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Consolidated Statements of Assets and Liabilities (unaudited) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
ASSETS    
Total investments, at fair value $ 856,914 $ 719,124
Cash and cash equivalents 40,411 169,417
Interest receivable 11,643 8,231
Prepaid expenses and other assets 780 413
Total assets 909,748 897,185
LIABILITIES    
SBA debentures, net of deferred financing costs (Note 6) 128,803 103,978
Notes, net of deferred financing costs (Note 6) 245,847 245,016
Borrowings under Credit Facility, net of deferred financing costs (Note 6) (1,455) (595)
Secured borrowings 16,995 17,637
Accrued interest and fees payable 3,043 4,668
Base management fee payable, net of base management fee waiver - due to affiliate 3,687 3,135
Income incentive fee payable - due to affiliate 3,047 2,622
Capital gains incentive fee payable - due to affiliate 22,498 29,227
Administration fee payable and other - due to affiliate 559 668
Dividends payable 10,508  
Taxes (receivable) payable 315 2,410
Accounts payable and other liabilities 1,514 655
Total liabilities 435,361 409,421
Commitments and contingencies (Note 7)
NET ASSETS    
Common stock, $0.001 par value (100,000,000 shares authorized, 24,437,400 and 24,437,400 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively) 24 24
Additional paid-in capital 361,807 361,807
Total distributable earnings 112,556 125,933
Total net assets 474,387 487,764
Total liabilities and net assets $ 909,748 $ 897,185
Net asset value per common share $ 19.41 $ 19.96
Control Investments    
ASSETS    
Total investments, at fair value [1],[2],[3],[4],[5]   $ 2,151
Affiliate Investments    
ASSETS    
Total investments, at fair value $ 95,575 [6],[7],[8],[9],[10] 137,284 [1],[3],[4],[5],[11]
Non-control/Non-affiliate Investments    
ASSETS    
Total investments, at fair value $ 761,339 [6],[7],[9],[10] $ 579,689 [1],[3],[4],[5]
[1] All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted.
[2] As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and “Control” this portfolio company because it owns 25% or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are detailed in Note 3 to the consolidated financial statements.
[3] Equity ownership may be held in shares or units of companies related to the portfolio companies.
[4] Except as otherwise noted, the Company’s investment portfolio is comprised of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the board of directors, using significant unobservable Level 3 inputs.
[5] See Note 3 to the consolidated financial statements for portfolio composition by geographic location.
[6] Equity ownership may be held in shares or units of companies related to the portfolio companies.
[7] All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted.
[8] As defined in the 1940 Act, the Company is deemed to be an "Affiliated Person" of this portfolio company because it owns 5% or more of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was an Affiliated Person are detailed in Note 3 to the consolidated financial statements.
[9] Except as otherwise noted, the Company’s investment portfolio is comprised of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the board of directors, using significant unobservable Level 3 inputs.
[10] See Note 3 to the consolidated financial statements for portfolio composition by geographic location.
[11] As defined in the 1940 Act, the Company is deemed to be an "Affiliated Person" of this portfolio company because it owns 5% or more of the portfolio company's outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was an Affiliated Person are detailed in Note 3 to the consolidated financial statements.