Note 10 - Investments in Affiliates and Controlled Investments

12 Months Ended

Dec. 31, 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, 2024, through December 31, 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 12/31/25		SHARES HELD AT 12/31/25
Equipment Leasing
EQX Capital, Inc. Common Stock*	$	—	$	—	$	—	$	—		$	(20,000	)	$	20,000		$	—		—
EQX Capital, Inc. Series A Preferred Stock*		29,466		—		—		(8,623	)		(1,921,377	)		1,900,534			—		—
Total Equipment Leasing	$	29,466			$	—		(8,623	)	$	(1,941,377	)	$	1,920,534		$	—		—
Aerospace
Hera Systems, Inc. Convertible Note*		—		—		—		(11,116	)		11,116			—			—		—
Hera Systems, Inc. Series C Preferred*		—		—		—		(156,362	)		156,362			—			—		—
Total Aerospace		—		—		—		(167,478	)		167,478			—			—		—
Medical Devices
IntraOp Medical Corp. Convertible Note*		9,966		—		—		—			—			(9,366	)		600		10,961,129
IntraOp Medical Corp. Convertible Note*		1,182		—		—		—			—			(1,111	)		71		1,300,000
IntraOp Medical Corp. Convertible Note*		454		—		—		—			—			(426	)		28		500,000
IntraOp Medical Corp. Convertible Note*		455		—		—		—			—			(427	)		28		500,000
IntraOp Medical Corp. Convertible Note*		682		—		—		—			—			(641	)		41		750,000
IntraOp Medical Corp. Convertible Note*		455		—		—		—			—			(427	)		28		500,000
IntraOp Medical Corp. Convertible Note*		909		—		—		—			—			(854	)		55		1,000,000
IntraOp Medical Corp. Convertible Note*		454		—		—		—			—			(426	)		28		500,000
IntraOp Medical Corp. Convertible Note*		364		—		—		—			—			(342	)		22		400,000
IntraOp Medical Corp. Term Note*		2,728		—		—		—			—			(2,564	)		164		3,000,000
IntraOp Medical Corp. Convertible Note*		455		—		—		—			—			(428	)		27		500,000
IntraOp Medical Corp. Convertible Note*		909		—		—		—			—			(854	)		55		1,000,000
IntraOp Medical Corp. Convertible Note*		455		—		—		—			—			(428	)		27		500,000
IntraOp Medical Corp. Convertible Note*		455		—		—		—			—			(428	)		27		500,000
IntraOp Medical Corp. Convertible Note*		909		—		—		—			—			(854	)		55		1,000,000
IntraOp Medical Corp. Convertible Note*		455		—		—		—			—			(428	)		27		500,000
IntraOp Medical Corp. Convertible Note*		455		—		—		—			—			(428	)		27		500,000
IntraOp Medical Corp. Convertible Note*		455		—		—		—			—			(428	)		27		500,000
IntraOp Medical Corp. Convertible Note*		182		—		—		—			—			(171	)		11		200,000
IntraOp Medical Corp. Convertible Note*		636		—		—		—			—			(598	)		38		700,000
IntraOp Medical Corp. Convertible Note*		136		—		—		—			—			(128	)		8		150,000
IntraOp Medical Corp. Convertible Note*		318		—		—		—			—			(299	)		19		350,000

AFFILIATE/CONTROLLED INVESTMENTS*	VALUE AT 12/31/24		PURCHASE/ MERGER		INTEREST		SALES/ MATURITY/ EXPIRATION		REALIZED GAIN (LOSS)			CHANGE IN APPRECIATION/ DEPRECIATION			VALUE 12/31/25		SHARES HELD AT 12/31/25
IntraOp Medical Corp. Series C Preferred Stock*	$	—	$	—	$	—		—	$	—		$	—		$	—		26,856,187
IntraOp Medical Corp. Term Note*		1,818		—		—		—		—			(1,708	)		110		2,000,000
Total Medical Devices	$	25,287			$	—		—	$	—		$	(23,764	)	$	1,523
Semiconductor Equipment
Revasum, Inc. CDIs*(1)		—		—		—		—		—			—			—		39,774,889
Total Semiconductor Equipment	$	—		—	$	—		—	$	—					$	—		—
Advanced Materials
UCT Coatings, Inc. Common Stock		260,497		—		—		—		—			(92,855	)		167,642		1,500,000
Total Advanced Materials	$	260,497			$	—		—	$	—		$	(92,855	)	$	167,642
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	)		—			—		—
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 12/31/25		SHARES HELD AT 12/31/25
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			$	—	$	(176,101	)	$	(25,942,914	)	$	25,932,930		$	169,165
Total Affiliates		260,497				—					—			(92,855	)		167,642
Total Controlled Investments	$	54,753			$	—	$	(176,101	)	$	(25,942,914	)	$	26,025,785		$	1,523

*	Controlled Investments.
(1)	CDI: CHESS Depositary Interests

A summary of the Company’s investments in affiliates and controlled investments for the period from December 31, 2023, through December 31, 2024, is noted below:

AFFILIATE/CONTROLLED INVESTMENTS*	VALUE AT 12/31/23		PURCHASE/ MERGER		INTEREST		SALES/ MATURITY/ EXPIRATION			REALIZED GAIN (LOSS)			CHANGE IN APPRECIATION/ DEPRECIATION			VALUE 12/31/24		SHARES HELD AT 12/31/24
Equipment Leasing
EQX Capital, Inc. Common Stock*	$	55	$	-	$	-	$	-		$	-		$	(55		$	-		100,000
EQX Capital, Inc. Series A Preferred Stock*		110,172		-		-		(20,000	)		-			(60,706	)		29,466		1,930,000
Total Equipment Leasing	$	110,227			$	-				$	-		$	(60,761	)	$	29,466
Aerospace
Hera Systems, Inc. Convertible Note*		3,431,683		-		-		(4,866,666	)		(493,125	)		1,928,108			-		-
Hera Systems, Inc. Convertible Note*		768,317		-		80,000		(1,089,594	)		(110,406	)		431,683			-		-
Hera Systems, Inc. Series A Preferred*		-		-		-		(4	)		(1,999,996	)		2,000,000			-		-
Hera Systems, Inc. Series B Preferred*		-		2,441		-		(144,249	)		(6,445,294	)		6,587,102			-		-
Hera Systems, Inc. Series B Warrants*		-		-		-		-			-			-			-		-
Hera Systems, Inc. Series B Warrants*		-		-		-		-			-			-			-		-
Hera Systems, Inc. Series B Warrants*		-		-		-		-			-			-			-		-
Hera Systems, Inc. Series B Warrants*		-		-		-		-			-			-			-		-
Hera Systems, Inc. Series C Preferred*		-		-		-		(12,153			(2,637,847	)		2,650,000			-		-
Total Aerospace	$	4,200,000			$	80,000				$	(11,686,668	)	$	13,596,893		$	-
Medical Devices
IntraOp Medical Corp. Convertible Note*		34,570		-		-		-			-			(24,604	)		9,966		10,961,129
IntraOp Medical Corp. Convertible Note*		4,100		-		-		-			-			(2,918	)		1,182		1,300,000
IntraOp Medical Corp. Convertible Note*		1,577		-		-		-			-			(1,123	)		454		500,000
IntraOp Medical Corp. Convertible Note*		1,577		-		-		-			-			(1,123	)		454		500,000
IntraOp Medical Corp. Convertible Note*		3,154		-		-		-			-			(2,245	)		909		1,000,000
IntraOp Medical Corp. Convertible Note*		1,261		-		-		-			-			(897	)		364		400,000
IntraOp Medical Corp. Convertible Note*		1,577		-		-		-			-			(1,122	)		455		500,000
IntraOp Medical Corp. Convertible Note*		2,365		-		-		-			-			(1,683	)		682		750,000
IntraOp Medical Corp. Convertible Note*		1,577		-		-		-			-			(1,122	)		455		500,000
IntraOp Medical Corp. Convertible Note*		1,577		-		-		-			-			(1,122	)		455		500,000

AFFILIATE/CONTROLLED INVESTMENTS*	VALUE AT 12/31/23		PURCHASE/ MERGER		INTEREST		SALES/ MATURITY/ EXPIRATION		REALIZED GAIN (LOSS)		CHANGE IN APPRECIATION/ DEPRECIATION			VALUE 12/31/24		SHARES HELD AT 12/31/24
IntraOp Medical Corp. Convertible Note*	$	1,577	$	-	$	-	$	-	$	-	$	(1,122	)	$	455		500,000
IntraOp Medical Corp. Convertible Note*		3,154		-		-		-		-		(2,245	)		909		1,000,000
IntraOp Medical Corp. Convertible Note*		1,577		-		-		-		-		(1,122	)		455		500,000
IntraOp Medical Corp. Convertible Note*		1,577		-		-		-		-		(1,122	)		455		500,000
IntraOp Medical Corp. Convertible Note*		1,577		-		-		-		-		(1,122	)		455		500,000
IntraOp Medical Corp. Convertible Note*		631		-		-		-		-		(449	)		182		200,000
IntraOp Medical Corp. Convertible Note*		2,208		-		-		-		-		(1,572	)		636		700,000
IntraOp Medical Corp. Convertible Note*		473		-		-		-		-		(337	)		136		150,000
IntraOp Medical Corp. Convertible Note*		1,104		-		-		-		-		(786	)		318		350,000
IntraOp Medical Corp. Convertible Note*		3,154										(2,245	)		909		1,000,000
IntraOp Medical Corp. Convertible Note*		1,577										(1,122	)		455		500,000
IntraOp Medical Corp. Series C Preferred*		-		-		-		-		-		-			-		26,856,187
IntraOp Medical Corp. Term Note*		6,308		-		-		-		-		(4,490	)		1,818		2,000,000
IntraOp Medical Corp. Term Note*		9,461		-		-		-		-		(6,733	)		2,728		3,000,000
Total Medical Devices	$	87,713			$	-			$	-	$	(62,426	)	$	25,287
Semiconductor Equipment
Revasum, Inc. CDI*(1)		3,862,405		-		-		-		-		(3,862,405	)		-		39,774,889
Total Semiconductor Equipment	$	3,862,405			$	-		-	$	-	$	(3,862,405	)	$	-
Advanced Materials
UCT Coatings, Inc. Common Stock		299,932		-		-		-		-		(39,435	)		260,497		1,500,000
Total Advanced Materials	$	299,932			$	-			$	-	$	(39,435	)	$	260,497
Automotive
Wrightspeed, Inc. Common Stock*		-		-		-		-		-		-			-		69,102
Wrightspeed, Inc. Convertible Note*		-		-		-		-		-		-			-		200,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-		-		-			-		250,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-		-		-			-		100,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-		-		-			-		125,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-		-		-			-		165,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-		-		-			-		135,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-		-		-			-		250,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-		-		-			-		250,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-		-		-			-		1,000,000

AFFILIATE/CONTROLLED INVESTMENTS*	VALUE AT 12/31/23		PURCHASE/ MERGER		INTEREST		SALES/ MATURITY/ EXPIRATION			REALIZED GAIN (LOSS)		CHANGE IN APPRECIATION/ DEPRECIATION		VALUE 12/31/24		SHARES HELD AT 12/31/24
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-		-		-		250,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-		-		-		1,000,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-		-		-		700,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-		-		-		250,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-		-		-		250,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-		-		-		250,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-		-		-		65,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-		-		-		185,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-		-		-		1,000,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-		-		-		1,000,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-		-		-		1,000,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-		-		-		300,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-		-		-		400,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-		-		-		2,000,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-		-		-		1,400,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-		-		-		1,200,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-		-		-		1,000,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-		-		-		250,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-		-		-		1,000,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-		-		-		1,050,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-		-		-		400,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-		-		-		375,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-		-		-		900,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-		-		-		750,000
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-		-		-		4,929,015
Wrightspeed, Inc. Convertible Note*		-		-		-		-			-		-		-		1,000,000
Wrightspeed, Inc. Convertible Note*		-		-		-		(40,000	)		-		40,000		-		-

AFFILIATE/CONTROLLED INVESTMENTS*	VALUE AT 12/31/23		PURCHASE/ MERGER		INTEREST		SALES/ MATURITY/ EXPIRATION		REALIZED GAIN (LOSS)			CHANGE IN APPRECIATION/ DEPRECIATION			VALUE 12/31/24		SHARES HELD AT 12/31/24
Wrightspeed, Inc. Series AA Preferred*	$	-	$	-	$	-	$	-	$	-		$	-		$	-		60,733,693
Total Automotive	$	-			$	-			$	-		$	40,000		$	-
Total Affiliates and Controlled Investments	$	8,560,277			$	80,000			$	(11,686,668	)	$	9,611,866		$	315,250
Total Affiliates		299,932				-				-			(39,435	)		260,497
Total Controlled Investments	$	8,260,345			$	80,000			$	(11,686,668	)	$	9,651,301		$	54,753

*	Controlled Investments.
(1)	CDI: CHESS Depositary Interests

As of December 31, 2025, Kevin Landis, the Company’s Chairman, President and Chief Executive Officer, represented the Company and sat on the boards of directors of  IntraOp Medical Corp., Revasum, Inc. and Wrightspeed, Inc. As of December 31, 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

Unconsolidated Significant Subsidiaries

Our investments are generally in small companies in a variety of industries. In accordance with Rules 3-09 and 4-08(g) of Regulation S-X (“Rule 3-09” and “Rule 4-08(g),” respectively), we must determine which of our unconsolidated controlled portfolio companies are considered “significant subsidiaries,” if any as defined by S-X Rule 1-02(w)(2). In evaluating these investments, there are two tests utilized to determine if any of our controlled investments are considered significant subsidiaries: the investment test, and the income test. Rule 3-09 requires separate audited financial statements of an unconsolidated majority-owned subsidiary in an annual report if any of the three tests exceeds 20%. Rule 4-08(g) requires summarized financial information in an annual report if any of the three tests exceeds 10% and summarized financial information in a quarterly report if any of the three tests exceeds 20%.