| 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%.
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