v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets:    
Total investments at fair value $ 2,458,590 $ 2,398,524
Cash (restricted cash of $18,349 and $12,933 as of June 30, 2026 and December 31, 2025, respectively) 51,402 51,891
Foreign currencies (cost of $18,490 and $14,922 as of June 30, 2026 and December 31, 2025, respectively) 18,490 14,889
Interest and fees receivable 38,228 41,415
Prepaid expenses and other assets 700 981
Deferred financing fees 7,797 8,681
Receivable from unsettled transactions 6,413 55,987
Total assets 2,584,211 2,636,383
Liabilities:    
Accounts payable and accrued liabilities 4,760 7,379
Interest payable 16,276 18,451
Administrative fees payable 333 381
Base management fees payable 7,928 8,562
Incentive management fees payable 4,959 7,019
Payable from unsettled transactions 2,151 183
Borrowings under credit facility 277,226 226,786
Notes payable (net of deferred financing fees) 1,117,489 1,203,321
Total liabilities 1,438,325 1,475,701
Commitments and contingencies (Note 7)
Net Assets:    
Common stock, $0.001 par value per share (150,000,000 shares authorized, 104,706,884 shares issued and outstanding as of both June 30, 2026 and December 31, 2025) 104 104
Additional paid-in capital 1,864,163 1,862,834
Total distributable earnings (loss) (718,381) (702,256)
Total net assets 1,145,886 1,160,682
Total liabilities and net assets $ 2,584,211 $ 2,636,383
Net asset value per share (in dollars per share) $ 10.94 $ 11.09
Credit Support Agreements    
Assets:    
Derivative assets $ 1,329 $ 60,500
Foreign Exchange Contract    
Assets:    
Derivative assets 1,262 3,515
Liabilities:    
Derivative liabilities 7,203 3,619
Non-Control / Non-Affiliate investments    
Assets:    
Total investments at fair value 1,920,431 1,916,364
Affiliate investments    
Assets:    
Total investments at fair value 449,768 399,183
Control investments    
Assets:    
Total investments at fair value $ 88,391 $ 82,977 [1]
[1] As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2025 in which the portfolio company is deemed to be a “Control Investment” of the Company were as follows:
December 31, 2024
Value		Gross Additions
(a)		Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)December 31, 2025
Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio CompanyType of Investment
Black Angus Steakhouses, LLC(d)
First Lien Senior Secured Term Loan (14.4% PIK)(e)
$2,744 $— $(610)$(7,481)$5,347 $— $(6)
First Lien Senior Secured Term Loan (10.0% PIK)(e)
— — — (9,628)9,628 — — 
LLC Units (44.6 units)
— — — — — — — 
2,744 — (610)(17,109)14,975 — (6)
MVC Automotive Group GmbH(d)
First Lien Senior Secured Term Loan (7.0% Cash)
— 2,338 (2,341)3 — — 85 
Common Equity Interest (18,000 Shares)
13,741 4,000 — — (3,598)14,143 — 
13,741 6,338 (2,341)3 (3,598)14,143 85 
MVC Private Equity Fund LP
General Partnership Interest
(1,831.4 units)
— — — (183)183 — — 
Limited Partnership Interest
(71,790.4 units)
11 — (116)(7,166)7,271 — — 
11 — (116)(7,349)7,454 — — 
Security Holdings B.V(d)
Bridge Loan (5.0% PIK)
6,655 342 — — — 6,997 342 
Revolver (6.0% Cash)
5,333 165 (3)2 728 6,225 379 
Senior Unsecured Term Loan (6.0% Cash, 9.0% PIK)
2,293 299 — — 317 2,909 474 
Senior Subordinated Term Loan (3.1% PIK)
11,191 374 — — — 11,565 360 
Common Stock Series A (17,100 shares)
399 — — — 37 436 — 
Common Stock Series B (1,236 shares)
37,296 — — — 3,406 40,702 2,817 
63,167 1,180 (3)2 4,488 68,834 4,372 
Total Control Investments$79,663 $7,518 $(3,070)$(24,453)$23,319 $82,977 $4,451 
(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(c)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Control category.
(d) The fair value of the investment was determined using significant unobservable inputs.
(e) Non-accrual investment.