loss		(7,963,961	)		(4,302,192	)
Accumulated net realized loss on investments, net of distributions		(17,442,921	)		(17,409,097	)
Accumulated net unrealized appreciation/(depreciation) of investments		(44,643,195	)		(47,532,073	)
Net Assets	$	156,804,155		$	157,572,086
Net Asset Value Per Share	$	6.66		$	6.68

(1)	This balance includes a right of use asset and corresponding operating lease liability, respectively. Refer to “Note 7—Commitments and Contingencies—Operating Leases and Related Deposits” for more detail.
(2)	As of March 31, 2025, the 6.00% Notes due December 30, 2026 (the “6.00% Notes due 2026”) (effective interest rate of 6.52%) had a face value $39,667,650. As of December 31, 2024, the 6.00% Notes due 2026 (effective interest rate of 6.48%) had a face value $44,667,400. Refer to “Note 10—Debt Capital Activities” for a reconciliation of the carrying value to the face value.
(3)	As of March 31, 2025, the 6.50% Convertible Notes due August 14, 2029 (the “6.50% Convertible Notes due 2029”) (effective interest rate of 7.01%) had a face value $35,000,000. As of December 31, 2024, the 6.50% Convertible Notes due 2029 (effective interest rate of 7.06%) had a face value $30,000,000.Refer to “Note 10—Debt Capital Activities” for a reconciliation of the carrying value to the face value.

	2025			2024
	Three Months Ended March 31,
	2025			2024
INVESTMENT INCOME
Non-controlled/non-affiliate investments:
Interest income⁽¹⁾	$	150,647		$	242,007
Dividend income		348,447			21,875
Controlled investments:
Interest income		—			435,000
Interest income from U.S. Treasury bills		—			829,209
Total Investment Income		499,094			1,528,091
OPERATING EXPENSES
Compensation expense		1,667,835			2,185,318
Interest expense		1,259,849			1,214,267
Professional fees		750,224			728,559
Directors’ fees		170,565			171,113
Income tax expense		2,796			2,100
Other expenses		309,594			449,636
Total Operating Expenses		4,160,863			4,750,993
Net Investment Loss		(3,661,769	)		(3,222,902	)
Realized Gain/(Loss) on Investments:
Non-controlled/non-affiliated investments		(17,951	)		(484,141	)
Non-controlled/affiliate investments		—			60,067
Net Realized Loss on Investments		(17,951	)		(424,074	)
Realized loss on partial repurchase of 6.00% Notes due December 30, 2026		(15,873	)		—
Change in Unrealized Appreciation/(Depreciation) of Investments:
Non-controlled/non-affiliated investments		(5,248,885	)		(16,395,171	)
Non-controlled/affiliate investments		(472,713	)		(2,016,699	)
Controlled investments		8,610,476			(6,500	)
Net Change in Unrealized Appreciation/(Depreciation) of Investments		2,888,878			(18,418,370	)
Net Change in Net Assets Resulting from Operations	$	(806,715	)	$	(22,065,346	)
Net Change in Net Assets Resulting from Operations per Common Share:
Basic	$	(0.03	)	$	(0.87	)
Diluted⁽²⁾	$	(0.03	)	$	(0.87	)
Weighted-Average Common Shares Outstanding
Basic		23,571,840			25,393,490
Diluted⁽²⁾		23,571,840			25,393,490

	2025			2024
Supplemental Information:
Interest paid	$	1,150,223		$	1,125,000
Taxes paid		2,796			2,100
Right of use asset obtained in exchange for operating lease liabilities		(2,006	)		—

Portfolio Investments*		Headquarters/ Industry	Date of Initial Investment	Shares/ Principal/ Quantity⁽⁵⁾		Cost		Fair Value		% of Net Assets
NON-CONTROLLED/NON-AFFILIATE
ARK Type One Deep Ventures Fund LLC^(8)**		St. Petersburg, FL
Membership Interest, Class A	**(8)	AI Application Fund	9/25/2024	$	17,500,000	$	17,696,568	$	27,803,214		17.73	%
Whoop, Inc.		Boston, MA
Preferred Shares, Series C		Fitness Technology	6/30/2022		13,293,450		10,011,460		20,346,939		12.98	%
Simple Agreement for Future Equity		Fitness Technology	2/6/2025	$	1,000,000		1,001,628		1,000,000		0.64	%
Total					-		11,013,088		21,346,939		13.61	%
Learneo, Inc. (f/k/a Course Hero, Inc.)		Redwood City, CA
Preferred Shares, Series A 8%		Online Education	9/18/2014		2,145,509		5,000,001		5,517,268		3.52	%
Preferred Shares, Series C 8%		Online Education	11/5/2021		275,659		9,999,971		9,999,971		6.38	%
Total					-		14,999,972		15,517,239		9.90	%
ServiceTitan, Inc.^(9)**		Glendale, CA
Common Shares⁽³⁾	**(9)(3)	Contractor Management Software	6/30/2023		151,515		10,008,233		13,401,850		8.55	%
Blink Health, Inc.		New York, NY
Preferred Shares, Series A		Pharmaceutical Technology	10/27/2020		238,095		5,000,423		3,164,471		2.02	%
Preferred Shares, Series C		Pharmaceutical Technology	10/27/2020		261,944		10,003,917		10,047,013		6.41	%
Total					-		15,004,340		13,211,484		8.43	%
CW Opportunity 2 LP^(10)**		Evanston, IL
Class A Interest^***	(10) *	AI Infrastructure Fund	5/7/2024	$	15,000,000		15,176,443		12,281,521		7.83	%
IH10, LLC^(11)**		New York, NY
Membership Interest	**(11)	AI Infrastructure Fund	10/9/2024	$	12,000,010		12,273,784		12,207,897		7.79	%
Canva, Inc.^**		Sydney, Australia
Common Shares	**	Productivity Software	4/17/2024		9,375		10,058,820		10,839,944		6.91	%
Locus Robotics Corp.		Wilmington, MA
Preferred Shares, Series F 6%		Warehouse Automation	11/30/2022		232,568		10,004,286		10,214,647		6.51	%
Supplying Demand, Inc. (d/b/a Liquid Death)		Los Angeles, CA
Preferred Shares, Series F-1		Lifestyle Beverage Brand	1/18/2024		776,747		10,003,934		9,999,996		6.38	%
FourKites, Inc.		Chicago, IL
Common Shares		Supply Chain Technology	7/7/2023		1,398,024		8,530,389		7,080,308		4.52	%
CoreWeave, Inc.^(12)**		Roseland, NJ
Common Shares⁽³⁾	**(12) (3)	AI Infrastructure	10/8/2024		222,240		10,003,583		7,004,560		4.47	%
Shogun Enterprises, Inc. (d/b/a Hearth)		Austin, TX
Preferred Shares, Series B-1		Home Improvement Finance	2/26/2021		436,844		3,501,657		2,686,696		1.71	%
Preferred Shares, Series B-2		Home Improvement Finance	2/26/2021		301,750		3,501,661		2,686,699		1.71	%
Preferred Shares, Series B-3		Home Improvement Finance	5/2/2022		56,936		530,822		407,473		0.26	%
Preferred Shares, Series B-4		Home Improvement Finance	7/12/2023		48,267		366,606		383,813		0.24	%
Common Warrants, Strike Price $0.01, Expiration Date 7/12/2026		Home Improvement Finance	7/12/2023		86,076		140,060		—		—	%
Total					-		8,040,806		6,164,681		3.93	%
Orchard Technologies, Inc.		New York, NY
Preferred Shares, Series D 8%		Real Estate Platform	8/9/2021		558,052		3,751,518		—		—	%
Senior Preferred Shares, Series 2 8%		Real Estate Platform	8/9/2021		58,771		587,951		—		—	%
Senior Preferred Shares, Series 1 7%		Real Estate Platform	1/13/2023		463,449		4,642,772		4,634,490		2.96	%
Common Shares		Real Estate Platform	8/9/2021		558,053		3,751,518		—		—	%
Simple Agreement for Future Equity		Real Estate Platform	1/31/2025	$	80,800		81,584		80,800		0.05	%
Total					-		12,815,343		4,715,290		3.01	%

**	Indicates assets that SuRo Capital Corp. believes do not represent “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Of the Company’s total investments as of March 31, 2025, 47.59% of its total investments are non-qualifying assets, excluding cash and short-term US treasuries.
***	Investment is income-producing.

(1)	“Affiliate Investments” are investments in those companies that are “Affiliated Companies” of SuRo Capital Corp., as defined in the 1940 Act. In general, a company is deemed to be an “Affiliate” of SuRo Capital Corp. if SuRo Capital Corp. beneficially owns, directly or indirectly, between 5% and 25% of the voting securities (i.e., securities with the right to elect directors) of such company. For the Schedule of Investments In, and Advances To, Affiliates, as required by SEC Regulation S-X, Rule 12-14, refer to “Note 4—Investments at Fair Value”.

(2)	“Control Investments” are investments in those companies that are “Controlled Companies” of SuRo Capital Corp., as defined in the 1940 Act. In general, under the 1940 Act, the Company would “Control” a portfolio company if the Company beneficially owns, directly or indirectly, more than 25% of its outstanding voting securities (i.e., securities with the right to elect directors) and/or had the power to exercise control over the management or policies of such portfolio company. For the Schedule of Investments In, and Advances To, Affiliates, as required by SEC Regulation S-X, Rule 12-14, refer to “Note 4—Investments at Fair Value”.

(3)	Denotes an investment considered Level 1 or Level 2 and valued using observable inputs. Refer to “Note 4—Investments at Fair Value”.

(4)	As of March 31, 2025, the investments noted had been placed on non-accrual status.

(5)	Represents the respective number of shares, principal amount, fund commitment, or membership interest.

(6)	Denotes an investment that is the sponsor of a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

(7)	SuRo Capital Corp.’s investments in Commercial Streaming Solutions Inc. (d/b/a BettorView), Rebric, Inc. (d/b/a Compliable), EDGE Markets, Inc., Xgroup Holdings Limited (d/b/a Xpoint), and Stake Trade, Inc. (d/b/a Prophet Exchange) are held through SuRo Capital Corp.’s wholly owned subsidiary, SuRo Capital Sports, LLC (“SuRo Sports”).

(8)	ARK Type One Deep Ventures Fund LLC is an investment fund for which the Class A Interest is solely invested in the Convertible Interest Rights of OpenAI Global, LLC. SuRo Capital Corp. is invested in the Convertible Interest Rights of OpenAI Global, LLC through its investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC. ARK Type One Deep Ventures Fund LLC charges a 1% management fee per year, and an incentive fee of 10%, not subject to a hurdle rate. The management fees will adjust the cost of SuRo Capital Corp.’s investment in the fund.

(9)	As of March 31, 2025, SuRo Capital Corp.’s shares of ServiceTitan, Inc. were not registered and were therefore subject to certain restrictions on sale or transfer for which the Company has applied a discount to the closing public share price as of quarter-end. The Company anticipates the shares will be registered and freely tradable in June 2025.

(10)	CW Opportunity 2 LP is a special purpose vehicle (“SPV”) for which the Class A Interest is solely invested in the Class A Common Shares of CoreWeave, Inc. SuRo Capital Corp. is invested in the Class A Common Shares of CoreWeave, Inc. through its investment in the Class A Interest of CW Opportunity 2 LP. As of March 31, 2025, SuRo Capital has confirmed the underlying Class A Common Shares held by CW Opportunity 2 LP were not registered and are therefore subject to certain restrictions on sale or transfer for which the Company has applied a discount to the closing share price as of the reporting date. On March 28, 2025, CoreWeave, Inc. completed an IPO and the Series C Preferred Shares converted to Class A common shares. Prior to the IPO, SuRo Capital Corp. was invested in the Series C Preferred Shares of CoreWeave, Inc. through its investment in the Class A Interest of CW Opportunity 2 LP. Additionally, prior to the IPO, the Series C Preferred Shares of CoreWeave, Inc. accrued a 10% per annum dividend, paid quarterly in cash or in-kind. CW Opportunity 2 LP does not charge a management fee but does charge an incentive fee of 20%, subject to an annual 15% IRR hurdle rate. SuRo Capital Corp.’s investment in CW Opportunity 2 LP is subject to certain redemption, sale, or transfer restrictions.

(11)	IH10, LLC’s sole portfolio asset is interest in the Series B Preferred Shares of VAST Data, Ltd. through an SPV. SuRo Capital Corp. is invested in the Series B Preferred Shares of VAST Data, Ltd. through its investment in the Membership Interest of IH10, LLC. IH10, LLC does not charge a management or an incentive fee; however, SuRo Capital Corp. has prepaid operating expenses. Accordingly, these adjust the total cost basis of SuRo Capital Corp.’s investment.

(12)	On March 28, 2025, CoreWeave, Inc. completed an IPO and SuRo Capital Corp.’s Series A Preferred Shares and Common Shares converted to Class A Common Shares. As of March 31, 2025, SuRo Capital Corp.’s Class A Common Shares were not registered and were therefore subject to certain restrictions on sale or transfer for which the Company has applied a discount to the closing share price as of the reporting date. The Company anticipates the shares will be registered and freely tradable in September 2025.

(13)	SuRo Capital Corp.’s investments in True Global Ventures 4 Plus Pte Ltd are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SVDS Holdings, Inc. True Global Ventures 4 Plus Pte Ltd charges a 1.8% management fee and a 22.5% incentive fee, subject to an annual 5% IRR hurdle rate. The management fees may adjust the cost of SuRo Capital Corp.’s investment in the fund.

(14)	On March 21, 2025, Commercial Streaming Solutions, Inc. (d/b/a BettorView) merged with FSG Digital, Inc. (d/b/a JefeBet). As a result of the merger, the SAFE Note which SuRo Capital Corp. previously held in Commercial Streaming Solutions, Inc. (d/b/a BettorView) converted into Class A-1 Preferred shares.

(15)	SuRo Capital Corp.’s investment in Residential Homes for Rent, LLC (d/b/a Second Avenue) is held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC AV Holdings, Inc.

(16)	On March 30, 2025, CTN Holdings, Inc. (d/b/a Catona Climate) filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware.

(17)	On November 9, 2021, Fullbridge, Inc.’s obligations under its financing arrangements with the Company became past due.

(18)	SuRo Capital Corp.’s investments in StormWind, LLC are held through SuRo Capital Corp.’s wholly owned subsidiary, GSVC SW Holdings, Inc.

Subsidiary	Jurisdiction of Incorporation	Formation Date	Percentage Owned
GCL	Delaware	April 13, 2012		100	%
SuRo Capital Sports, LLC (“SuRo Sports”)	Delaware	March 19, 2021		100	%
Subsidiaries below are referred to collectively as the “Taxable Subsidiaries”
GSVC AE Holdings, Inc. (“GAE”)	Delaware	November 28, 2012		100	%
GSVC AV Holdings, Inc. (“GAV”)	Delaware	November 28, 2012		100	%
GSVC SW Holdings, Inc. (“GSW”)	Delaware	November 28, 2012		100	%
GSVC SVDS Holdings, Inc. (“SVDS”)	Delaware	August 13, 2013		100	%

	1.	The quarterly valuation process begins with each portfolio company or investment being initially valued by the internal investment professionals responsible for the portfolio investment;

	2.	Preliminary valuation estimates are then documented and discussed with senior management;

	3.	For all investments for which there are no readily available market quotations, the Valuation Committee engages an independent third-party valuation firm to conduct independent appraisals, review management’s preliminary valuations and make its own independent assessment;

	4.	The Valuation Committee applies the appropriate valuation methodology to each portfolio asset in a consistent manner, considers the inputs provided by management and the independent third-party valuation firm, discusses the valuations and recommends to the Company’s Board of Directors a fair value for each investment in the portfolio; and

	5.	The Company’s Board of Directors then discusses the valuations recommended by the Valuation Committee and determines in good faith the fair value of each investment in the portfolio.

	March 31, 2025		December 31, 2024
Deferred debt issuance costs	$	1,413,886	$	1,417,155
Deferred financing costs		538,413		526,261
Total	$	1,952,299	$	1,943,416

(1)	As of March 31, 2025, Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Convertible Interest Rights of OpenAI Global, LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV. As of December 31, 2024, Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Convertible Interest Rights of OpenAI Global, LLC, the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Series C Preferred shares of CoreWeave, Inc., and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(2)	As of March 31, 2025, Common Stock also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in Class A common stock. As of December 31, 2024, Common Stock also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd.
(3)	As of March 31, 2025, Options also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., Stake Trade, Inc. (d/b/a Prophet Exchange), and Whoop, Inc. As of December 31, 2024, Options also includes the Company’s investments in the SAFEs of Commercial Streaming Solutions Inc. (d/b/a BettorView), PayJoy, Inc., and Stake Trade, Inc. (d/b/a Prophet Exchange).

Portfolio Investments*		Headquarters/ Industry	Date of Initial Investment	Shares/ Principal/ Quantity⁽⁵⁾		Cost		Fair Value		% of Net Assets
Neutron Holdings, Inc. (d/b/a/ Lime)		San Francisco, CA
Junior Preferred Shares, Series 1-D		Micromobility	1/25/2019		41,237,113		10,007,322		3,485,014		2.22	%
Junior Preferred Convertible Note 4% Due 5/11/2027^***		Micromobility	5/11/2020	$	506,339		506,339		506,339		0.32	%
Common warrants, Strike Price $0.01, Expiration Date 5/11/2027		Micromobility	5/11/2020		2,032,967		—		101,648		0.06	%
Total					-		10,513,661		4,093,001		2.61	%
True Global Ventures 4 Plus Pte Ltd^(13)**		Singapore, Singapore
Limited Partner Fund Investment	**(10)(13)	Venture Investment Fund	8/27/2021	$	2,000,000		585,016		3,347,405		2.13	%
PayJoy, Inc.		San Francisco, CA
Preferred Shares, Series C		Mobile Access Technology	7/23/2021		244,117		2,501,570		2,500,002		1.59	%
Simple Agreement for Future Equity		Mobile Access Technology	5/25/2023	$	500,000		501,470		500,000		0.32	%
Total					-		3,003,040		3,000,002		1.91	%
Trax Ltd.^**		Singapore, Singapore
Common Shares	**	Retail Technology	6/9/2021		55,591		2,781,148		61,445		0.04	%
Preferred Shares, Investec Series	**	Retail Technology	6/9/2021		144,409		7,224,600		2,647,017		1.69	%
Total	**				-		10,005,748		2,708,462		1.73	%
Varo Money, Inc.^**		San Francisco, CA
Common Shares	**	Financial Services	8/11/2021		1,079,266		10,005,548		1,845,545		1.18	%
Xgroup Holdings Limited (d/b/a Xpoint)⁽⁷⁾		Philadelphia, PA
Preferred Shares, Series A-1	(7)(12)	Geolocation Technology	8/17/2022		454		136,114		161,862		0.10	%
Series A-1 warrants, Strike Price $0.0001, Expiration Date 5/14/2044	(7)(12)	Geolocation Technology	8/17/2022		3,286		985,180		1,171,540		0.75	%
Series A warrants, Strike Price $0.0001, Expiration Date 5/14/2044	(7)(12)	Geolocation Technology	8/17/2022		873		261,735		324,931		0.21	%
Total	(7)(12)				-		1,383,029		1,658,333		1.06	%
Commercial Streaming Solutions Inc. (d/b/a BettorView)^(7)(14)		Las Vegas, NV
Preferred Shares, Series A-1	(7)(14)	Interactive Media & Services	3/26/2021		10,548,522		1,004,240		1,000,000		0.64	%
Aventine Property Group, Inc.		Chicago, IL
Common Shares^***		Cannabis REIT	9/11/2019		312,500		2,580,750		984,209		0.63	%
Skillsoft Corp.		Nashua, NH
Common Shares⁽³⁾		Online Education	6/8/2021		49,092		9,818,428		944,530		0.60	%
Stake Trade, Inc. (d/b/a Prophet Exchange)⁽⁷⁾		New York, NY
Simple Agreement for Future Equity	(7)	Sports Betting	7/26/2023	$	1,000,000		1,002,153		862,362		0.55	%
Residential Homes for Rent, LLC (d/b/a Second Avenue)⁽¹⁵⁾		Chicago, IL
Preferred Shares, Series A	(15)	Real Estate Platform	12/23/2020		150,000		1,500,000		850,367		0.54	%
Forge Global, Inc.		San Francisco, CA
Common Shares⁽³⁾		Online Marketplace Finance	7/20/2011		1,020,875		1,978,921		573,732		0.37	%
EDGE Markets, Inc.⁽⁷⁾		San Diego, CA
Preferred Shares, Series Seed	(7)	Gaming Technology	5/18/2022		456,704		501,330		500,000		0.32	%
PSQ Holdings, Inc. (d/b/a PublicSquare)		West Palm Beach, FL
Common warrants, Strike Price $11.50, Expiration Date 7/19/2028⁽³⁾		E-Commerce Marketplace	4/1/2021		1,796,037		771,065		413,089		0.26	%
Rebric, Inc. (d/b/a Compliable)⁽⁷⁾		Denver, CO

Portfolio Investments*		Headquarters/ Industry	Date of Initial Investment	Shares/ Principal/ Quantity⁽⁵⁾		Cost		Fair Value		% of Net Assets
CTN Holdings, Inc. (d/b/a Catona Climate, f/k/a Aspiration Partners, Inc.)⁽¹⁶⁾		Marina Del Rey, CA
Preferred Shares, Series A	(16)	Carbon Credit Services	8/11/2015		540,270		1,001,815		—		—	%
Preferred Shares, Series C-3	(16)	Carbon Credit Services	8/12/2019		24,912		281,190		—		—	%
Total					-		1,283,005		—		—	%
Fullbridge, Inc.		Cambridge, MA
Common Shares		Business Education	5/13/2012		517,917		6,150,506		—		—	%
Promissory Note 1.47%, Due 11/9/2021^(4)(17)	(4)(17)	Business Education	3/3/2016	$	2,270,458		2,270,858		—		—	%
Total					-		8,421,364		—		—	%
Treehouse Real Estate Investment Trust, Inc.		Chicago, IL
Common Shares^***	***	Cannabis REIT	9/11/2019		312,500		4,919,250		—		—	%

Total Non-controlled/Non-affiliate						$	235,908,892	$	194,570,607		124.09	%

NON-CONTROLLED/AFFILIATE⁽¹⁾
StormWind, LLC⁽¹⁸⁾		Scottsdale, AZ
Preferred Shares, Series D 8%	(1)(18)	Interactive Learning	11/26/2019		329,337	$	257,267	$	479,582		0.31	%
Preferred Shares, Series C 8%	(1)(18)	Interactive Learning	1/7/2014		2,779,134		4,000,787		5,170,384		3.30	%
Preferred Shares, Series B 8%	(1)(18)	Interactive Learning	12/16/2011		3,279,629		2,019,687		3,014,406		1.92	%
Preferred Shares, Series A 8%	(1)(18)	Interactive Learning	2/25/2014		366,666		110,000		131,743		0.08	%
Total	(1)(18)				-		6,387,741		8,796,115		5.61	%
Maven Research, Inc.		San Francisco, CA
Preferred Shares, Series C	(1)	Knowledge Networks	7/2/2012		318,979		2,000,447		—		—	%
Preferred Shares, Series B	(1)		2/28/2012		49,505		217,206		—		—	%
Total	(1)				-		2,217,653		—		—	%
Curious.com, Inc.		Menlo Park, CA
Common Shares	(1)	Online Education	11/22/2013		1,135,944		12,000,006		—		—	%

Total Non-controlled/Affiliate	(1)					$	20,605,400	$	8,796,115		5.61	%

CONTROLLED⁽²⁾
Colombier Sponsor II LLC^(6)**		Palm Beach, FL
Class B Units	**(6)(2)	Special Purpose Acquisition Company	11/20/2023		1,040,000	$	1,103,719	$	8,930,476		5.70	%
Class W Units	**(6)(2)	Special Purpose Acquisition Company			1,600,000		499,221		1,280,000		0.82	%
Total	**(6)(2)				-		1,602,940		10,210,476		6.51	%

Total Controlled	(2)					$	1,602,940	$	10,210,476		6.51	%

Total Portfolio Investments						$	258,117,232	$	213,577,198		136.21	%

	As of March 31, 2025								As of December 31, 2024
	Fair Value		Percentage of Portfolio			Percentage of Net Assets			Fair Value		Percentage of Portfolio			Percentage of Net Assets
Geographic Region
Northeast	$	72,166,042		33.8	%		46.0	%	$	72,100,161		34.4	%		45.8	%
West		58,727,480		27.5	%		37.5	%		61,124,969		29.2	%		38.8	%
Southeast		38,426,779		18.0	%		24.5	%		20,675,077		9.9	%		13.1	%
Midwest		27,361,086		12.8	%		17.4	%		37,261,207		17.8	%		23.6	%
International		16,895,811		7.9	%		10.8	%		18,219,328		8.7	%		11.6	%
Total	$	213,577,198		100.0	%		136.2	%	$	209,380,742		100.0	%		132.9	%

Industry Theme		Industry
Artificial Intelligence Infrastructure		AI Application Fund
& Applications		AI Infrastructure
		AI Infrastructure Fund
Consumer Goods & Services		E-Commerce Marketplace
		Fitness Technology
		Lifestyle Beverage Brand
		Micromobility
Education Technology		Business Education
		Interactive Learning
		Online Education
Financial Technology & Services		Cannabis REIT
		Carbon Credit Services
		Financial Services
		Mobile Access Technology
		Online Marketplace Finance
		Real Estate Platform
		Special Purpose Acquisition Company
		Venture Investment Fund
Logistics & Supply Chain		Supply Chain Technology
		Warehouse Automation
Software-as-a-Service		Contractor Management Software
		Home Improvement Finance
		Knowledge Networks
		Pharmaceutical Technology
		Productivity Software
		Retail Technology
		Social Data Platform
SuRo Sports		Gaming Licensing
		Gaming Technology
		Geolocation Technology
		Interactive Media & Services
		Sports Betting

	As of March 31, 2025
	Quoted Prices in Active Markets for Identical Securities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Investments at Fair Value
Private Portfolio Companies
Preferred Stock⁽¹⁾	$	—	$	—	$	140,040,964	$	140,040,964
Common Stock⁽²⁾		—		—		45,370,853		45,370,853
Debt Investments		—		—		506,339		506,339
Options⁽³⁾		—		—		5,321,281		5,321,281
Private Portfolio Companies		—		—		191,239,437		191,239,437
Publicly Traded Portfolio Companies
Common Stock		1,518,262		20,406,410		—		21,924,672
Options		413,089		—		—		413,089
Publicly Traded Portfolio Companies		1,931,351		20,406,410		—		22,337,761
Total Investments at Fair Value	$	1,931,351	$	20,406,410	$	191,239,437	$	213,577,198

(1)	Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Convertible Interest Rights of OpenAI Global, LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(2)	Common Stock also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in Class A common stock.
(3)	Options also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., Stake Trade, Inc. (d/b/a Prophet Exchange), and Whoop, Inc.

Asset	Fair Value		Valuation Approach/Technique⁽¹⁾	Unobservable Inputs⁽²⁾	Range (Weighted Average)⁽³⁾
			Market Approach	Revenue Multiples		0.56x - 5.80x (1.64x)
Preferred stock in private companies⁽⁶⁾	$	140,040,964		Precedent Transactions		25% - 100% (83	)%
			PWERM⁽⁵⁾	Revenue Multiples		1.31x - 5.00x (4.65x)
				Dissolution Risk		100	%
				Revenue Multiples		0.46x - 8.29x (5.68x)
			Market Approach	Discount Rate		15	%
Common stock in private companies⁽⁷⁾	$	45,370,853		Precedent Transactions		75% - 100% (78.6	)%
			PWERM⁽⁵⁾	AFFO⁽⁴⁾ Multiples		7.40	x
				Dissolution Risk		100	%
				Discount Rate		15	%
Debt investments	$	506,339	Market Approach	Revenue Multiples		0.90x - 1.95x (1.85x)
				Term to Expiration (Years)		1.25 - 2.11
Options⁽⁸⁾	$	5,321,281	Option Pricing Model	Precedent Transaction		100	%
				Volatility		47% - 67% (47	)%

(2)	The Board of Directors considers all relevant information that can reasonably be obtained when determining the fair value of Level 3 investments. Due to any given portfolio company’s information rights, changes in capital structure, recent events, transactions, or liquidity events, the type and availability of unobservable inputs may change. Increases/(decreases) in revenue multiples, earnings before interest and taxes (“EBIT”) multiples, time to expiration, and stock price/strike price would result in higher (lower) fair values, all else equal. Decreases/(increases) in discount rates, volatility, and annual risk rates, would result in higher (lower) fair values, all else equal. The market approach utilizes market value (revenue and EBIT) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Board of Directors carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value the Company’s portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. In general, precedent transactions include recent rounds of financing, recent purchases made by the Company, and tender offers. Refer to “Note 2—Significant Accounting Policies—Investments at Fair Value” for more detail.
(3)	The weighted averages are calculated based on the fair market value of each investment.
(4)	Adjusted Funds From Operations, or “AFFO”.
(5)	Probability-Weighted Expected Return Method, or “PWERM”.
(6)	Preferred Stock also includes the Company’s investment in the Class A Interest of ARK Type One Deep Ventures Fund LLC which is invested in the Convertible Interest Rights of OpenAI Global, LLC, and the Company’s investment in the Membership Interest of IH10, LLC which is invested in the Series B Preferred Shares of VAST Data, Ltd. through an SPV.
(7)	Common Stock also includes the Company’s Limited Partner Fund Investment in True Global Ventures 4 Plus Pte Ltd. and the Company’s investment in the Class A Interest of CW Opportunity 2 LP which is invested in the Class A common stock.
(8)	Options also includes the Company’s investments in the SAFEs of Orchard Technologies, Inc., PayJoy, Inc., Stake Trade, Inc. (d/b/a Prophet Exchange), and Whoop, Inc.

Asset	Fair Value		Valuation Approach/ Technique⁽¹⁾	Unobservable Inputs⁽²⁾	Range (Weighted Average)⁽³⁾
Preferred stock in private companies⁽⁶⁾	$	151,003,991	Market Approach	Revenue Multiples		0.67x - 5.96x (1.82x	)
				Precedent Transactions		25% - 100% (55	)%
			PWERM⁽⁵⁾	Revenue Multiples		1.76x - 2.95x
				Dissolution Risk		75% - 100% (87.5	)%
Common stock in private companies⁽⁷⁾	$	35,922,154	Market Approach	Revenue Multiples		0.77x - 8.81x (7.59x)
				Precedent Transactions		100	%
			PWERM⁽⁵⁾	AFFO⁽⁴⁾Multiples		7.88x
				Dissolution Risk		100	%
Debt investments	$	506,339	Market Approach	Revenue Multiples		0.90x - 1.31x (1.22x)
Options⁽⁸⁾	$	4,357,138	Option Pricing Model	Term to Expiration (Years)		1.5 - 19.38
				Precedent Transaction		100	%
				Volatility		51% - 67	%


	Three Months Ended March 31, 2025
	Preferred Stock⁽¹⁾			Common Stock⁽²⁾			Debt Investments		Options⁽³⁾			Total
Assets:
Fair Value as of December 31, 2024	$	151,003,991		$	35,922,154		$	506,339	$	4,357,138		$	191,789,622
Transfers out of Level 3		(5,221,824	)		(5,221,824	)		—		—			(10,443,648	)
Purchases, capitalized fees and interest		224,366			—			—		1,083,211			1,307,577
Sales/Redemptions of investments		—			—			—		—			—
Exercises and conversions⁽⁴⁾		(16,770,915	)		17,775,155			—		(1,004,240	)		—
Net change in unrealized appreciation/(depreciation) included in earnings		10,805,346			(3,104,632	)		—		885,172			8,585,886
Fair Value as of March 31, 2025	$	140,040,964		$	45,370,853		$	506,339	$	5,321,281		$	191,239,437
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of March 31, 2025	$	10,805,346		$	(3,104,632	)	$	—	$	880,930		$	8,581,644

Portfolio Company	Conversion from	Conversion to
CoreWeave, Inc.	Preferred shares, Series A Common shares	Common shares (Level 2)
CW Opportunity 2 LP	Preferred shares, Series C	Common shares (Level 3)
Commercial Streaming Solutions Inc. (d/b/a BettorView)	Simple Agreement for Future Equity	Preferred shares, Class A-1 (Level 3)


	Year Ended December 31, 2024
	Preferred Stock⁽¹⁾			Common Stock⁽²⁾			Debt Investments			Options⁽³⁾			Total
Assets:
Fair Value as of December 31, 2023	$	122,744,564		$	39,086,792		$	3,098,734		$	3,638,161		$	168,568,251
Transfers out of Level 3		—			(12,896,367	)		—			—			(12,896,367	)
Purchases, capitalized fees and interest		60,155,557			15,061,793			—			13,230			75,230,580
Sales/Redemptions of investments		(374,950	)		(10,375,762	)		(1,414,278	)		(1,585,722	)		(13,750,712	)
Exercises and conversions⁽⁴⁾		136,114			—			(1,338,976	)		1,246,916			44,054
Realized gains/(losses)		(7,533,623	)		(222,565	)		384,102			(7,076,812	)		(14,448,898	)
Net change in unrealized appreciation/(depreciation) included in earnings		(24,123,671	)		5,268,263			(223,243	)		8,121,365			(10,957,286	)
Fair Value as of December 31, 2024	$	151,003,991		$	35,922,154		$	506,339		$	4,357,138		$	191,789,622
Net change in unrealized appreciation/ (depreciation) of Level 3 investments still held as of December 31, 2024	$	(32,741,143	)	$	5,418,630		$	—		$	111,916		$	(27,210,597	)

Type/Industry/Portfolio Company/Investment	Shares/ Principal/ Quantity		Fair Value at December 31, 2024		Unrealized Gains/(Losses)			Fair Value at March 31, 2025		Percentage of Net Assets
*CONTROLLED INVESTMENTS⁽²⁾**
Options
Special Purpose Acquisition Company
Colombier Sponsor II LLC**⁽³⁾–Class W Units		1,600,000	$	498,305	$	781,695		$	1,280,000		0.82	%
Total Options				498,305		781,695			1,280,000		0.82	%
Common Stock
Special Purpose Acquisition Company
Colombier Sponsor II LLC**⁽³⁾–Class B Units		1,040,000		1,101,695		7,828,781			8,930,476		5.70	%
Total Common Stock				1,101,695		7,828,781			8,930,476		5.70	%
*TOTAL CONTROLLED INVESTMENTS⁽²⁾**			$	1,600,000	$	8,610,476		$	10,210,476		6.51	%
*NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**
Preferred Stock
Knowledge Networks
Maven Research, Inc.–Preferred shares, Series C		318,979		—		—			—		—	%
Maven Research, Inc.–Preferred shares, Series B		49,505		—		—			—		—	%
Total Knowledge Networks				—		—			—		—	%
Interactive Learning
StormWind, LLC⁽⁴⁾ – Preferred shares, Series D 8%		329,337		501,626		(22,044	)		479,582		0.31	%
StormWind, LLC⁽⁴⁾ – Preferred shares, Series C 8%		2,779,134		5,376,994		(206,610	)		5,170,384		3.30	%
StormWind, LLC⁽⁴⁾ – Preferred shares, Series B 8%		3,279,629		3,233,922		(219,516	)		3,014,406		1.92	%
StormWind, LLC⁽⁴⁾ – Preferred shares, Series A 8%		366,666		156,285		(24,542	)		131,743		0.08	%
Total Interactive Learning				9,268,827		(472,712	)		8,796,115		5.61	%
Total Preferred Stock				9,268,827		(472,712	)		8,796,115		5.61	%
Common Stock
Online Education
Curious.com, Inc.–Common shares		1,135,944		—		—			—		—	%
Total Common Stock				—		—			—		—	%
*TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**			$	9,268,827	$	(472,712	)	$	8,796,115		5.61	%

Type/Industry/Portfolio Company/Investment	Shares/ Principal/Quantity		Interest, Fees, or Dividends Credited in Income		Fair Value at December 31, 2023		Transfer In/ (Out)			Purchases and Capitalized Fees		Sales/Redemptions			Realized Gains/(Losses)			Unrealized Gains/(Losses)			Fair Value at December 31, 2024		Percentage of Net Assets
*CONTROLLED INVESTMENTS⁽²⁾**
Options
Special Purpose Acquisition Company
Colombier Sponsor II LLC**⁽⁶⁾–Class W Units		1,600,000	$	—	$	498,305	$	—		$	—	$	—		$	—		$	—		$	498,305		0.32	%
Total Options				—		498,305		—			—		—			—			—			498,305		0.32	%
Preferred Stock
Clean Technology
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Preferred shares, Class A		—		—		382,381		—			4,218		(374,950	)		(6,780,680	)		6,769,031			—		—	%
Total Preferred Stock				—		382,381		—			4,218		(374,950	)		(6,780,680	)		6,769,031			—		—	%
Common Stock
Clean Technology
SPBRX, INC. (f/k/a GSV Sustainability Partners, Inc.)–Common shares		—		—		—		—			—		—			(10,000	)		10,000			—		—	%
Mobile Finance Technology
Architect Capital PayJoy SPV, LLC–Membership Interest in Lending SPV*	$	—		955,628		10,000,000		—			—		(10,000,000	)		(6,745	)		6,745			—		—	%
Special Purpose Acquisition Company
Colombier Sponsor II LLC**⁽⁶⁾–Class B Units		1,040,000		—		1,101,695					—		—			—			—			1,101,695		0.70	%
Total Common Stock				955,628		11,101,695		—			—		(10,000,000	)		(16,745	)		16,745			1,101,695		0.70	%
*TOTAL CONTROLLED INVESTMENTS⁽²⁾**			$	955,628	$	11,982,381	$	—		$	4,218	$	(10,374,950	)	$	(6,797,425	)	$	6,785,776		$	1,600,000		1.02	%
*NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**
Debt Investments
Global Innovation Platform
OneValley, Inc. (f/k/a NestGSV, Inc.) –Convertible Promissory Note 8%, Due 8/23/2024	$	—	$	—	$	1,267,395	$	—		$	—	$	(1,414,278	)	$	384,102		$	(237,219	)	$	—		—	%
Total Debt Investments				—		1,267,395		—			—		(1,414,278	)		384,102			(237,219	)		—		—	%
Preferred Stock
Knowledge Networks
Maven Research, Inc.–Preferred shares, Series C		318,979		—		—		—			—		—			—			—			—		—	%
Maven Research, Inc.–Preferred shares, Series B		49,505		—		—		—			—		—			—			—			—		—	%
Total Knowledge Networks				—		—		—			—		—			—			—			—		—	%
Interactive Learning
StormWind, LLC⁽⁵⁾– Preferred shares, Series D 8%		329,337		—		653,975		—			—		—			—			(152,349	)		501,626		0.32	%
StormWind, LLC⁽⁵⁾– Preferred shares, Series C 8%		2,779,134		—		6,804,933		—			—		—			—			(1,427,939	)		5,376,994		3.41	%
StormWind, LLC⁽⁵⁾– Preferred shares, Series B 8%		3,279,629		—		4,751,064		—			—		—			—			(1,517,142	)		3,233,922		2.05	%
StormWind, LLC⁽⁵⁾– Preferred shares, Series A 8%		366,666		—		325,903		—			—		—			—			(169,618	)		156,285		0.10	%
Total Interactive Learning				—		12,535,875		—			—		—			—			(3,267,048	)		9,268,827		5.88	%
Total Preferred Stock				—		12,535,875		—			—		—			—			(3,267,048	)		9,268,827		5.88	%
Options
Global Innovation Platform
OneValley, Inc. (f/k/a NestGSV, Inc.)–Derivative Security, Expiration Date 8/23/2024		—		—		620,927		—			13,230		(1,585,722	)		(6,982,628	)		7,934,193			—		—	%
Total Global Innovation Platform				—		620,927		—			13,230		(1,585,722	)		(6,982,628	)		7,934,193			—		—	%
E-Commerce Marketplace
PSQ Holdings, Inc. (d/b/a PublicSquare)**⁽³⁾⁽⁴⁾– Warrants		1,796,037		—		1,964,750		(1,964,750	)		—		—			—			—			—		—	%
Total Options				—		2,585,677		(1,964,750	)		13,230		(1,585,722	)		(6,982,628	)		7,934,193			—		—	%
Common Stock
Online Education
Curious.com, Inc.–Common shares		1,135,944		—		—		—			—		—			—			—			—		—	%
E-Commerce Marketplace
PSQ Holdings, Inc. (d/b/a PublicSquare)**⁽³⁾⁽⁴⁾– Common shares, Class A		—		—		8,542,386		(8,542,386	)		—		—			—			—			—		—	%
Total Common Stock				—		8,542,386		(8,542,386	)		—		—			—			—			—		—	%
*TOTAL NON-CONTROLLED/AFFILIATE INVESTMENTS⁽¹⁾**			$	—	$	24,931,333	$	(10,507,136	)	$	13,230	$	(3,000,000	)	$	(6,598,526	)	$	4,429,926		$	9,268,827		5.88	%

For the Year Ended December 31,	Amount
2025	$	87,990
2026		154,826
2027		159,471
2028		59,688
Total	$	461,975

(1)	Based on weighted-average number of shares outstanding for the relevant period.
(2)	Total return based on market value is based upon the change in market price per share between the opening and ending market values per share in the period, adjusted for dividends and equity issuances. Total return based on net asset value is based upon the change in net asset value per share between the opening and ending net asset values per share in the period, adjusted for dividends and equity issuances.
(3)	Financial highlights for periods of less than one year are annualized and the ratios of operating expenses to average net assets and net investment loss to average net assets are adjusted accordingly. Because the ratios are calculated for the Company’s common stock taken as a whole, an individual investor’s ratios may vary from these ratios.

	March 31, 2025			December 31, 2024
Aggregate principal amount of 6.00% Notes due 2026	$	39,667,650		$	44,667,400
Direct deduction of deferred debt issuance costs		(364,744	)		(468,562	)
Total	$	39,302,906		$	44,198,838

	March 31, 2025			December 31, 2024
Aggregate principal amount of 6.50% Convertible Notes due 2029	$	35,000,000		$	30,000,000
Direct deduction of deferred debt issuance costs		(1,049,141	)		(948,592	)
Total	$	33,950,859		$	29,051,408

	Number of Restricted Shares
Outstanding as of December 31, 2024⁽¹⁾		532,136
Granted		3,000
Vested⁽²⁾		(80,610	)
Forfeited		(10,000	)
Outstanding as of March 31, 2025		444,526
Vested as of March 31, 2025		1,031,727

(1)	Not including unvested dividends.
(2)	The balance of vested shares reflects the total shares vested during the period and has not been reduced for those vested shares forfeited at time of vest related to net share settlement.

Portfolio Company	Investment	Transaction Date		Amount
Plaid Inc.⁽¹⁾	Class A Common Shares	4/4/2025	$	4,999,874
Total			$	4,999,874

Portfolio Company	Investment	Transaction Date	Gross Payments
Orchard Technologies, Inc.	Senior Preferred shares, Series 1	1/31/2025	$	222,210
Orchard Technologies, Inc.	Simple Agreement for Future Equity	1/31/2025		80,800
Whoop, Inc.	Simple Agreement for Future Equity	2/6/2025		1,000,000
Total			$	1,303,010