During the year ended December 31, 2021, the Company invested in three portfolio companies, ATA National Title Group, LLC (“ATA”), Douglas Machines, Inc. (“Douglas”) and Clarion Safety Systems, LLC (“Clarion”), for approximately $192.8 million in aggregate.

During the year ended December 31, 2020, the Company invested in three portfolio companies, Resolution Economics, LLC (“Resolution Economics”), Blue Ridge ESOP Associates (“Blue Ridge”) and Healthcare Safety Holdings LLC (“HSH”), for approximately $64.2 million in aggregate.


	As of December 31, 2021
Asset Category	Cost		Fair Value		Fair Value Percentage of Investment Portfolio		Fair Value Percentage of Net Assets
Senior secured debt
First lien	$	116,600,000	$	116,600,000	25.6	%	23.3	%
Second lien	35,942,454		35,942,454		7.9		7.2
Total senior secured debt	152,542,454		152,542,454		33.5		30.5
Equity	235,211,231		303,454,287		66.5		60.7
Total investments	$	387,753,685	$	455,996,741	100.0	%	91.2	%


	As of December 31, 2020
Asset Category	Cost		Fair Value		Fair Value Percentage of Investment Portfolio		Fair Value Percentage of Net Assets
Senior secured debt
First lien	$	42,100,000	$	42,100,000	18.2	%	13.6	%
Second lien	35,942,454		35,942,454		15.6		11.6
Total senior secured debt	78,042,454		78,042,454		33.8		25.2
Equity	119,414,659		153,155,000		66.2		49.6
Total investments	$	197,457,113	$	231,197,454	100.0	%	74.8	%

Collectively, the Company’s debt investments accrue interest at a weighted average per annum rate of 15.3% and have weighted average remaining years to maturity of 5.1 years as of December 31, 2021. The note purchase agreements contain customary covenants and events of default. As of December 31, 2021, all of the Company’s portfolio companies were in compliance with their respective debt covenants.

The industry dispersion of the Company’s investment portfolio as a percentage of total fair value of the Company’s investments as of December 31, 2021 and 2020 were as follows:


	As of December 31,
Industry	2021		2020
Real Estate Services	17.2	%	—	%
Commercial and Professional Services	15.8		27.5
Visual Safety Solutions	15.2		—
Information Services and Advisory Solutions	12.1		22.3
Sanitation Products	11.1		—
Healthcare Supplies	10.6		18.4
Hobby Goods and Supplies	8.7		15.2
Engineered Products	2.8		10.8
Business Services	6.5		5.8
Total	100.0	%	100.0	%

All investment positions held at December 31, 2021 and 2020 were denominated in U.S. dollars and located in the United States based on their country of domicile.

The following tables present audited summarized operating data and summarized cash flow data for the years ended December 31, 2021 and 2020, and summarized balance sheet data as of December 31, 2021 and December 31, 2020 for the Company’s portfolio companies (in thousands):


	As of December 31, 2021
	Lawn Doctor		Polyform		Round-tables		HSH		ATA(1)		Douglas(2)		Clarion(3)		Other(4)
Revenues	$	35,018	$	22,297	$	13,128	$	32,918	$	59,021	$	6,099	$	676	$	118,256
Expenses	(31,749)		(20,097)		(13,276)		(30,769)		(52,494)		(19,146)		(1,857)		(127,990)
Income (loss) before taxes	3,269		2,200		(148)		2,149		6,527		(13,047)		(1,181)		(9,734)
Income tax (expense) benefit	(832)		(574)		(469)		(456)		—		2,608		341		875
Consolidated net income (loss)	2,437		1,626		(617)		1,693		6,527		(10,439)		(840)		(8,859)
Net loss attributable to non-controlling interests	107		—		—		—		—		—		—		—
Net income (loss)	$	2,544	$	1,626	$	(617)	$	1,693	$	6,527	$	(10,439)	$	(840)	$	(8,859)


	Year Ended December 31, 2020
	Lawn Doctor		Polyform		Roundtables		HSH(5)		Other(4)
Revenues	$	28,677	$	18,981	$	10,942	$	13,940	$	87,740
Expenses	(27,232)		(17,372)		(11,692)		(15,633)		(98,687)
Income (loss) before taxes	1,445		1,609		(750)		(1,693)		(10,947)
Income tax benefit	(371)		(469)		1,443		109		3,117
Consolidated net income (loss)	1,074		1,140		693		(1,584)		(7,830)
Net loss attributable to non-controlling interests	213		—		—		—		—
Net income (loss)	$	1,287	$	1,140	$	693	$	(1,584)	$	(7,830)


	As of December 31, 2021
	Lawn Doctor		Polyform		Round-tables		HSH		ATA		Douglas		Clarion		Other(4)
Current assets	$	13,926	$	9,940	$	2,043	$	14,260	$	10,029	$	13,177	$	3,084	$	64,792
Non-current assets	92,309		28,948		61,955		39,653		90,510		40,311		66,182		322,397
Current liabilities	7,961		2,290		4,738		7,341		9,002		4,159		420		41,781
Non-current liabilities	63,576		21,557		19,771		28,536		43,458		15,711		22,500		168,726
Non-controlling interest	(500)		—		—		—		—		—		—		—
Stockholders’ equity	35,198		15,041		39,489		18,036		48,079		33,618		46,346		176,682

Ownership Percentage(6)	61%		87%		81%		75%		75%		90%		99%		(7)


	As of December 31, 2020
	Lawn Doctor		Polyform		Roundtables		HSH		Other(4)
Current assets	$	8,386	$	9,692	$	4,167	$	12,684	$	51,902
Non-current assets	94,601		30,033		59,582		42,701		311,985
Current liabilities	7,670		2,461		4,407		5,733		35,927
Non-current liabilities	53,386		21,563		19,553		29,297		146,901
Non-controlling interest	(393)		—		—		—		—
Stockholders’ equity	42,324		15,701		39,789		20,355		181,059

Ownership Percentage(6)	61%		87%		81%		75%		(7)

(1)Summarized operating data presented for ATA is for the period from April 1, 2021 (the date the Company acquired its investments in ATA) to December 31, 2021.

(2)Summarized operating data presented for Douglas are for the period from October 7, 2021 (the date the Company acquired its investments in Douglas) to December 31, 2021.

(3)Summarized operating data presented for Clarion are for the period from December 9, 2021 (the date the Company acquired its investments in Clarion) to December 31, 2021.

(4)Includes aggregate summarized operating data for the Company’s co-investments in which the Company owns a minority equity interest (Milton, Resolution Economics and Blue Ridge) for the periods presented unless otherwise noted. December 31, 2021 and 2020 summarized operating data for Resolution Economics is for the period from December 1, 2020 to November 30, 2021 and from January 2, 2020 (the date the Company acquired its investments in Resolution Economics) to November 30, 2020 (reported on a one-month lag basis), respectively. December 31, 2020 summarized operating data for Blue Ridge is for the period from March 24, 2020 (the date the Company acquired its investments in Blue Ridge) to December 31, 2020.

(5)Summarized operating data presented for HSH is for the period from July 16, 2020 (the date the Company acquired its investments in HSH) to December 31, 2020.