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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

2026-04-17 compared with 2025-04-10 · 34 added, 37 removed, 1 unchanged (99% of the section changed)

and Qualitative Disclosures About Market Risk

We are subject

to financial market risks, including changes in interest rates with respect to investments in debt securities and outstanding debt payable,

as well as changes in marketable equity security prices.

In the future, we may invest in companies outside the United States, including

in Europe and Asia, which would give rise to exposure to foreign currency value fluctuations.

We do not use derivative financial instruments

to mitigate any of these risks.

Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial

market risks, including changes in interest rates with respect to investments in debt securities and outstanding debt payable, as well

as changes in marketable equity security prices.

In the future, we may invest in companies outside the United States, including in Europe

and Asia, which would give rise to exposure to foreign currency value fluctuations.

We do not use derivative financial instruments to

mitigate any of these risks.

The return on investments is generally not affected by foreign currency fluctuations.

Our investments

in portfolio securities consist of some fixed-rate debt securities.

Since the debt securities are generally priced at a fixed rate, changes

in interest rates do not directly affect interest income.

In addition, changes in market interest rates are not typically a significant

factor in the determination of fair value of these debt securities, since the securities are generally held to maturity.

their fair values based on the terms of the relevant debt security and the financial condition of the issuer.

portion of our investment portfolio consists of equity investments in private companies.

Modest changes in public market equity prices

generally do not significantly impact the estimated fair value of these investments.

However, significant changes in market equity prices

can have a longer-term effect on valuations of private companies, which could affect the carrying value and the amount and timing of gains

or losses realized on these investments.

A small portion of the investment portfolio may also consist of common stocks in publicly traded

These investments are directly exposed to equity price risk, in that a hypothetical ten percent change in these equity prices

would result in a similar percentage change in the fair value of these securities.

We are classified

as a “non-diversified”

investment company under the 1940 Act, which means we are not limited in the proportion of our assets

that may be invested in the securities of a single user.

The value of one segment called “Energy”

includes two portfolio companies

and was 93.1% of our net asset value, 91.9% of our total assets and 100% of our investments in portfolio company securities (at fair value)

as of December 31, 2024.

Changes in business or industry trends or in the financial condition, results of operations, or the market’s

assessment of any single portfolio company will affect the net asset value and the market price of our common stock to a greater extent

than would be the case if we were a “diversified”

company holding numerous investments.

TableOfContents

Our investments in portfolio

securities consist of some fixed-rate debt securities.

Since the debt securities are generally priced at a fixed rate, changes in interest

rates do not directly affect interest income.

In addition, changes in market interest rates are not typically a significant factor in

the determination of fair value of these debt securities, since the securities are generally held to maturity.

We determine their fair

values based on the terms of the relevant debt security and the financial condition of the issuer.

A major portion of our investment

portfolio consists of equity investments in private companies.

Modest changes in public market equity prices generally do not significantly

impact the estimated fair value of these investments.

However, significant changes in market equity prices can have a longer-term effect

on valuations of private companies, which could affect the carrying value and the amount and timing of gains or losses realized on these

A small portion of the investment portfolio may also consist of common stocks in publicly traded companies.

These investments

are directly exposed to equity price risk, in that a hypothetical ten percent change in these equity prices would result in a similar

percentage change in the fair value of these securities.

We are classified as a “non-diversified”

investment company under the 1940 Act, which means we are not limited in the proportion of our assets that may be invested in the securities

of a single user.

The value of one segment called “Energy” includes one portfolio company and was 63.4% of our net asset value,

49.2% of our total assets and 60.8% of our investments in portfolio company securities (at fair value) as of December 31, 2025.

in business or industry trends or in the financial condition, results of operations, or the market’s assessment of any single portfolio

company will affect the net asset value and the market price of our common stock to a greater extent than would be the case if we were

a “diversified” company holding numerous investments.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 7A. Quantitative and Qualitative Disclosures About Market Risk