The Company made an additional equity investment in ATA of approximately $1.1 million in February 2022, an additional equity investment of approximately $4.0 million in Clarion in June 2022 and an additional equity investment in Blue Ridge of approximately $2.9 million in August 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.

In August 2022, the Company began investing in short-term U.S. Treasury Bills. As of September 30, 2022, the U.S. Treasury Bills held by the Company were scheduled to mature within 30 days.

The Company’s investment portfolio is summarized as follows as of September 30, 2022 and December 31, 2021 (in thousands):


	As of September 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	16.1	%	15.8	%
Second lien	75,342		75,342		11.9		11.7
Total senior secured debt	176,942		176,942		28.0		27.5
Equity	299,959		395,984		62.6		61.6
U.S. Treasury Bills	60,067		60,075		9.4		9.4
Total investments	$	536,968	$	633,001	100.0	%	98.5	%


	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 4.9 years as of September 30, 2022. The note purchase agreements contain customary covenants and events of default. As of September 30, 2022, all of the Company’s portfolio companies were in compliance with their respective debt covenants.

As of September 30, 2022 and December 31, 2021, none of the Company’s debt investments were on non-accrual status.

The industry dispersion of the Company’s portfolio company investments, based on fair value, as of September 30, 2022 and December 31, 2021 were as follows:


Industry	September 30, 2022		December 31, 2021
Engineered Products	17.3	%	2.8	%
Commercial and Professional Services	13.6		15.8
Real Estate Services	13.3		17.2
Visual Safety Solutions	13.1		15.2
Information Services and Advisory Solutions	10.3		12.1
Healthcare Supplies	9.7		10.6
Sanitation Products	8.8		11.1
Hobby Goods and Supplies	7.2		8.7
Business Services	6.7		6.5
Total	100.0	%	100.0	%

All investment positions held at September 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 Company had one significant portfolio company in which it owned a controlling equity interest during the quarter and nine months ended September 30, 2022 and 2021. The following tables present unaudited summarized operating data for the quarter and nine months ended September 30, 2022 and 2021, and summarized balance sheet data as of September 30, 2022 (unaudited) and December 31, 2021 for this portfolio company (in thousands):


	Quarter Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenues	$	8,414	$	7,927	$	29,960	$	27,716
Expenses	(7,252)		(7,318)		(26,524)		(24,774)
Income before taxes	1,162		609		3,436		2,942
Income tax expense	(287)		(16)		(842)		(628)
Consolidated net income	875		593		2,594		2,314
Net (income) loss attributable to non-controlling interests	(15)		3		18		91
Net income	$	860	$	596	$	2,612	$	2,405


	As of September 30, 2022			As of December 31, 2021
Current assets	$	12,145		$	13,926
Non-current assets	89,293			92,309
Current liabilities	6,925			7,961
Non-current liabilities	62,777			63,576
Non-controlling interests	(518)			(500)
Stockholders’ equity	32,254			35,198
Ownership percentage(1)	61		%	61		%