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Note 10 - Investments in Affiliates and Controlled Investments
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Investments in and Advances to Affiliates, Schedule of Investments [Text Block]

NOTE 10. INVESTMENTS IN AFFILIATES AND CONTROLLED INVESTMENTS

 

Under the 1940 Act, the Company is required to identify investments where it owns greater than 5% (but less than 25%) of the portfolio company’s outstanding voting shares as an affiliate of the Company. Also, under the 1940 Act, the Company is required to identify investments where it owns greater than 25% of the portfolio company’s outstanding voting shares as a controlled investment of the Company. A summary of the Company’s investments in affiliates and controlled investments for the period from December 31, 2023, through September 30, 2025, is noted below:

 

AFFILIATE/CONTROLLED INVESTMENTS*

  

VALUE AT
12/31/24

    

PURCHASE/
MERGER

    

INTEREST

    

SALES/
MATURITY/
EXPIRATION

    

REALIZED
GAIN (LOSS)

    

CHANGE IN APPRECIATION/
DEPRECIATION

    

VALUE
9/30/25

    

SHARES HELD AT
9/30/25

  

Equipment Leasing

                                                                

EQX Capital, Inc. Common Stock*

   $ —     $ —     $ —     $ —     $ —     $ —     $ —       100,000  

EQX Capital, Inc. Series A Preferred Stock*

     29,466       —       —       —       —       (6,293 )     23,173       1,930,000  

Total Equipment Leasing

   $ 29,466             $ —     $ —     $ —     $ (6,293 )   $ 23,173          

Medical Devices

                                                                

IntraOp Medical Corp. Convertible Note*

     9,966       —       —       —       —       (8,696 )     1,270       10,961,129  

IntraOp Medical Corp. Convertible Note*

     1,182       —       —       —       —       (1,031 )     151       1,300,000  

IntraOp Medical Corp. Convertible Note*

     454       —       —       —       —       (396 )     58       500,000  

IntraOp Medical Corp. Convertible Note*

     455       —       —       —       —       (397 )     58       500,000  

IntraOp Medical Corp. Convertible Note*

     682       —       —       —       —       (595 )     87       750,000  

IntraOp Medical Corp. Convertible Note*

     455       —       —       —       —       (397 )     58       500,000  

IntraOp Medical Corp. Convertible Note*

     909       —       —       —       —       (793 )     116       1,000,000  

IntraOp Medical Corp. Convertible Note*

     454       —       —       —       —       (396 )     58       500,000  

IntraOp Medical Corp. Convertible Note*

     364       —       —       —       —       (318 )     46       400,000  

IntraOp Medical Corp. Term Note*

     2,728       —       —       —       —       (2,380 )     348       3,000,000  

IntraOp Medical Corp. Convertible Note*

     455       —       —       —       —       (397 )     58       500,000  

IntraOp Medical Corp. Convertible Note*

     909       —       —       —       —       (793 )     116       1,000,000  

IntraOp Medical Corp. Convertible Note*

     455       —       —       —       —       (397 )     58       500,000  

IntraOp Medical Corp. Convertible Note*

     455       —       —       —       —       (397 )     58       500,000  

IntraOp Medical Corp. Convertible Note*

     909       —       —       —       —       (793 )     116       1,000,000  

 

 

IntraOp Medical Corp. Convertible Note*

     455       —       —       —       —       (397 )     58       500,000  

IntraOp Medical Corp. Convertible Note*

     455       —       —       —       —       (397 )     58       500,000  

IntraOp Medical Corp. Convertible Note*

     455       —       —       —       —       (397 )     58       500,000  

IntraOp Medical Corp. Convertible Note*

     182       —       —       —       —       (159 )     23       200,000  

IntraOp Medical Corp. Convertible Note*

     636       —       —       —       —       (555 )     81       700,000  

IntraOp Medical Corp. Convertible Note*

     136       —       —       —       —       (119 )     17       150,000  

IntraOp Medical Corp. Convertible Note*

     318       —       —       —       —       (277 )     41       350,000  

 

AFFILIATE/CONTROLLED INVESTMENTS*

  

VALUE AT
12/31/24

    

PURCHASE/
MERGER

    

INTEREST

    

SALES/
MATURITY/
EXPIRATION

    

REALIZED
GAIN (LOSS)

    

CHANGE IN APPRECIATION/
DEPRECIATION

    

VALUE
9/30/25

    

SHARES HELD AT
9/30/25

  

IntraOp Medical Corp. Series C Preferred Stock*

   $ —     $ —     $ —     $ —     $ —     $ —     $ —       26,856,187  

IntraOp Medical Corp. Term Note*

     1,818       —       —       —       —       (1,586 )     232       2,000,000  

Total Medical Devices

   $ 25,287           $ —       —     $ —     $ (22,063 )   $ 3,224          

Semiconductor Equipment

                                                                

Revasum, Inc. CDIs*(1)

     —       —       —       —       —       —       —       39,774,889  

Total Semiconductor Equipment

   $ —       —     $ —       —     $ —     $ —     $ —       —  

Advanced Materials

                                                                

UCT Coatings, Inc. Common Stock

     260,497       —       —       —       —       (88,969 )     171,528       1,500,000  

Total Advanced Materials

   $ 260,497             $ —       —     $ —     $ (88,969 )   $ 171,528          

Automotive

                                                                

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (1,000,000 )     1,000,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (1,000,000 )     1,000,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (1,000,000 )     1,000,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (200,000 )     200,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (185,000 )     185,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (65,000 )     65,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (250,000 )     250,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (250,000 )     250,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (2,000,000 )     2,000,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (250,000 )     250,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (250,000 )     250,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (250,000 )     250,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (250,000 )     250,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (135,000 )     135,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (165,000 )     165,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       40,000       (40,000 )     —       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (700,000 )     700,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (300,000 )     300,000       —       —  

 

 

   

AFFILIATE/CONTROLLED INVESTMENTS*

  

VALUE AT
12/31/24

    

PURCHASE/
MERGER

    

INTEREST

    

SALES/
MATURITY/
EXPIRATION

    

REALIZED
GAIN (LOSS)

    

CHANGE IN APPRECIATION/
DEPRECIATION

    

VALUE
9/30/25

    

SHARES HELD AT
9/30/25

  

Wrightspeed, Inc. Convertible Note*

   $ —     $ —     $ —     $ —     $ (1,000,000 )   $ 1,000,000     $ —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (1,000,000 )     1,000,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (1,000,000 )     1,000,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (1,000,000 )     1,000,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (1,200,000 )     1,200,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (1,400,000 )     1,400,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (250,000 )     250,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (400,000 )     400,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (375,000 )     375,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (400,000 )     400,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (1,050,000 )     1,050,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (900,000 )     900,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (750,000 )     750,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (4,929,015 )     4,929,015       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (125,000 )     125,000       —       —  

Wrightspeed, Inc. Convertible Note*

     —       —       —       —       (100,000 )     100,000       —       —  

Wrightspeed, Inc. Common Stock*

     —       —       —       —       —       —       —       69,102  

Wrightspeed, Inc. Series AA Preferred Stock*

     —       —       —       —       —       —       —       60,733,693  

Total Automotive

   $ —       —     $ —       —     $ (24,169,015 )   $ 24,129,015     $ —       —  

Total Affiliates and Controlled Investments

   $ 315,250             $ —       —     $ (24,169,015 )   $ 24,011,690     $ 197,925        

Total Affiliates

     260,497               —       —       —       (88,969 )     171,528        

Total Controlled Investments

   $ 54,753             $ —       —       (24,169,015 )   $ 24,100,659     $ 26,397        

 

 

*

Controlled Investments.

(1)

CDI: CHESS Depositary Interests

 

As of September 30, 2025, Kevin Landis, the Company’s Chairman, President and Chief Executive Officer, represented the Company and sat on the boards of directors of EQX Capital, Inc., IntraOp Medical Corp.; Revasum, Inc.; and Wrightspeed, Inc. As of September 30, 2025, Mr. Landis served as interim CEO at IntraOp Medical Corp. and Wrightspeed, Inc. Serving as a director or officer of portfolio companies may cause conflicts of interest. The Advisor has adopted various procedures to ensure that the Company will not be unfavorably affected by these potential conflicts.