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Consolidated Statements of Assets and Liabilities (unaudited) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
ASSETS    
Investment Owned, Fair Value $ 1,154,408 [1],[2],[3],[4] $ 1,090,506 [5],[6],[7],[8]
Cash and cash equivalents 67,478 57,159
Interest receivable 18,404 15,119
Proceeds receivable from stock offering 701  
Prepaid expenses and other assets 991 1,328
Total assets 1,241,982 1,164,112
LIABILITIES    
SBA debentures, net of deferred financing costs (Note 6) 175,870 168,899
Notes, net of deferred financing costs (Note 6) 345,557 248,362
Borrowings under Credit Facility, net of deferred financing costs (Note 6) (948) 43,954
Secured borrowings 13,601 13,674
Accrued interest and fees payable 3,573 5,784
Base management fee payable, net of base management fee waiver - due to affiliate 4,863 4,805
Income incentive fee payable - due to affiliate 4,594 4,477
Capital gains incentive fee payable - due to affiliate 14,990 14,703
Administration fee payable and other - due to affiliate 295 919
Taxes payable 325 1,850
Accounts payable and other liabilities 1,332 1,019
Total liabilities 564,052 508,446
Commitments and contingencies (Note 7)
NET ASSETS    
Common stock, $0.001 par value (100,000,000 shares authorized, 34,970,709 and 33,914,652 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively) 35 34
Additional paid-in capital 588,519 567,159
Total distributable earnings 89,376 88,473
Total net assets 677,930 655,666
Total liabilities and net assets $ 1,241,982 $ 1,164,112
Net asset value per common share $ 19.39 $ 19.33
Affiliate Investments    
ASSETS    
Investment Owned, Fair Value $ 91,066 $ 102,024
Non-control/Non-affiliate Investments    
ASSETS    
Investment Owned, Fair Value $ 1,063,342 $ 988,482
[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 March 31, 2025, the Company held restricted securities with an aggregate fair value of $1,154,408, or 170% 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. 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.
[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.