Note 4 - Investments

6 Months Ended

Jun. 30, 2026

Note 4. Investments

The following table shows the Company’s investments as of June 30, 2026 and December 31, 2025:

	*June 30, 2026*				*December 31, 2025*
	*Cost*		*Fair Value*		*Cost*		*Fair Value*
	(In thousands)
Investments
Debt	$	682,425	$	647,999	$	602,488	$	596,025
Warrants		15,155		16,703		14,868		16,648
Other		37,962		4,037		45,258		3,444
Equity		42,110		7,757		42,655		31,127
Equity interest in RoHo Joint Venture		215		215		—		—
Total investments	$	777,867	$	676,711	$	705,269	$	647,244

The following table shows the Company’s investments by industry sector as of June 30, 2026 and December 31, 2025:

	*June 30, 2026*				*December 31, 2025*
	*Cost*		*Fair Value*		*Cost*		*Fair Value*
	(In thousands)
Life Science
Biotechnology	$	117,812	$	86,231	$	94,280	$	61,829
Medical Device		230,456		232,913		227,893		222,485
Technology
Communications		6,286		7,459		522		3,142
Consumer-Related		30,840		19,800		31,204		21,846
Data Storage		417		197		417		230
Internet and Media		329		78		329		151
Networking		364		—		364		—
Software		237,700		228,691		199,608		190,911
Sustainability
Alternative Energy		—		—		4,914		4,905
Energy Efficiency		125		15		125		9
Other Sustainability		57,406		18,223		50,321		49,315
Healthcare Information and Services
Diagnostics		12,001		10,560		11,553		11,369
Other		38,889		30,041		38,668		34,508
Software		45,027		42,288		45,071		46,544
Investment funds
RoHo Capital Opportunity Fund LLC		215		215		—		—
Total investments	$	777,867	$	676,711	$	705,269	$	647,244

RoHo Capital Opportunity LLC

On March 18, 2026, the Company and CRFH entered into the LLC Agreement to form the RoHo Joint Venture. The RoHo Joint Venture is intended to enhance the investment strategy of the Company by providing growth capital financing solutions to small and micro-cap public companies.

The Company has committed to invest up to $87.5 million in the RoHo Joint Venture and CRFH has committed to invest up to $12.5 million in the RoHo Joint Venture. Investments by each of the Company and CRFH in the RoHo Joint Venture will be made in the form of membership interests. All investments by the RoHo Joint Venture must be approved by the unanimous vote of the RoHo Joint Venture’s investment committee, which is comprised of an equal number of representatives designated by each of the Company and CRFH. Further, all other decisions regarding the management of the RoHo Joint Venture require the approval of the majority of the RoHo Joint Venture’s board of directors, which is comprised of an equal number of representatives from each of the Company and CRFH.

As of June 30, 2026, no investments were made by the RoHo Joint Venture. The following tables show certain summarized financial information for the RoHo Joint Venture as of June 30, 2026 and for the three months ended June 30, 2026 and for the period March 18, 2026 through June 30, 2026:

	June 30,
	2026
Assets
Investments in money market funds		200
Contributions receivable		430
Total assets	$	630
Liabilities
Other liabilities		630
Total liabilities		630

Commitments and contingencies

Members’ Capital
Members’ capital		—
Total members’ capital		—
Total liabilities and members’ capital	$	630


	For the three months			For the period March 18,
	ended			2026 through
	June 30, 2026
	(In thousands)
Selected Statements of Operations Information
Total investment income	$	—		$	—
Total expenses	$	430		$	430
Net investment income	$	(430	)	$	(430	)
Net decrease in net assets resulting from operations	$	(430	)	$	(430	)