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Investments (Tables)
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary of Investment Portfolio
The Company’s investment portfolio is summarized as follows as of September 30, 2025 and December 31, 2024 (in thousands):
 As of September 30, 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 5.0 %4.8 %
Secured
171,389 171,389 12.7 12.5 
Second lien62,402 62,402 4.6 4.6 
PIK notes18,830 19,012 1.4 1.4 
Total senior secured debt319,611 319,793 23.7 23.3 
Equity
Preferred74,812 78,416 5.8 5.7 
Common617,861 953,881 70.5 69.6 
Total equity692,673 1,032,297 76.3 75.3 
Total investments$1,012,284 $1,352,090 100.0 %98.6 %
 As of December 31, 2024
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 5.9 %5.4 %
Secured
148,576 148,576 13.0 12.1 
Second lien76,718 76,718 6.7 6.2 
Total senior secured debt292,284 292,284 25.6 23.7 
Equity
Preferred62,070 61,155 5.4 5.0 
Common538,586 787,420 69.0 64.0 
Total equity600,656 848,575 74.4 69.0 
Total investments$892,940 $1,140,859 100.0 %92.7 %
FOOTNOTE:
(1) The amortized cost represents the original cost adjusted for PIK interest and dividends.
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, 2025 and December 31, 2024 were as follows:
IndustrySeptember 30, 2025December 31, 2024
Healthcare Supplies14.5 %17.0 %
Insurance Services(1)
12.0 — 
Commercial and Professional Services11.5 13.0 
Engineered Products10.3 12.4 
Retirement Plan Services10.3 10.1 
Legal Services(2)
9.5 — 
Visual Safety Solutions9.3 7.9 
Franchise Consulting Services8.4 — 
Information Services and Advisory Solutions6.2 12.2 
Real Estate Services5.4 6.3 
Hobby Goods and Supplies2.0 2.5 
Restaurant and Food0.6 — 
Business Services— 13.9 
Sanitation Products— 4.7 
Total100.0 %100.0 %
FOOTNOTE:
(1)Included in Business Services industry as of December 31, 2024. The Company disaggregated this category as of September 30, 2025.
(2)Included in Business Services and Information Services and Advisory Solutions industries as of December 31, 2024. The Company disaggregated these categories as of September 30, 2025.
Summary of Operating and Balance Sheet Data The following tables present unaudited summarized operating data for the quarter and nine months ended September 30, 2025 and 2024, and summarized balance sheet data as of September 30, 2025 (unaudited) and December 31, 2024 for these portfolio companies (in thousands):
Clarion
Quarter Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Revenues$8,499 $4,063 $23,777 $12,620 
Expenses(6,841)(3,710)(20,330)(10,816)
Income before taxes1,658 353 3,447 1,804 
Income tax expense(454)(98)(945)(503)
Net income$1,204 $255 $2,502 $1,301 
As of September 30, 2025As of December 31, 2024
Current assets$14,094 $7,124 
Non-current assets83,202 74,214 
Current liabilities2,571 2,551 
Non-current liabilities22,895 22,680 
Stockholders’ equity71,830 56,107 
Ownership percentage(1)
95 %96 %
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,
2025202420252024
Revenues$8,031 $6,391 $29,876 $14,636 
Expenses(7,922)(5,846)(25,571)(15,515)
Income (loss) before taxes109 545 4,305 (879)
Income tax benefit (expense)375 (1,718)(327)(1,038)
Net income (loss)$484 $(1,173)$3,978 $(1,917)
As of September 30, 2025As of December 31, 2024
Current assets$12,086 $12,039 
Non-current assets106,032 107,938 
Current liabilities3,957 5,585 
Non-current liabilities19,255 18,908 
Stockholders’ equity94,906 95,484 
Ownership percentage(1)
93 %93 %
FOOTNOTE:
(1)Represents the Company’s undiluted ownership percentage as of the end of the period presented, rounded to the nearest percent.