Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Balance Sheets

v3.25.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Investments at fair value: $ 1,177,507 [1] $ 1,092,895 [2]
Cash and cash equivalents 28,375 30,786
Interest and dividend receivable 11,925 10,541
Receivable for securities sold 141 171
Deferred financing costs (net of accumulated amortization of $6,449 and $4,168 as of December 31, 2024 and 2023, respectively) 1,985 3,416
Prepaids and other assets 4,113 2,091
Deferred tax asset, net 625 0
Total assets 1,224,671 1,139,900
LIABILITIES    
Debt 565,141 484,843
Accounts payable and other liabilities 4,723 255
Payable for securities purchased 0 206
Interest payable 6,909 6,266
Dividend payable 14,487 14,019
Management and incentive fees payable 8,508 8,745
Deferred tax liability, net 0 3,259
Total liabilities 599,768 517,593
Commitments and contingencies (Note I)
NET ASSETS    
Common stock, $0.001 par value per share (450,000,000 shares authorized; 40,240,358 and 40,054,433 shares issued and outstanding as of December 31, 2024 and 2023, respectively) [3] 40 40
Additional paid‑in capital [3] 689,580 686,176
Total overdistributed earnings [3] (64,717) (63,909)
Total net assets [3] 624,903 622,307
Total liabilities and net assets [3] $ 1,224,671 $ 1,139,900
NET ASSET VALUE PER SHARE (in dollars per share) [3] $ 15.53 $ 15.54
Unsecured Debt | Series A Notes    
LIABILITIES    
Debt $ 149,453 $ 149,155
Revolving Credit Facility | Line of Credit    
LIABILITIES    
Debt 415,688 335,688
Control investments    
ASSETS    
Investments at fair value: 69,878 [1],[4] 53,644 [2],[5]
Affiliate investments    
ASSETS    
Investments at fair value: 351,360 [1],[6] 291,279 [2],[7]
Non‑Control/Non‑Affiliate investments    
ASSETS    
Investments at fair value: $ 756,269 [1],[8] $ 747,972 [2],[9]
[1] Investment fair value was determined using significant unobservable inputs, unless otherwise noted. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
[2] Investment fair value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments—Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
[3] As discussed in Note A.3 - Reverse Stock Split, the Company completed a two-for-one reverse stock split, effective as of December 16, 2024.
[4] Control investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
[5] Control investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
[6] Affiliate investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.
[7] Affiliate investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.
[8] Non-Control/Non-Affiliate investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.
[9] Non-Control/Non-Affiliate investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.