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Note 5 - Transactions With Affiliated Companies | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Investments in and Advances to Affiliates, Schedule of Investments [Text Block] | Note 5. Transactions with affiliated companies A non-controlled affiliated company is generally a portfolio company in which the Company owns 5% or more of such portfolio company’s voting securities but not more than 25% of such portfolio company’s voting securities. Transactions related to investments in non-controlled affiliated companies for the three months ended September 30, 2025 were as follows:
|  |  |  |  |  |  |  |  |  | Three months ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fair value at |  |  |  |  |  |  |  |  |  |  | Transfers |  |  |  |  |  |  | Net |  |  |  |  |  |  | Fair value at |  |  |  |  |
Portfolio |  | June 30, |  |  |  |  |  |  | Principal |  |  | in/(out) at |  |  | Discount |  |  | unrealized |  |  | Net realized |  |  | September 30, |  |  | Interest |
Company |  | 2025 |  |  | Purchases |  |  | payments |  |  | fair value |  |  | accretion |  |  | gain/(loss) |  |  | gain/(loss) |  |  | 2025 |  |  | income |
|  | (In thousands) |
Aulea Medical, Inc. |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Evelo Biosciences, Inc. |  |  | 6,707 |  |  |  | — |  |  |  | (2,023 | ) |  |  | — |  |  |  | — |  |  |  | (3,334 | ) |  |  | — |  |  |  | 1,350 |  |  |  | — |
Shengrow Inc. |  |  | — |  |  |  | 5,367 |  |  |  | — |  |  |  | 32,941 |  |  |  | 12 |  |  |  | 5,146 |  |  |  | — |  |  |  | 43,466 |  |  |  | 462 |
Total non-controlled affiliates |  | $ | 6,707 |  |  | $ | 5,367 |  |  | $ | (2,023 | ) |  | $ | 32,941 |  |  | $ | 12 |  |  | $ | 1,812 |  |  | $ | — |  |  | $ | 44,816 |  |  | $ | 462 |
Transactions related to investments in non-controlled affiliated companies for the three months ended September 30, 2024 were as follows:
|  |  |  |  |  |  |  |  |  | Three months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fair value at |  |  |  |  |  |  |  |  |  |  | Transfers |  |  |  |  |  |  | Net |  |  |  |  |  |  | Fair value at |  |  |  |  |
Portfolio |  | June 30 |  |  |  |  |  |  |  |  |  |  | in/(out) at |  |  | Discount |  |  | unrealized |  |  | Net realized |  |  | September 30, |  |  | Interest |
Company |  | 2024 |  |  | Purchases |  |  | Sales |  |  | fair value |  |  | accretion |  |  | gain/(loss) |  |  | gain/(loss) |  |  | 2024 |  |  | income |
|  | (In thousands) |
Aulea Medical, Inc. |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Evelo Biosciences, Inc. |  |  | 15,847 |  |  |  | 127 |  |  |  | (1,430 | ) |  |  | — |  |  |  | — |  |  |  | (6,237 | ) |  |  | — |  |  |  | 8,307 |  |  |  | — |
Total non-controlled affiliates |  | $ | 15,847 |  |  | $ | 127 |  |  | $ | (1,430 | ) |  | $ | — |  |  | $ | — |  |  | $ | (6,237 | ) |  | $ | — |  |  | $ | 8,307 |  |  | $ | — |
Transactions related to investments in non-controlled affiliated companies for the nine months ended September 30, 2025 were as follows:
|  |  |  |  |  |  |  |  |  | Nine months ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fair value at |  |  |  |  |  |  |  |  |  |  | Transfers |  |  |  |  |  |  | Net |  |  |  |  |  |  | Fair value at |  |  |  |  |
Portfolio |  | December 31, |  |  |  |  |  |  | Principal |  |  | in/(out) at |  |  | Discount |  |  | unrealized |  |  | Net realized |  |  | September 30, |  |  | Interest |
Company |  | 2024 |  |  | Purchases |  |  | payments |  |  | fair value |  |  | accretion |  |  | gain/(loss) |  |  | gain/(loss) |  |  | 2025 |  |  | income |
|  | (In thousands) |
Aulea Medical, Inc. |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Evelo Biosciences, Inc. |  |  | 8,307 |  |  |  | 2 |  |  |  | (2,023 | ) |  |  | — |  |  |  | — |  |  |  | (4,936 | ) |  |  | — |  |  |  | 1,350 |  |  |  | — |
Shengrow, Inc. |  |  | — |  |  |  | 5,367 |  |  |  | — |  |  |  | 32,941 |  |  |  | 12 |  |  |  | 5,146 |  |  |  | — |  |  |  | 43,466 |  |  |  | 462 |
Total non-controlled affiliates |  | $ | 8,307 |  |  | $ | 5,369 |  |  | $ | (2,023 | ) |  | $ | 32,941 |  |  | $ | 12 |  |  | $ | 210 |  |  | $ | — |  |  | $ | 44,816 |  |  | $ | 462 |
Transactions related to investments in non-controlled affiliated companies for the nine months ended September 30, 2024 were as follows:
|  |  |  |  |  |  |  |  |  | Nine months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fair value at |  |  |  |  |  |  |  |  |  |  | Transfers |  |  |  |  |  |  | Net |  |  |  |  |  |  | Fair value at |  |  |  |  |
Portfolio |  | December 31, |  |  |  |  |  |  | Principal |  |  | in/(out) at |  |  | Discount |  |  | unrealized |  |  | Net realized |  |  | September 30, |  |  | Interest |
Company |  | 2023 |  |  | Purchases |  |  | payments |  |  | fair value |  |  | accretion |  |  | gain/(loss) |  |  | gain/(loss) |  |  | 2024 |  |  | income |
|  | (In thousands) |
Aulea Medical, Inc. |  | $ | — |  |  | $ | 3 |  |  | $ | (40 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 37 |  |  | $ | — |  |  | $ | — |
Evelo Biosciences, Inc. |  |  | 1,132 |  |  |  | 231 |  |  |  | (1,430 | ) |  |  | — |  |  |  | — |  |  |  | 8,374 |  |  |  | — |  |  |  | 8,307 |  |  |  | — |
Total non-controlled affiliates |  | $ | 1,132 |  |  | $ | 234 |  |  | $ | (1,470 | ) |  | $ | — |  |  | $ | — |  |  | $ | 8,374 |  |  | $ | 37 |  |  | $ | 8,307 |  |  | $ | — |
A controlled affiliated company is generally a portfolio company in which the Company owns more than 25% of such portfolio company’s voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). Transactions related to investments in controlled affiliated companies for the three months ended September 30, 2025 were as follows:
|  |  |  |  |  |  |  |  |  | Three months ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fair value at |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  |  |  |  |  |  | Net |  |  |  |  |  |  | Fair value at |  |  |  |  |
Portfolio |  | June 30, |  |  |  |  |  |  | Principal |  |  |  |  |  |  | in/(out) at |  |  | Discount |  |  | unrealized |  |  | Net realized |  |  | September 30, |  |  | Interest |
Company |  | 2025 |  |  | Purchases |  |  | payments |  |  | PIK |  |  | fair value |  |  | accretion |  |  | gain/(loss) |  |  | gain/(loss) |  |  | 2025 |  |  | income |
|  | (In thousands) |
Better Place Forests Co. |  | $ | 879 |  |  | $ | 306 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,376 |  |  | $ | (4,561 | ) |  | $ | — |  |  | $ | — |
HIMV LLC |  |  | 865 |  |  |  | 370 |  |  |  | — |  |  |  | — |  |  |  | (1,178 | ) |  |  | — |  |  |  | (57 | ) |  |  | — |  |  |  | — |  |  |  | — |
Nexii, Inc. |  |  | 8,711 |  |  |  | 3,218 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (10,813 | ) |  |  | — |  |  |  | 1,116 |  |  |  | 25 |
Swift Health Systems, Inc. |  |  | — |  |  |  | 16 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20,540 |  |  |  | (20,556 | ) |  |  | — |  |  |  | — |
Total controlled affiliates |  | $ | 10,455 |  |  | $ | 3,910 |  |  | $ | — |  |  | $ | — |  |  | $ | (1,178 | ) |  | $ | — |  |  | $ | 13,046 |  |  | $ | (25,117 | ) |  | $ | 1,116 |  |  | $ | 25 |
Transactions related to investments in controlled affiliated companies for the three months ended September 30, 2024 were as follows:
|  |  |  |  |  |  |  |  |  | Three months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fair value at |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  |  |  |  |  |  | Net |  |  |  |  |  |  | Fair value at |  |  |  |  |
Portfolio |  | June 30, |  |  |  |  |  |  | Principal |  |  |  |  |  |  | in/(out) at |  |  | Discount |  |  | unrealized |  |  | Net realized |  |  | September 30, |  |  | Interest |
Company |  | 2024 |  |  | Purchases |  |  | payments |  |  | PIK |  |  | fair value |  |  | accretion |  |  | gain/(loss) |  |  | gain/(loss) |  |  | 2024 |  |  | income |
|  | (In thousands) |
Better Place Forests Co. |  | $ | 5,550 |  |  | $ | 500 |  |  | $ | — |  |  | $ | 216 |  |  | $ | — |  |  | $ | 3 |  |  | $ | (5 | ) |  | $ | — |  |  | $ | 6,264 |  |  | $ | 226 |
HIMV LLC |  |  | 5,836 |  |  |  | — |  |  |  | (45 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 499 |  |  |  | — |  |  |  | 6,290 |  |  |  | — |
Nexii, Inc. |  |  | — |  |  |  | 790 |  |  |  | — |  |  |  | — |  |  |  | 6,716 |  |  |  | — |  |  |  | (329 | ) |  |  | — |  |  |  | 7,177 |  |  |  | 15 |
Total controlled affiliates |  | $ | 11,386 |  |  | $ | 1,290 |  |  | $ | (45 | ) |  | $ | 216 |  |  | $ | 6,716 |  |  | $ | 3 |  |  | $ | 165 |  |  | $ | — |  |  | $ | 19,731 |  |  | $ | 241 |
Transactions related to investments in controlled affiliated companies for the nine months ended September 30, 2025 were as follows:
|  |  |  |  |  |  |  |  |  | Nine months ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fair value at |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  |  |  |  |  |  | Net |  |  |  |  |  |  | Fair value at |  |  |  |  |
Portfolio |  | December 31, |  |  |  |  |  |  | Principal |  |  |  |  |  |  | in/(out) at |  |  | Discount |  |  | unrealized |  |  | Net realized |  |  | September 30, |  |  | Interest |
Company |  | 2024 |  |  | Purchases |  |  | payments |  |  | PIK |  |  | fair value |  |  | accretion |  |  | gain/(loss) |  |  | gain/(loss) |  |  | 2025 |  |  | income (reversal) |
|  | (In thousands) |
Better Place Forests Co. |  | $ | — |  |  | $ | 2,354 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,207 |  |  | $ | (4,561 | ) |  | $ | — |  |  | $ | — |
HIMV LLC |  |  | 6,230 |  |  |  | 370 |  |  |  | — |  |  |  | — |  |  |  | (1,178 | ) |  |  | — |  |  |  | (5,422 | ) |  |  | — |  |  |  | — |  |  |  | — |
Nexii, Inc. |  |  | 8,547 |  |  |  | 3,229 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (10,660 | ) |  |  | — |  |  |  | 1,116 |  |  |  | 65 |
Swift Health Systems, Inc. |  |  | 17,042 |  |  |  | 2,162 |  |  |  | — |  |  |  | 208 |  |  |  | — |  |  |  | 9 |  |  |  | 1,135 |  |  |  | (20,556 | ) |  |  | — |  |  |  | (81 | )
Total controlled affiliates |  | $ | 31,819 |  |  | $ | 8,115 |  |  | $ | — |  |  | $ | 208 |  |  | $ | (1,178 | ) |  | $ | 9 |  |  | $ | (12,740 | ) |  | $ | (25,117 | ) |  | $ | 1,116 |  |  | $ | (16 | )
Transactions related to investments in controlled affiliated companies for the nine months ended September 30, 2024 were as follows:
|  |  |  |  |  |  |  |  |  | Nine months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fair value at |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Transfers |  |  |  |  |  |  | Net |  |  |  |  |  |  | Fair value at |  |  |  |  |
Portfolio |  | December 31, |  |  |  |  |  |  | Principal |  |  |  |  |  |  | in/(out) at |  |  | Discount |  |  | unrealized |  |  | Net realized |  |  | September 30, |  |  | Interest |
Company |  | 2023 |  |  | Purchases |  |  | payments |  |  | PIK |  |  | fair value |  |  | accretion |  |  | gain/(loss) |  |  | gain/(loss) |  |  | 2024 |  |  | income |
|  | (In thousands) |
Better Place Forests Co. |  | $ | 7,993 |  |  | $ | 2,750 |  |  | $ | — |  |  | $ | 560 |  |  | $ | — |  |  | $ | 10 |  |  | $ | (5,049 | ) |  | $ | — |  |  | $ | 6,264 |  |  | $ | 591 |
HIMV LLC |  |  | 6,230 |  |  |  | 227 |  |  |  | (592 | ) |  |  | — |  |  |  | 463 |  |  |  | — |  |  |  | (38 | ) |  |  | — |  |  |  | 6,290 |  |  |  | — |
Nexii, Inc. |  |  | — |  |  |  | 790 |  |  |  | — |  |  |  | — |  |  |  | 6,716 |  |  |  | — |  |  |  | (329 | ) |  |  | — |  |  |  | 7,177 |  |  |  | 15 |
Total controlled affiliates |  | $ | 14,223 |  |  | $ | 3,767 |  |  | $ | (592 | ) |  | $ | 560 |  |  | $ | 7,179 |  |  | $ | 10 |  |  | $ | (5,416 | ) |  | $ | — |  |  | $ | 19,731 |  |  | $ | 606 |

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- Definition The entire disclosure for the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. It reflects specified information about ownership, financial results from, and financial position in such entities. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column E)(Footnote 6)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column E)(Footnote 6)(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6 + Details
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