Note 11 – Investments at fair value and at cost

The Company holds investments at fair value and at cost.

Investments at fair value:

The hierarchy of Level 1, Level 2 and Level 3 Assets at fair value are listed as follows:

 Schedule of hierarchy of level 1 assets

Mentor Capital, Inc.

Notes to Consolidated Financial Statements

December 31, 2025 and 2024

The amortized costs, gross unrealized holding gains and losses, and fair values of the Company’s investment securities classified as equity securities at December 31, 2025 consisted of the following:

 Schedule of Investment Securities at Fair Value

The portion of unrealized gains and losses for the period related to equity securities still held at the reporting date is calculated as follows:

 Schedule of portion of unrealized gains and losses related to equity securities

Gold position held at cost:

On March 17, 2025, the Company purchased a 3 (three) kilogram gold position for $295,328, and on July 17, 2025, the Company purchased a 2 (two) kilogram gold position for $221,018. The Company holds gold bullion as part of its integrated investment strategy to profit from trading in gold, gold-backed securities, and potential futures trading. Initially, the gold purchase helped preserve capital and hedge against inflationary risks. Gold bullion is classified as an indefinite-lived nonfinancial asset and is accounted for under a cost model.

Gold bullion is initially recorded at acquisition cost and subsequently measured at the lower of cost or net realizable value. The Company evaluates the carrying value of gold bullion for impairment on a periodic basis and recognizes losses when the market value declines below cost. Any such impairment losses are recognized in earnings and are not reversed for subsequent recoveries in value.

As of December 31, 2025 and 2024, the carrying value of gold bullion was $516,346 and $0, respectively. The estimated fair value of gold bullion, based on quoted market prices for gold, was approximately $683,527 as of December 31, 2025. The Company did not recognize any impairment losses related to gold bullion during the year ended December 31, 2025.

NeuCourt investment held at cost:

The Company holds investments in NeuCourt, Inc. (“NeuCourt”) at cost totaling $104,431. The investment is comprised of (i) 105,130 warrants, held at cost at $675, (ii) 500,000 shares, held at cost at $10,000, and (iii) a Simple Agreement for Future Equity (“SAFE”) held at cost at $93,756. See Note 7.