Concentrations & Receivables

Company response: The Company acknowledges the Staff’s comment and confirms that the Company has considered the guidance in Question 100.01 of the Corporation Finance Interpretations on Non-GAAP Financial Measures. The Company confirms that the adjustment for these costs are not part of normal operations, as discussed below, and that the Company believes that the Company’s presentation of diluted earnings per share from continuing operations before charges/gains and operating income and margin before charges/gains shown is appropriate under the circumstances to give investors a representation of normal operating performance and period-to-period comparability. The items included as adjustments within “other… response letter →

Company response: The Company respectfully advises the Staff that it considered the guidance in ASC 326-20, including the illustrative Example 5 in paragraphs 55-37 through 55-40, in developing its accounting policy for measuring expected credit losses on accounts receivable and determining the related disclosures. In evaluating the need for additional disclosures regarding past-due accounts receivable, the Company specifically considered whether quantitative aging disclosures or further qualitative discussion would be necessary to enable users to understand the credit risk profile of the portfolio, consistent with ASC 326-20-50-2 and 50-3. This assessment included consideration of the proportion of past-due… response letter →

Company response: The Company acknowledges the Staff’s comment and respectfully advises the Staff that management has considered the impact of changes in its business and related end markets, including demand associated with generative AI and the electrification of transportation and infrastructure, in its determination of operating segments and related disclosures. As disclosed in Note 16 to the Company’s fiscal 2025 Annual Report on Form 10-K and Note 13 to the Company’s Quarterly Report on Form 10-Q for the quarter ended November 28, 2025, the Company has concluded that it operates as a single operating and reportable segment. The Company’s Chief Operating Decision Maker (“CODM”) reviews financial… response letter →

Company response: The Company respectfully advises the Staff that the accounts receivable balance from the customer in question included amounts that were past due as of March 31, 2025. The Company has subsequently collected a significant portion of this balance. Specifically, the aging of the gross accounts receivable of $8,888,000 from this customer as of March 31, 2025, was as follows: Not yet past due: $ 1,340,000 Past due over 180 days but within 1 year: $ 3,841,000 Past due over 1 year but within 2 years: $ 3,707,000 Total Gross Accounts Receivable: $ 8,888,000 As of March 31, 2025, the Company had recorded an allowance for credit loss of $148,000 against this receivable, resulting in a net accounts… response letter →

Company response: 5 . The Registrant synchronizes the frequency that the receivable from the Adviser is settled with the settlement terms of payments to the Adviser, such that such payments will be made on a monthly basis. The Registrant notes that as of December 31, 2025, the receivable due from the Adviser has decreased to approximately $168,000 from approximately $606,000 as of June 30, 2025. response letter →

Company response: The Company acknowledges the Staff’s comment, and in future filings, beginning with our Form 10-Q for the quarter ended September 30, 2025, we will expand disclosures to provide additional quantitative information related to material factors contributing to period-over-period changes in our operating cash flows. In future filings, we intend to expand our disclosures to be similar to the example provided in the below revised disclosure excerpts from our Form 10-K for the year ended December 31, 2024, within the Analysis of Cash Flow section of Management’s Discussion and Analysis of Financial Condition and Results of Operations. Our revisions are marked in bold. Form 10-K for year-ended… response letter →