| Summary of Investment Portfolio |
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 Value | | Fair 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 lien | 76,718 | | | 76,718 | | | 5.6 | | | 5.8 | | | PIK notes | 18,282 | | | 18,855 | | | 1.4 | | | 1.4 | | | Total senior secured debt | 333,442 | | | 334,015 | | | 24.5 | | | 25.3 | | | Equity | | | | | | | | | Preferred | 73,112 | | | 78,338 | | | 5.8 | | | 5.9 | | | Common | 647,900 | | | 950,238 | | | 69.7 | | | 72.0 | | | Total equity | 721,012 | | | 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 Value | | Fair 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 lien | 76,718 | | | 76,718 | | | 6.7 | | | 6.2 | | | Total senior secured debt | 292,284 | | | 292,284 | | | 25.6 | | | 23.7 | | | Equity | | | | | | | | | Preferred | 62,070 | | | 61,155 | | | 5.4 | | | 5.0 | | | Common | 538,586 | | | 787,420 | | | 69.0 | | | 64.0 | | | Total equity | 600,656 | | | 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.
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| Industry and Geographic Dispersion of Investment Portfolio as Percentage of Total Fair Value of Investments |
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: | | | | | | | | | | | | | Industry | June 30, 2025 | | December 31, 2024 | | Healthcare Supplies | 14.1 | % | | 17.0 | % | | Commercial and Professional Services | 11.3 | | | 13.0 | | Insurance Services(1) | 11.2 | | | — | | | Engineered Products | 10.6 | | | 12.4 | | | Retirement Plan Services | 9.4 | | | 10.1 | | Legal Services(2) | 9.3 | | | — | | | Visual Safety Solutions | 8.7 | | | 7.9 | | | Franchise Consulting Services | 8.3 | | | — | | | Information Services and Advisory Solutions | 5.9 | | | 12.2 | | | Real Estate Services | 5.4 | | | 6.3 | | | Sanitation Products | 3.7 | | | 4.7 | | | Hobby Goods and Supplies | 2.1 | | | 2.5 | | | Business Services | — | | | 13.9 | | | Total | 100.0 | % | | 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.
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| Summary of Operating and Balance Sheet Data |
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, | | 2025 | | 2024 | | 2025 | | 2024 | | Revenues | $ | 8,764 | | | $ | 4,164 | | | $ | 15,278 | | | $ | 8,557 | | | Expenses | (7,122) | | | (3,463) | | | (13,489) | | | (7,106) | | | Income before taxes | 1,642 | | | 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, 2025 | | As of December 31, 2024 | | Current assets | | $ | 13,057 | | | $ | 7,124 | | | Non-current assets | | 83,546 | | | 74,214 | | | Current liabilities | | 2,283 | | | 2,551 | | | Non-current liabilities | | 22,921 | | | 22,680 | | | | | | | | Stockholders’ equity | | 71,399 | | | 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, | | 2025 | | 2024 | | 2025 | | 2024 | | Revenues | $ | 10,663 | | | $ | 4,572 | | | $ | 21,845 | | | $ | 8,245 | | | Expenses | (9,365) | | | (5,446) | | | (17,649) | | | (9,669) | | | Income (loss) before taxes | 1,298 | | | (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, 2025 | | As of December 31, 2024 | | Current assets | | $ | 14,846 | | | $ | 12,039 | | | Non-current assets | | 106,603 | | | 107,938 | | | Current liabilities | | 4,449 | | | 5,585 | | | Non-current liabilities | | 19,359 | | | 18,908 | | | Stockholders’ equity | | 97,641 | | | 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.
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