SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

SIGNIFICANT ACCOUNTING POLICIES

Schedule of Investments Measured at Fair Value

						Fair Value Measurements as of December 31, 2025
*(in thousands)*		Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Unobservable Inputs (Level 3)
Assets
Investments:
Control investments		$	10,500			$	—			$	10,500
Non-affiliate investments			6,776				4,776				2,000
Total investments		$	17,276			$	4,776			$	12,500

						Fair Value Measurements as of December 31, 2024
*(in thousands)*		Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets
Investments:
Control investments		$	27,500			$	—			$	—			$	27,500
Total investments		$	27,500			$	—				—			$	27,500

Schedule of Reconciliation of Fair Falue Changes for Investments

		Fair value measurements using significant unobservable inputs (Level 3)
*(in thousands)*		Control Investments				Non-affiliate Investments				Total
Fair value as of January 1, 2025		$	27,500			$	—			$	27,500
Realized gain (loss)			(4,111	)			(2,750	)			(6,861	)
Change in unrealized appreciation			(12,889	)			2,000				(10,889	)
Purchases of portfolio securities			—				2,750				2,750
Transfers in (out) of Level 3			—				—				-
Fair value as of December 31, 2025		$	10,500			$	2,000			$	12,500

		Fair value measurements using significant unobservable inputs (Level 3)
*(in thousands)*		Control Investments				Total
Fair value as of January 1, 2024		$	40,853			$	40,853
Change in unrealized appreciation			(15,600	)			(15,600	)
Purchases of portfolio securities			2,247				2,247
Fair value as of December 31, 2024		$	27,500			$	27,500

		Fair value measurements using significant unobservable inputs (Level 3)
*(in thousands)*		Control Investments				Total
Fair value as of January 1, 2023		$	15,650			$	15,650
Change in unrealized appreciation			16,950				16,950
Purchases of portfolio securities			8,253				8,253
Fair value as of December 31, 2023		$	40,853			$	40,853

Schedule of Fair Value Measurement Significant Non-Observable Inputs

										Range
*(in thousands)*		Fair Value				Valuation Techniques		Unobservable Inputs		Minimum				Maximum				Weighted Average

Equity Investments
						Guideline Public Company Method		Proved Reserve Multiple			6,615	x			9,080	x			7,848	x
						Guideline Public Company Method		Daily Production Multiple			23,801	x			28,451	x			26,126	x
Morgan E&P, Inc.		$	-			Guideline Transaction Method		Proved Reserve Multiple			8,969	x			11,937	x			10,453	x
								Daily Production Multiple			35,000	x			45,333	x			40,167	x
								Acreage Value (per acre)		$	2,000			$	6,000			$	4,000
						Discounted Cash Flow		Discount Rate			11.8	%			13.3	%			12.55	%

Senior debt
Morgan E&P, Inc.			10,500			Yield analysis		Company specific yield			10.46	%			12.0	%			11.23	%

Warrant
CitroTech, Inc. (formerly General Enterprise Ventures, Inc.)			2,000			Black-Scholes		Volatility			38.2	%			123.6	%			80.9	%

			12,500

										Range
*(in thousands)*		Fair Value				Valuation Techniques		Unobservable Inputs		Minimum				Maximum				Weighted Average
Limited liability company investments
								Acreage Value (per acre)		$	1,000			$	4,000			$	1,784
Equus Energy, LLC		$	4,000			Guideline Transaction Method		Proved Reserve Multiple			6.2	x			10.8	x			8.65	x
						Guideline Transaction Method		Daily Production Multiple			24,921.7	x			45,307.1	x			40,787.19	x
						Discounted Cash Flow		Discount Rate			10.9	%			10.9	%			10.9	%
						Transaction Price				$	4,000			$	4,000			$	4,000

						Guideline Public Company Method		Proved Reserve Multiple			6,415	x			7,342	x			6,878.5	x
						Guideline Public Company Method		Daily Production Multiple			29,948	x			40,946	x			35,447	x
Morgan E&P, Inc.			13,000			Guideline Transaction Method		Proved Reserve Multiple			5,304	x			8,786	x			7,045	x
						Guideline Transaction Method		Daily Production Multiple			22,297	x			32,595	x			27,446	x
						Discounted Cash Flow		Discount Rate			11.7	%			12.6	%			12.15	%

Senior debt
Morgan E&P, Inc.			10,500			Yield analysis		Company specific yield			11.52	%			12.0	%			11.76	%

		$	27,500

Schedule of financial instruments not measured at fair value

										Estimated Fair Value
*(in thousands)*		Carrying Amount				Total				Level 1				Level 2				Level 3
Assets:
Cash and cash equivalents		$	133			$	133			$	133			$	—			$	—
Accounts receivable from affiliates			1,145				1,145				—				—				1,145
Accrued interest			2,748				2,748				—				—				2,748
Other assets			36				36				—				—				36
Liabilities:
Accounts payable and other			414				414				—				—				414
Accrued compensation			3				3				—				—				3
Accounts payable to related parties			1,371				1,371				—				—				1,371
Notes payable			2,123				2,203				—				2,203				—

										Estimated Fair Value
*(in thousands)*		Carrying Amount				Total				Level 1				Level 2				Level 3
December 31, 2024
Assets:
Cash and cash equivalents		$	262			$	262			$	262			$	—			$	—
Accounts receivable from affiliates			678				678				—				678				—
Accrued interest			1,470				1,470				—				1,470				—
Other assets			26				26				—				26				—
Liabilities
Accounts payable and other			332				332				—				332				—
Accrued compensation			1				1				—				1				—
Accounts payable to related parties			93				93				—				93				—

Schedule of Basic and Diluted Earnings Per Share

(in thousands, except share and per-share data)		Year Ended December 31,
		2025				2024				2023
Net income (loss) attributable to common shareholders		$	(14,164	)		$	(18,777	)		$	12,949
Weighted average shares outstanding - basic			13,706				13,586				13,526
Weighted average shares outstanding - diluted			13,706				13,586				13,526
Basic earnings per share		$	(1.03	)		$	(1.38	)		$	0.96
Diluted earnings per share		$	(1.03	)		$	(1.38	)		$	0.96

Schedule of cash and cash equivalents

		December 31,
		2025				2024				2023
Cash and cash equivalents at end of period		$	133			$	262			$	6,533
Restricted cash at end of period			—				—				450
Cash and cash equivalents and restricted cash at end of period		$	133			$	262			$	6,983

Schedule of Distributable Earnings

		December 31,				December 31,
(in thousands)		2025				2024
Accumulated undistributed net investment losses		$	(58,468	)		$	(54,780	)
Unrealized appreciation of portfolio securities, net			5,357				8,889
Unrealized appreciation of warrant payable			(297	)			—
Accumulated undistributed net capital gains			(6,045	)			602
Accumulated deficit		$	(59,453	)		$	(45,289	)

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details