v3.26.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Investments, cost $ 2,500,365 $ 2,424,280
Restricted cash 18,349 12,933
Foreign currencies, cost $ 18,490 $ 14,922
Common stock par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 150,000,000 150,000,000
Common stock, shares issued (in shares) 104,706,884 104,706,884
Common stock, shares outstanding (in shares) 104,706,884 104,706,884
Credit Support Agreements    
Derivate asset, cost $ 1,329 $ 44,400
Non-Control / Non-Affiliate investments    
Investments, cost 1,961,345 1,951,962
Affiliate investments    
Investments, cost 442,257 386,190
Control investments    
Investments, cost $ 96,763 $ 86,128 [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.