PIAC 10-K & 10-Q changes, risk factors and insider trading
Princeton Capital Corp. · OTC · CIK 845385 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
Removed heading “We identified a material weakness in our internal control over financial reporting related to a failure to verify material information from an unconsolidated significant subsidiary as included in the Company’s Notes to Financial Statements, which has been remediated. If we fail to develop and maintain an effective system of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable laws and regulations could be impaired.”
Largest changes
“We cannot assure you that the measures we have taken to date, and actions we may take in the future, will be sufficient to remediate the control deficiencies that led to our material weakness in our internal control over financial reporting or that they will prevent or avoid potential future material weaknesses. Our current controls and any new controls that we develop may become inadequate because of changes in conditions in our business. Further, weaknesses in our disclosure controls and internal control over financial reporting may be discovered in the future. …”see in full comparison
“We identified a material weakness in our internal control over financial reporting related to a failure to verify material information from an unconsolidated significant subsidiary as included in the Company’s Notes to Financial Statements, which has been remediated. If we fail to develop and maintain an effective system of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable laws and regulations could be impaired.”see in full comparison
“Subsequent to the filing of the Company’s Form 10-K for the fiscal year ended December 31, 2023, we identified a material weakness in our internal control over financial reporting related to a failure to verify material information from an unconsolidated significant subsidiary as included in the Company’s Notes to Financial Statements. …”see in full comparison
“Management, including our Interim Chief Executive Officer and Chief Financial Officer, has performed testing to verify the effective design and successful operating effectiveness of the new or enhanced controls, and concluded that the previously disclosed material weakness has been remediated as of the date of this Annual Report.”see in full comparison
Full comparison: every changed paragraph (10)
- 1515 - -
- 1515 - - We
have discretion to make follow-on investments, subject to the availability of capital resources. Failure on our part to make follow-on
investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may
result in a missed opportunity for us to increase our participation in a successful operation. Even if we have sufficient capital to
make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our level of
risk, because we prefer other opportunities or because we are inhibited by compliance with BDC requirements of the 1940 Act or the desire
to maintain our qualification as a RIC. Our ability to make follow-on investments may also be limited by House Hanover’s allocation
policy.
- 1616 - - Additionally, certain loans that we may make to portfolio companies may be secured on a second priority basis by the same collateral securing senior secured debt of such companies. The first priority liens on the collateral will secure the portfolio company’s obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the portfolio company under the agreements governing the loans. The holders of obligations secured by first priority liens on the collateral will generally control the liquidation of, and be entitled to receive proceeds from, any realization of the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of all of the collateral would be sufficient to satisfy the loan obligations secured by the second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds were not sufficient to repay amounts outstanding under the loan obligations secured by the second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the portfolio company’s remaining assets, if any.
- 1616 - -
- 1717 - - Rule 15g-4 prohibits broker-dealers from completing penny stock transactions for a customer unless the broker-dealer first discloses to the customer the amount of compensation or other remuneration received as a result of the penny stock transaction.
- 1717 - -
We
identified a material weakness in our internal control over financial reporting related to a failure to verify material information from
an unconsolidated significant subsidiary as included in the Company’s Notes to Financial Statements, which has been remediated.
If we fail to develop and maintain an effective system of disclosure controls and internal control over financial reporting, our ability
to produce timely and accurate financial statements or comply with applicable laws and regulations could be impaired.
Subsequent
to the filing of the Company’s Form 10-K for the fiscal year ended December 31, 2023, we identified a material weakness in our
internal control over financial reporting related to a failure to verify material information from an unconsolidated significant subsidiary
as included in the Company’s Notes to Financial Statements. A material weakness is a deficiency, or combination of deficiencies,
in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual
or interim financial statements will not be prevented or detected on a timely basis. To remediate the material weakness, the Company
has implemented proper procedures at all levels, including hired outside administrators, to properly review and verify information from
our unconsolidated significant subsidiaries in order to ensure proper disclosure for the Notes to Financial Statements.
Management,
including our Interim Chief Executive Officer and Chief Financial Officer, has performed testing to verify the effective design and successful
operating effectiveness of the new or enhanced controls, and concluded that the previously disclosed material weakness has been remediated
as of the date of this Annual Report.
We
cannot assure you that the measures we have taken to date, and actions we may take in the future, will be sufficient to remediate the
control deficiencies that led to our material weakness in our internal control over financial reporting or that they will prevent or
avoid potential future material weaknesses. Our current controls and any new controls that we develop may become inadequate because of
changes in conditions in our business. Further, weaknesses in our disclosure controls and internal control over financial reporting may
be discovered in the future. If we are unable to further implement and maintain effective internal control over financial reporting or
disclosure controls and procedures, our ability to record, process and report financial information accurately, and to prepare financial
statements within required time periods could be adversely affected, which could subject us to litigation or investigations requiring
management resources and payment of legal and other expenses, negatively affect investor confidence in our financial statements and adversely
impact our stock price. In addition, any failure to develop or maintain effective controls or any difficulties encountered in their implementation
or improvement could harm our operating results or cause us to fail to meet our reporting obligations and may result in a restatement
of our financial statements for prior periods. If we are unable to assert that our internal control over financial reporting is effective,
investors may lose confidence in the accuracy and completeness of our financial reports, the market price of our common stock could be
adversely affected and we could become subject to litigation or investigations by the SEC or other regulatory authorities, which could
require additional financial and management resources.
Management's Discussion & Analysis (MD&A)
New heading “Comparison of the Years Ended December 31, 2025, 2024, and 2023”
Removed heading “Comparison of the Years Ended December 31, 2024, 2023, and 2022”
Largest changes
“Comparison of the Years Ended December 31, 2024, 2023, and 2022”see in full comparison
“- 2828 - - Net change in unrealized gain (loss) on investments totaled a loss of $(5,172,924) for the year ended December 31, 2024 primarily in connection with unrealized losses of $(7,320,698), $(2,357,078) and $(899,594) on Performance Alloys, Inc., Rockfish Seafood Grill, Inc., and Advantis Certified Staffing Solutions, Inc., respectively, and partially offset by gains of $4,226,523, $1,342,750 on Integrated Medical Partners, LLC and Dominion Medical Management.”see in full comparison
Net change in unrealized gain (loss) on investments totaled asee in full comparisongainloss of$3,057,582$(5,172,924) for the year ended December 31,20222024 primarily in connection with unrealizedgainslosses of$5,227,735,$(7,320,698),$1,945,866$(2,357,078) and $(899,894) on Performance Alloys,Inc.Inc., Rockfish Seafood Grill, Inc., andGreatAdvantisValueCertifiedStorage,StaffingLLCSolutions,Inc,Inc., respectively, and partially offset byunrealized lossesgains of$1,725,445,$4,226,523$1,585,512and $1,342,750 onRockfishIntegratedHoldings,Medical Partners, LLC andRockfishDominionSeafoodMedicalGrill,Management,Inc.Inc., respectively.
“Total net operating expenses decreased from $2,333,141 for the year ended December 31, 2022 to $1,599,326 for the year ended December 31, 2023. The decrease is primarily due to a decrease in management, audit and legal expense and to a lesser extent insurance and valuation expense. The decrease was minimally offset by an increase in other general and administrative expenses.”see in full comparison
“Net change in unrealized gain (loss) on investments totaled a loss of $(994,274) for the year ended December 31, 2023 primarily in connection with unrealized losses of $(1,075,753) and $(831,927) on Performance Alloys, Inc. and Rockfish Seafood Grill, Inc., respectively, and partially offset by unrealized gains of $1,079,494 on Advantis Certified Staffing Solutions, Inc.”see in full comparison
Full comparison: every changed paragraph (30)
At December 31, 2025, our weighted average yield based upon cost of our portfolio investments was approximately 6.66% of which approximately 6.66% is current cash interest. At December 31, 2024, our weighted average yield based upon cost of our portfolio investments was approximately 12.04% of which approximately 9.40% is current cash interest.
At
December 31, 2024, our weighted average yield based upon cost of our portfolio investments was approximately 12.04% of which approximately
9.40% is current cash interest. At December 31, 2023, our weighted average yield based upon cost of our portfolio investments was approximately
11.86% of which approximately 10.23% is current cash interest.
- 2525 - - The
primary portfolio investment activities for the year ended December 31, 20242025 are as follows:
- 2424 - -
- 2525 - - The
following table shows the investment rankings of our debt investments at fair value as of December 31, 20242025 and December 31, 20232024:
We
will not accrue interest on loans and debt securities if we have reason to doubt our ability to collect such interest. As of December
31, 2024,2025, we had 34 loans on non-accrual status. As of December 31, 2023,2024, we had 3 loans on non-accrual status.status
We
generate revenue in the form of interest income
on debt investments and capital gains and distributions, if any, on investment securities
that we may acquire in portfolio companies.
Our debt investments typically have a term of five to seven years and bear interest at a
fixed or floating rate. Interest on our debt
securities is generally payable quarterly. Payments of principal on our debt investments
may be amortized over the stated term of the
investment, deferred for several years or due entirely at maturity. In some cases, our debt
investments may pay interest in-kind, or PIK.
Any outstanding principal amount of our debt securities and any accrued but unpaid interest
will generally become due at the maturity
date. The level of interest income we receive is directly related to the balance of interest-bearing
investments multiplied by the weighted
average yield of our investments. We expect that the dollar amount of interest and any dividend
income that we earn to increase as the
size of our investment portfolio increases. In addition, we may generate revenue in the form of
prepayment fees, commitment, loan origination,
structuring or due diligence fees, fees for providing managerial assistance and possibly
consulting fees. These fees will be reorganized recognized
as they are earned.
Comparison
of the Years Ended December 31, 2024, 2023, and 2022
Comparison of the Years Ended December 31, 2025, 2024, and 2023
- 2828 - -
Total net operating expenses decreasedincreased from $1,599,326$1,524,538
for the year ended December 31, 20232024 to $1,524,538$1,914,782 for the year ended December 31, 2024.2025. The decreaseincrease is primarily due to abad decreasedebt expense
as well as an increase in
management, legalaudit, insurance and insuranceother expense.professional fees. The decreaseincrease was minimally offset by ana increasedecrease inmanagement, administrative expenses legal
and other professional
fees.general and administrative expenses.
Total net operating expenses per share increased from 0.013 per share for the year ended December 31, 2024 to 0.016 for the year ended December 31, 2025.
Total net operating expenses decreased from $1,599,326 for the year ended December 31, 2023 to $1,524,538 for the year ended December 31, 2024. The decrease is primarily due to a decrease in management, legal and insurance expense. The decrease was minimally offset by an increase administrative expenses and other professional fees.
Total net operating expenses decreased from $2,333,141
for the year ended December 31, 2022 to $1,599,326 for the year ended December 31, 2023. The decrease is primarily due to a decrease in
management, audit and legal expense and to a lesser extent insurance and valuation expense. The decrease was minimally offset by an increase
in other general and administrative expenses.
Total net operating expenses per share decreased
from $0.020 per share for the year ended December 31, 2022 to $0.013 per share for the year ended December 31, 2023.
Net
investment income (loss) (after tax) decreased
increased from $816,574 for the year ended December 31, 2023 to $(138,637) for the year ended December 31, 2024.2024 to $(1,768,941) for the year ended
December 31, 2025. This decreaseincrease is primarily due
to an increase in bad debt expense and a decrease in interest income for the year ended
December 31, 20242025 and to a lesser extent increases in administration, audit,audit and other
professionalinsurance fees.expenses.
Net investment income (loss) (after tax) per share increased from $(0.001) per share for the year ended December 31, 2024 to $(0.015) per share for the year ended December 31, 2025.
Net investment income (loss) (after tax) decreased from $816,574 for the year ended December 31, 2023 to $(138,637) for the year ended December 31, 2024. This decrease is primarily due to a decrease in interest income for the year ended December 31, 2024 and to a lesser extent increases in administration, audit, and other professional fees..
Net investment income (loss) (after tax) increased
from $(778,954) for the year ended December 31, 2022 to $ 816,574 for the year ended December 31, 2023. This increase is primarily due
to an increase in interest income for the year ended December 31, 2023 that was greater than the decreases in management, audit, legal,
insurance and valuation expenses.
Net investment income (loss) (after tax) per share
increased from $(0.006) per share for the year ended December 31, 2022 to $0.007 per share for the year ended December 31, 2023.
For the year ended December 31, 2025, we did not recognize any realized gain (loss).
For the year ended December 31, 2022, we recognized
net realized gain of $4,368,297.
- 2828 - - Net change in unrealized gain (loss) on investments
totaled a loss of $(5,172,924) for the year ended December 31, 2024 primarily in connection with unrealized losses of $(7,320,698), $(2,357,078)
and $(899,594) on Performance Alloys, Inc., Rockfish Seafood Grill, Inc., and Advantis Certified Staffing Solutions, Inc., respectively,
and partially offset by gains of $4,226,523, $1,342,750 on Integrated Medical Partners, LLC and Dominion Medical Management.
Net
change in unrealized gain (loss) on investments
totaled a loss of $(994,2745,011,324) for the year ended December 31, 20232025 primarily in connection
with unrealized losses of $(1,075,7532,078,190), $(2,316,606), $(494,677) and $(831,927121,851)
on Performance Alloys, Inc.Inc., Rockfish Seafood Grill,
Inc., PCC SBH Sub and RockfishAdvantis Holdings, LLC, respectively, and partially offset by unrealized gains of $1,079,494 on Advantis
Certified Staffing Solutions, Inc.Inc., respectively.
Net change in unrealized gain (loss) on investments
totaled a gainloss of $3,057,582$(5,172,924) for the year ended December 31, 20222024 primarily in connection with unrealized gainslosses of $5,227,735,$(7,320,698), $1,945,866$(2,357,078)
and $(899,894) on Performance Alloys, Inc.Inc., Rockfish Seafood Grill, Inc., and GreatAdvantis ValueCertified Storage,Staffing LLCSolutions, Inc,Inc., respectively,
and partially offset by unrealized lossesgains of $1,725,445,$4,226,523 $1,585,512
and $1,342,750 on RockfishIntegrated Holdings,Medical Partners, LLC and RockfishDominion SeafoodMedical Grill,Management, Inc.Inc.,
respectively.
Net change in unrealized gain (loss) on investments totaled a loss of $(994,274) for the year ended December 31, 2023 primarily in connection with unrealized losses of $(1,075,753) and $(831,927) on Performance Alloys, Inc. and Rockfish Seafood Grill, Inc., respectively, and partially offset by unrealized gains of $1,079,494 on Advantis Certified Staffing Solutions, Inc.
- 2929 - -
For the fiscal year ended December 31, 2025, no dividends were declared or distributed to stockholders.
For the fiscal year ended December 31, 2023, no
dividends were declared or distributed to stockholders.
Management
fees under the House Hanover Investment
Advisory Agreement for the years ended December 31, 2025 2024 and 2023 and 2022 were $257,384,$184,133, $257,384
and $317,546 and $339,328,, respectively. As of December
31, 20242025 and 2023,2024, management fees of $55,286$135,373 and $78,889,$55,286 , respectively, were payable to
House Hanover.
What changed in the latest 10-Q
Risk Factors
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.
No wording changes found in this section.
Full comparison: every changed paragraph (0)
Management's Discussion & Analysis (MD&A)
New heading “Comparison of the Six Months Ended June 30, 2026 and June 30, 2025”
New heading “Operating Expenses”
New heading “Net Investment Loss after tax”
New heading “Net Realized Loss”
New heading “Net Change in Unrealized Gain (Loss)”
Largest changes
“Comparison of the Six Months Ended June 30, 2026 and June 30, 2025”see in full comparison
“On July 30, 2026, the Eighth District Court of Appeals of Texas (the “Appellate Court”) entered judgment in favor of the Company in connection with a lawsuit that the Company filed to enforce a guaranty agreement related to its former investment in Lone Star Brewery Development, Inc. The Appellate Court awarded judgment in the principal amount of $90,537, together with prejudgment and post-judgment interest and attorney’s fees to be determined by the trial court.”see in full comparison
Full comparison: every changed paragraph (39)
On
November 15, 2019, our Board announced that the Company has initiated a strategic review process to identify, examine, and consider a
range of strategic alternatives available to the Company, including but not limited to, (i) selling the Company’s assets to a business
development company or other potential buyer, (ii) merging with another business development company, (iii) liquidating the Company’s
assets in accordance with a plan of liquidation, (iv) raising additional funds for the Company, or (v) otherwise entering into another
business combination, with the objective of maximizing stockholder value. As of MarchJune 31,30, 2026 and through the date of filing this Quarterly
Report, the Company has not entered into any agreements regarding any strategic alternative.
- 33333434 - - At
MarchJune 31,30, 2026, the Company had investments in 4 portfolio companies. The total cost and fair value of the total investments were approximately
$34.1 million and $13.9$13.8 million, respectively. The composition of our investments by asset class as of MarchJune 31,30, 2026 is as follows:
At
MarchJune 31,30, 2026, our weighted average yield of our portfolio investments, based upon cost and excluding non-yielding assets, was approximately
18.53%10.02% of which approximately 18.53%10.02% is current cash interest, all bearing a fixed rate of interest except for one debt investment bearing
interest at a variable rate. At December 31, 2025, our weighted average yield
based upon cost of our portfolio investments was approximately
6.66% of which approximately 6.66% is current cash interest.
At
MarchJune 31,30, 2026 and December 31, 2025, we held no United States Treasury securities. United States Treasury securities may be purchased
and temporarily held in connection with complying with RIC diversification requirements under Subchapter M of the Code.
The
following table shows the investment ratings of our debt investments at fair value as of MarchJune 31,30, 2026 and December 31, 2025:
- 3636 - -
We
will not accrue interest on loans and debt securities if we have reason to doubt our ability to collect such interest. As of MarchJune 31,30,
2026, we had 32 loans on non-accrual status. As of December 31, 2025, we had 4 loans on non-accrual status.
- 3535 - -
Comparison
of the Three months Ended MarchJune 31,30, 2026 and MarchJune 31,30, 2025
Total
net operating expenses decreased from $420,352$362,541 for the three months ended MarchJune 31,30, 2025 to $350,723$305,995 for the three months ended MarchJune 30,
31, 2026. The decrease is primarily due to a decrease in management fees, administration fees, audit fees and legal fees for the three
months ended
June March 31,30, 2026.
Total
operating expenses per share remained the same from $0.003 per share for the three months ended MarchJune 31,30, 2025 to $0.003 per share for
the three months ended MarchJune 31,30, 2026.
Net
investment loss (after tax) decreasedincreased from a loss of $(348,404335,694) for the three months ended MarchJune 31,30, 2025 to lossa gain of $(277,432)$39,686 for the
three months ended MarchJune 31,30, 2026. This decreaseincrease in lossgain was primarily due to a decreaseincrease in expensesinterest explained above.income.
Net
investment loss (after tax) per share decreasedincreased from $(0.003) to $(0.002)$0.000 for the three months ended MarchJune 31,30, 2025 and 2026, respectively.
For
the three months ended MarchJune 31,30, 2026 and 2025, we did not recognize a realized gain or loss.
Net
change in unrealized loss on investments totaled a loss of $(355,047103,374) for the three months ended MarchJune 31,30, 2026 primarily in connection
by losses of $(281,067365,835), $(243,88999,685) and $(22,1557,745) on Performance Alloys, Inc., Advantis Certified Staffing Solutions, Inc., Performance Alloys, Inc., PCC SBH Sub,
Inc. and, respectively offset by a gain of $192,064$369,598 for Rockfish Seafood Grill, Inc.
Net
change in unrealized loss on investments totaled a loss of $(1,701,765178,885) for the three months ended MarchJune 31,30, 2025 primarily in connection
by losses of $(1,179,891), $(129,643120,118) and $(421,875295,816) on Rockfish Seafood Grill, Inc.,Inc. and PCC SBH Sub, Inc.Inc., andrespectively offset by gains of $280,977
for Performance Alloys, LLC,
respectively.Inc.
Comparison of the Six Months Ended June 30, 2026 and June 30, 2025
- 3939 - -
Operating Expenses
Total net operating expenses decreased from $782,893 for the six months ended June 30, 2025 to $656,718 for the six months ended June 30, 2026. The decrease is primarily due to a decrease in management fees, administration fees, audit fees and legal fees for the six months ended June 30, 2026.
Total operating expenses per share decreased from $0.007 per share for the six months ended June 30, 2025 to $0.005 per share for the six months ended June 30, 2026.
Net Investment Loss after tax
Net investment loss (after tax) decreased from loss of $(684,098) for the six months ended June 30, 2025 to a loss of $(237,860) for the six months ended June 30, 2026. This increase in income was primarily due to a increase in total investment income explained above.
Net investment loss (after tax) per share decreased from $(0.006) to $(0.002) for the six months ended June 30, 2025 and 2026, respectively.
Net Realized Loss
We measure realized losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized.
For the six months ended June 30, 2026 and 2025, we did not recognize a realized gain or loss.
Net Change in Unrealized Gain (Loss)
Net change in unrealized gain (loss) primarily reflects the change in portfolio investment values during the reporting period, including the reversal of previously recorded appreciation or depreciation when gains or losses are realized.
Net change in unrealized loss on investments totaled a loss of $(458,421) for the six months ended June 30, 2026 primarily in connection by losses of $(609,724), $(380,752) and $(29,607) on Performance Alloys, Inc., Advantis Certified Staffing Solutions, Inc., PCC SBH Sub, Inc. and, respectively offset by a gain of $561,662 for Rockfish Seafood Grill, Inc.
Net change in unrealized gain (loss) on investments totaled a loss of $(1,880,650) for the six months ended June 30, 2025 primarily in connection with loss of $(1,300,009), $(425,459) and $(140,898) from Rockfish Seafood Grill. Inc., PCC SBH Sub, Inc., and Performance Alloys, Inc., respectively.
As
of MarchJune 31,30, 2026, we had $212,531$431,210 in cash and cash equivalents and $5,000 in restricted cash, and our net assets totaled $13,630,522.$13,566,720.
We believe that our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations for at least
the next twelve months.
As
of MarchJune 31,30, 2026, we did not have any contractual obligations that would trigger the tabular disclosure of contractual obligations under
Section 303(a)(5) of Regulation S-K.
For
the threesix months ended MarchJune 31,30, 2026 and 2025, no dividends have been declared or distributed to stockholders.
Management
fees earned by House Hanover for the three and six months
ended June 30, 2026 were $34,205 and $72,365, respectively. Management fees earned by House Hanover for the three and six months ended
June March 31, 2026 and March 31,30, 2025 were $38,160$46,815 and $48,760,$95,575, respectively.
As
of MarchJune 31,30, 2026 and December 31, 2025, management fees of $173,533$207,738 and $135,373, respectively, were payable to House Hanover.
House
Hanover is entitled to reimbursement of expenses under the House
Hanover Investment Advisory Agreement for administrative services performed
for the Company. Administration fees were $64,875,$89,875, and $64,875 $107,025
for the three months ended MarchJune 31,30, 2026 and 2025, respectively, as shown
on the Statements of Operations under administration fees. AsAdministration
fees ofwere March$179,750, 31,and $214,049 for the six months ended June 30, 2026 and December2025, 31, 2025 there were $259,500 and $194,625,
respectively, as shown on the Statements of Operations
under administration fees owed to House Hanover, as shown on the Statements of Assets and Liabilities under Due to affiliates. As of June
30, 2026 and December 31, 2025 there were $324,375 and $194,625, respectively, of administration fees owed to House Hanover, as shown
on the Statements of Assets and Liabilities under Due to affiliates.
On July 30, 2026, the Eighth District Court of Appeals of Texas (the “Appellate Court”) entered judgment in favor of the Company in connection with a lawsuit that the Company filed to enforce a guaranty agreement related to its former investment in Lone Star Brewery Development, Inc. The Appellate Court awarded judgment in the principal amount of $90,537, together with prejudgment and post-judgment interest and attorney’s fees to be determined by the trial court.
SubsequentOther than the above and subsequent
to the period ended MarchJune 31,30, 2026 and through the date of this filing, there was no portfolio activity or other events to report.
PIAC insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 0 filings. Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
No Form 4 stock transactions in this period.
Well-known investors holding PIAC (13F)
None of the 59 investors we track reported a position in their latest 13F.