The Company made an additional equity investment in ATA of approximately $1.1 million in February 2022 and an additional equity investment of approximately $4.0 million in Clarion in June 2022.

In May 2022, the Company, through a wholly-owned subsidiary, acquired an approximate 84% equity ownership interest in Vektek Holdings, LLC (“Vektek”) for consideration of approximately $56.9 million, subject to certain post-closing adjustments (the “Acquisition”). Additionally, on the closing date of the Acquisition, the Company, through a wholly-owned subsidiary, made a debt investment of approximately $24.4 million in the form of a senior secured note issued by Vektek.


	As of June 30, 2022
Asset Category	Cost		Fair Value		Fair Value Percentage of Investment Portfolio		Fair Value Percentage of Net Assets
Senior secured debt
First lien	$	101,600	$	101,600	18.2	%	17.4	%
Second lien	75,342		75,342		13.4		12.9
Total senior secured debt	176,942		176,942		31.6		30.3
Equity	297,025		382,552		68.4		65.6
Total investments	$	473,967	$	559,494	100.0	%	95.9	%


	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	$	116,600	25.6	%	23.3	%
Second lien	35,942		35,942		7.9		7.2
Total senior secured debt	152,542		152,542		33.5		30.5
Equity	235,212		303,455		66.5		60.7
Total investments	$	387,754	$	455,997	100.0	%	91.2	%

Collectively, the Company’s debt investments accrue interest at a weighted average per annum rate of 15.2% and have weighted average remaining years to maturity of 5.0 years as of June 30, 2022. The note purchase agreements contain customary covenants and events of default. As of June 30, 2022, 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 June 30, 2022 and December 31, 2021 were as follows:


Industry	June 30, 2022		December 31, 2021
Engineered Products	17.3	%	2.8	%
Real Estate Services	14.2		17.2
Commercial and Professional Services	13.5		15.8
Visual Safety Solutions	13.9		15.2
Information Services and Advisory Solutions	10.2		12.1
Healthcare Supplies	9.3		10.6
Sanitation Products	8.7		11.1
Hobby Goods and Supplies	6.9		8.7
Business Services	6.0		6.5
Total	100.0	%	100.0	%

All investment positions held at June 30, 2022 and December 31, 2021 were denominated in U.S. dollars and located in the United States based on their country of domicile.

The following tables present unaudited summarized operating data for the Company’s portfolio companies in which it owned a controlling equity interest during the quarter and six months ended June 30, 2022 and 2021, and summarized balance sheet data as of June 30, 2022 (unaudited) and December 31, 2021, as applicable (in thousands):


	Quarter Ended June 30, 2022
	Lawn Doctor		Polyform		Roundtables		HSH		ATA		Douglas		Clarion		Vektek(1)
Revenues	$	11,882	$	7,642	$	3,895	$	8,260	$	17,214	$	8,047	$	2,814	$	5,415
Expenses	(10,404)		(6,205)		(3,359)		(8,059)		(15,607)		(6,883)		(3,210)		(6,552)
Income before taxes	1,478		1,437		536		201		1,607		1,164		(396)		(1,137)
Income tax expense	(352)		(410)		(35)		(128)		—		(285)		115		(8)
Consolidated net income	1,126		1,027		501		73		1,607		879		(281)		(1,145)
Net loss attributable to non-controlling interests	(6)		—		—		—		—		—		—		—
Net income	$	1,120	$	1,027	$	501	$	73	$	1,607	$	879	$	(281)	$	(1,145)


	Quarter Ended June 30, 2021
	Lawn Doctor		Polyform		Roundtables		HSH		ATA
Revenues	$	10,995	$	4,732	$	3,368	$	8,167	$	20,033
Expenses	(9,478)		(4,400)		(3,104)		(7,622)		(16,049)
Income before taxes	1,517		332		264		545		3,984
Income tax expense	(388)		(95)		(57)		(120)		—
Consolidated net income	1,129		237		207		425		3,984
Net loss attributable to non-controlling interests	13		—		—		—		—
Net income	$	1,142	$	237	$	207	$	425	$	3,984


	Six Months Ended June 30, 2022
	Lawn Doctor		Polyform		Roundtables		HSH		ATA		Douglas		Clarion		Vektek(1)
Revenues	$	21,546	$	13,465	$	7,438	$	17,866	$	31,372	$	13,446	$	6,433	$	5,415
Expenses	(19,272)		(11,596)		(7,083)		(16,826)		(31,181)		(12,707)		(6,043)		(6,552)
Income (loss) before taxes	2,274		1,869		355		1,040		191		739		390		(1,137)
Income tax (expense) benefit	(555)		(534)		8		(313)		—		(181)		(113)		(8)
Consolidated net income (loss)	1,719		1,335		363		727		191		558		277		(1,145)
Net loss attributable to non-controlling interests	33		—		—		—		—		—		—		—
Net income (loss)	$	1,752	$	1,335	$	363	$	727	$	191	$	558	$	277	$	(1,145)


	Six Months Ended June 30, 2021
	Lawn Doctor		Polyform		Roundtables		HSH		ATA(2)
Revenues	$	19,789	$	11,525	$	6,220	$	16,130	$	20,033
Expenses	(17,456)		(9,712)		(6,075)		(15,157)		(16,049)
Income before taxes	2,333		1,813		145		973		3,984
Income tax expense	(612)		(518)		(31)		(214)		—
Consolidated net income	1,721		1,295		114		759		3,984
Net loss attributable to non-controlling interests	88		—		—		—		—
Net income	$	1,809	$	1,295	$	114	$	759	$	3,984


	As of June 30, 2022
	Lawn Doctor			Polyform			Roundtables			HSH			ATA			Douglas			Clarion			Vektek
Current assets	$	10,736		$	11,484		$	8,166		$	12,868		$	7,308		$	13,412		$	3,122		$	13,106
Non-current assets	90,316			28,093			60,799			37,651			90,854			35,829			70,282			104,828
Current liabilities	6,730			2,419			10,326			4,698			6,798			4,954			406			2,386
Non-current liabilities	63,461			21,490			19,777			28,643			44,262			15,393			22,500			49,191
Non-controlling interests	(533)			—			—			—			—			—			—			—
Stockholders’ equity	31,394			15,668			38,862			17,178			47,102			28,894			50,498			66,357
Ownership percentage(3)	61		%	87		%	81		%	75		%	75		%	90		%	98		%	84		%


	As of December 31, 2021
	Lawn Doctor			Polyform			Roundtables			HSH			ATA			Douglas			Clarion
Current assets	$	13,926		$	9,940		$	2,043		$	14,260		$	10,029		$	13,177		$	3,084
Non-current assets	92,309			28,948			61,955			39,653			90,510			40,311			66,182
Current liabilities	7,961			2,290			4,738			7,341			9,002			4,159			420
Non-current liabilities	63,576			21,557			19,771			28,536			43,458			15,711			22,500
Non-controlling interests	(500)			—			—			—			—			—			—
Stockholders’ equity	35,198			15,041			39,489			18,036			48,079			33,618			46,346
Ownership percentage(3)	61		%	87		%	81		%	75		%	75		%	90		%	99		%

(1)Results presented for the quarter and six months ended June 30, 2022 are for the period from May 6, 2022 (the date the Company acquired its investments in Vektek) to June 30, 2022.

(2)Results presented for the six months ended June 30, 2021 are for the period from April 1, 2021 (the date the Company acquired its investments in ATA) to June 30, 2021.