v3.26.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Portfolio
The Company’s investment portfolio is summarized as follows as of September 30, 2026 and December 31, 2025 (in thousands):
As of September 30, 2026
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 4.4 %4.4 %
Secured
175,639 175,639 11.5 11.5 
Second lien63,206 63,206 4.1 4.1 
PIK notes17,918 17,828 1.2 1.2 
Total senior secured debt323,753 323,663 21.2 21.2 
Preferred equity80,451 82,792 5.4 5.4 
Common equity657,976 1,121,697 73.4 73.3 
Total investments$1,062,180 $1,528,152 100.0 %99.9 %
As of December 31, 2025
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 4.8 %4.7 %
Secured
175,826 175,826 12.5 12.4 
Second lien63,206 63,206 4.5 4.5 
PIK notes18,383 18,611 1.3 1.3 
Total senior secured debt324,405 324,633 23.1 22.9 
Preferred equity77,480 81,285 5.8 5.7 
Common equity627,641 998,174 71.1 70.4 
Total investments$1,029,526 $1,404,092 100.0 %99.0 %
FOOTNOTE:
(1) The amortized cost represents the original cost adjusted for return of capital, principal repayments and capitalized PIK income on the anniversary date, as applicable.
Schedule of Investment Portfolio 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 September 30, 2026 and December 31, 2025 were as follows:
IndustrySeptember 30, 2026December 31, 2025
Healthcare Supplies13.9 %14.1 %
Insurance Services12.6 12.4 
Retirement Plan Services12.0 10.9 
Commercial and Professional Services10.8 11.3 
Engineered Products10.3 10.4 
Visual Safety Solutions9.4 9.3 
Legal Services8.8 9.4 
Franchise Consulting Services8.0 8.5 
Information Services and Advisory Solutions6.9 6.0 
Real Estate Services5.0 5.2 
Hobby Goods and Supplies1.8 1.9 
Restaurant and Food0.5 0.6 
Total100.0 %100.0 %
Schedule of Investment Portfolio Operating and Balance Sheet Data The following tables present unaudited summarized operating data for the quarter and nine months ended September 30, 2026 and 2025, and summarized balance sheet data as of September 30, 2026 (unaudited) and December 31, 2025 for these portfolio companies (in thousands):
Clarion
Quarter Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Revenues$9,737 $8,499 $28,541 $23,777 
Expenses(7,763)(6,841)(22,637)(20,330)
Income before taxes1,974 1,658 5,904 3,447 
Income tax expense(532)(454)(1,598)(945)
Net income$1,442 $1,204 $4,306 $2,502 
As of September 30, 2026As of December 31, 2025
Current assets$17,058 $16,070 
Non-current assets82,006 82,914 
Current liabilities2,727 4,963 
Non-current liabilities25,034 23,524 
Stockholders’ equity71,303 70,497 
Ownership percentage(1)
94 %95 %
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 September 30,Nine Months Ended September 30,
2026202520262025
Revenues$12,485 $8,031 $34,276 $29,876 
Expenses(10,807)(7,922)(31,339)(25,571)
Income before taxes1,678 109 2,937 4,305 
Income tax expense(277)375 (540)(327)
Net income $1,401 $484 $2,397 $3,978 
As of September 30, 2026As of December 31, 2025
Current assets$16,539 $13,812 
Non-current assets108,906 109,240 
Current liabilities5,880 6,946 
Non-current liabilities18,654 18,186 
Stockholders’ equity100,911 97,920 
Ownership percentage(1)
94 %93 %
FOOTNOTE:
(1)Represents the Company’s undiluted ownership percentage as of the end of the period presented, rounded to the nearest percent.