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Consolidated Statements of Assets and Liabilities (unaudited) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
ASSETS    
Investment Owned, Fair Value $ 1,090,675 [1],[2],[3],[4] $ 957,906 [5],[6],[7],[8]
Cash and cash equivalents 54,443 119,131
Interest receivable 14,317 11,965
Prepaid expenses and other assets 1,618 1,896
Total assets 1,161,053 1,090,898
LIABILITIES    
SBA debentures, net of deferred financing costs (Note 6) 170,472 204,472
Notes, net of deferred financing costs (Note 6) 248,081 247,243
Borrowings under Credit Facility, net of deferred financing costs (Note 6) 38,853 (1,082)
Secured borrowings 14,025 15,880
Accrued interest and fees payable 3,544 5,924
Base management fee payable, net of base management fee waiver - due to affiliate 4,784 4,151
Income incentive fee payable - due to affiliate 5,059 4,570
Capital gains incentive fee payable - due to affiliate 14,914 17,509
Administration fee payable and other - due to affiliate 619 789
Taxes payable 751 1,227
Accounts payable and other liabilities 1,190 741
Total liabilities 502,292 501,424
Commitments and contingencies (Note 7)
NET ASSETS    
Common stock, $0.001 par value (100,000,000 shares authorized, 33,914,652 and 30,438,979 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively) 34 31
Additional paid-in capital 572,159 504,298
Total distributable earnings 86,568 85,145
Total net assets 658,761 589,474
Total liabilities and net assets $ 1,161,053 $ 1,090,898
Net asset value per common share $ 19.42 $ 19.37
Affiliate Investments    
ASSETS    
Investment Owned, Fair Value $ 85,827 $ 83,876
Non-control/Non-affiliate Investments    
ASSETS    
Investment Owned, Fair Value $ 1,004,848 $ 874,030
[1] All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted.
[2] Equity ownership may be held in shares or units of companies related to the portfolio companies. The Company’s investments are generally classified as “restricted securities”, unless otherwise noted, as such term is defined under Regulation S-X Rule 6-03(f) or Securities Act Rule 144. As of September 30, 2024, the Company held restricted securities with an aggregate fair value of $1,090,675, or 166% of the Company's net assets.
[3] 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.
[4] See Note 3 to the consolidated financial statements for portfolio composition by geographic location.
[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.