
Financial Performance - Stock price increased from $3.67 to $3.97, an increase of 8.2%[4] - NAV/Share decreased from $4.64 to $4.42, a decrease of 4.7%[4] - Stock Price/NAV increased from 79% to 90%[4] - Cash + Public and Public-Related Securities decreased from $47.1 million to $45.9 million, a decrease of 2.6%[4] - Public portfolio net value increased by approximately $2.2 million from the prior quarter[4] Portfolio Activity - Largest increases in public portfolio value were in SNCR (+$1.1 million), IVAC (+$0.7 million), and ACNT (+$0.6 million)[4] - Largest decreases in public portfolio value were in LTRX (-$1.1 million) and CVGI (-$0.5 million)[4] - New positions were added in AVNW and MAMA, while positions in BCOV and IVAC were exited[4] - Private portfolio value did not change materially from the prior quarter[4] Expense Management - Total operating expenses decreased by $239,857, or 25%, from Q1 2024 ($944,087) to Q1 2025 ($704,230)[30]