v3.25.2
Investments
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
In January 2025, the Company made an additional equity investment in Madison Retirement Holdings TopCo, LLC (“MAP”) of $4.0 million to purchase the equity interests of a minority shareholder of the portfolio company.
In February 2025, the Company made an additional equity investment in Clarion Safety Systems, LLC (“Clarion”) of approximately $13.5 million for Clarion’s acquisition of McLoone Metal Graphics. Founded in 1954 and headquartered in La Crosse, WI, McLoone manufactures metal nameplates and ID plates and flexible labels utilized by Original Equipment Manufacturers and other suppliers in a variety of end markets. McLoone’s products complement Clarion’s products and services for its customers’ industrial safety needs.
In April 2025, the Company made an additional investment in LOCI Topco Limited (“LBR”) of approximately $25.8 million to partially finance the merger of LBR and ALM Global LLC (“ALM”). ALM was founded in 1979 and is headquartered in New York, New York. Through its leading Law.com platform, ALM offers a global legal newsroom for professionals utilizing proprietary data intelligence, expert analysis and industry insights serving both the practice and business of law. ALM, in combination with LBR, creates a newly formed group uniquely positioned to serve clients globally by combining ALM’s deep U.S. market penetration with LBR’s strong U.K. and global presence.
In June 2025, the Company acquired an approximately 91% indirect equity ownership interest in International Franchise Professionals Group (“IFPG”). Our total investment of approximately $113.5 million in IFPG is comprised of an indirect common equity investment of $90.5 million and a concurrent debt investment of $23.0 million. IFPG is a membership-based organization serving more than 1,300 franchise professionals. As one of the largest member networks and marketplaces dedicated to the franchise industry, IFPG’s customer community is made up of franchisors, franchise consultants and vendors who help potential candidates through the process of identifying and investing in a franchise business.
In June 2025, the Company made an additional equity investment in Milton Industries Inc (“Milton”) of approximately $2.3 million.
The Company’s investment portfolio is summarized as follows as of June 30, 2025 and December 31, 2024 (in thousands):
 As of June 30, 2025
Asset Category
Amortized Cost(1)
Fair ValueFair Value
Percentage of
Investment
Portfolio		Fair Value
Percentage of
Net Assets
Senior secured debt
First lien$89,990 $89,990 6.6 %6.9 %
Secured
148,452 148,452 10.9 11.2 
Second lien76,718 76,718 5.6 5.8 
PIK notes18,282 18,855 1.4 1.4 
Total senior secured debt333,442 334,015 24.5 25.3 
Equity
Preferred73,112 78,338 5.8 5.9 
Common647,900 950,238 69.7 72.0 
Total equity721,012 1,028,576 75.5 77.9 
Total investments$1,054,454 $1,362,591 100.0 %103.2 %
 As of December 31, 2024
Asset Category
Amortized Cost(1)
Fair ValueFair Value
Percentage of
Investment
Portfolio		Fair Value
Percentage of
Net Assets
Senior secured debt
First lien$66,990 $66,990 5.9 %5.4 %
Secured
148,576 148,576 13.0 12.1 
Second lien76,718 76,718 6.7 6.2 
Total senior secured debt292,284 292,284 25.6 23.7 
Equity
Preferred62,070 61,155 5.4 5.0 
Common538,586 787,420 69.0 64.0 
Total equity600,656 848,575 74.4 69.0 
Total investments$892,940 $1,140,859 100.0 %92.7 %
FOOTNOTE:
(1) The amortized cost represents the original cost adjusted for PIK interest and dividends.
Collectively, the Company’s debt investments accrue interest at a weighted average per annum rate of 14.0% and have weighted average remaining years to maturity of 4.4 years as of June 30, 2025. The note purchase agreements contain customary covenants and events of default. As of June 30, 2025, all of the Company’s portfolio companies were in compliance with their respective debt covenants. As of June 30, 2025 and December 31, 2024, none of the Company’s debt investments were on non-accrual status.
The industry dispersion of the Company’s portfolio company investments, based on fair value, as of June 30, 2025 and December 31, 2024 were as follows:
IndustryJune 30, 2025December 31, 2024
Healthcare Supplies14.1 %17.0 %
Commercial and Professional Services11.3 13.0 
Insurance Services(1)
11.2 — 
Engineered Products10.6 12.4 
Retirement Plan Services9.4 10.1 
Legal Services(2)
9.3 — 
Visual Safety Solutions8.7 7.9 
Franchise Consulting Services8.3 — 
Information Services and Advisory Solutions5.9 12.2 
Real Estate Services5.4 6.3 
Sanitation Products3.7 4.7 
Hobby Goods and Supplies2.1 2.5 
Business Services— 13.9 
Total100.0 %100.0 %
FOOTNOTE:
(1)Included in Business Services industry as of December 31, 2024. The Company disaggregated this category as of June 30, 2025.
(2)Included in Business Services and Information Services and Advisory Solutions industries as of December 31, 2024. The Company disaggregated these categories as of June 30, 2025.
Summarized Portfolio Company Financial Information
The Company had two significant portfolio companies in which it owned a controlling equity interest during the quarter and six months ended June 30, 2025 and 2024. The following tables present unaudited summarized operating data for the quarter and six months ended June 30, 2025 and 2024, and summarized balance sheet data as of June 30, 2025 (unaudited) and December 31, 2024 for these portfolio companies (in thousands):
Clarion
Quarter Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Revenues$8,764 $4,164 $15,278 $8,557 
Expenses(7,122)(3,463)(13,489)(7,106)
Income before taxes1,642 701 1,789 1,451 
Income tax expense(450)(197)(491)(405)
Net income$1,192 $504 $1,298 $1,046 
As of June 30, 2025As of December 31, 2024
Current assets$13,057 $7,124 
Non-current assets83,546 74,214 
Current liabilities2,283 2,551 
Non-current liabilities22,921 22,680 
Stockholders’ equity71,399 56,107 
Ownership percentage(1)
95 %96 %
FOOTNOTE:
(1)Represents the Company’s undiluted ownership percentage as of the end of the period presented, rounded to the nearest percent.
Sill
Quarter Ended June 30,Six Months Ended June 30,
2025202420252024
Revenues$10,663 $4,572 $21,845 $8,245 
Expenses(9,365)(5,446)(17,649)(9,669)
Income (loss) before taxes1,298 (874)4,196 (1,424)
Income tax (expense) benefit(78)(253)(702)680 
Net income (loss)$1,220 $(1,127)$3,494 $(744)
As of June 30, 2025As of December 31, 2024
Current assets$14,846 $12,039 
Non-current assets106,603 107,938 
Current liabilities4,449 5,585 
Non-current liabilities19,359 18,908 
Stockholders’ equity97,641 95,484 
Ownership percentage(1)
93 %93 %
FOOTNOTE:
(1)Represents the Company’s undiluted ownership percentage as of the end of the period presented, rounded to the nearest percent.