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Consolidated Statements of Assets and Liabilities (unaudited) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Investment Owned, Fair Value $ 1,090,506 [1],[2],[3],[4] $ 957,906 [5],[6],[7],[8]
Cash and cash equivalents 57,159 119,131
Interest receivable 15,119 11,965
Prepaid expenses and other assets 1,328 1,896
Total assets 1,164,112 1,090,898
LIABILITIES    
SBA debentures, net of deferred financing costs (Note 6) 168,899 204,472
Notes, net of deferred financing costs (Note 6) 248,362 247,243
Borrowings under Credit Facility, net of deferred financing costs (Note 6) 43,954 (1,082)
Secured borrowings 13,674 15,880
Accrued interest and fees payable 5,784 5,924
Base management fee payable, net of base management fee waiver - due to affiliate 4,805 4,151
Income incentive fee payable - due to affiliate 4,477 4,570
Capital gains incentive fee payable - due to affiliate 14,703 17,509
Administration fee payable and other - due to affiliate 919 789
Taxes payable 1,850 1,227
Accounts payable and other liabilities 1,019 741
Total liabilities 508,446 501,424
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 December 31, 2024 and December 31, 2023, respectively) 34 31
Additional paid-in capital 567,159 504,087
Total distributable earnings 88,473 85,356
Total net assets 655,666 589,474
Total liabilities and net assets $ 1,164,112 $ 1,090,898
Net asset value per common share [9] $ 19.33 $ 19.37
Affiliate Investments    
ASSETS    
Investment Owned, Fair Value $ 102,024 $ 83,876
Non-control/Non-affiliate Investments    
ASSETS    
Investment Owned, Fair Value $ 988,482 $ 874,030
[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. 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 December 31, 2024, the Company held restricted securities with an aggregate fair value of $1,090,506, or 166% of the Company's net assets.
[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.