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Consolidated Statements of Assets and Liabilities (unaudited) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
ASSETS    
Investment Owned, Fair Value $ 957,906 [1],[2],[3],[4] $ 860,329 [5],[6],[7],[8]
Cash and cash equivalents 119,131 62,350
Interest receivable 11,965 11,826
Prepaid expenses and other assets 1,896 1,455
Total assets 1,090,898 935,960
LIABILITIES    
SBA debentures, net of deferred financing costs (Note 6) 204,472 148,476
Notes, net of deferred financing costs (Note 6) 247,243 246,128
Borrowings under Credit Facility, net of deferred financing costs (Note 6) (1,082) (1,380)
Secured borrowings 15,880 16,880
Accrued interest and fees payable 5,924 4,747
Base management fee payable, net of base management fee waiver - due to affiliate 4,151 3,769
Income incentive fee payable - due to affiliate 4,570 3,035
Capital gains incentive fee payable - due to affiliate 17,509 22,659
Administration fee payable and other - due to affiliate 789 576
Taxes payable 1,227 9,937
Accounts payable and other liabilities 741 790
Total liabilities 501,424 455,617
Commitments and contingencies (Note 7)
NET ASSETS    
Common stock, $0.001 par value (100,000,000 shares authorized, 30,438,979 and 24,727,788 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively) 31 25
Additional paid-in capital 504,298 395,916
Total distributable earnings 85,145 84,402
Total net assets 589,474 480,343
Total liabilities and net assets $ 1,090,898 $ 935,960
Net asset value per common share [9] $ 19.37 $ 19.43
Affiliate Investments    
ASSETS    
Investment Owned, Fair Value $ 83,876 $ 101,590
Non-control/Non-affiliate Investments    
ASSETS    
Investment Owned, Fair Value $ 874,030 $ 758,739
[1]

(a) See Note 3 to the consolidated financial statements for portfolio composition by geographic location.
[2]

(b) Equity ownership may be held in shares or units of companies related to the portfolio companies.
[3]

(c) All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted.
[4]

(g) 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]

(a) See Note 3 to the consolidated financial statements for portfolio composition by geographic location.
[6]

(b) Equity ownership may be held in shares or units of companies related to the portfolio companies.
[7]

(c) All debt investments are income producing, unless otherwise indicated.

Equity investments are non-income producing unless otherwise noted.
[8]

(g) 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.
[9] Net asset value per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low sales prices. The net asset values shown are based on outstanding shares at the end of each period.