XML 8 R2.htm IDEA: XBRL DOCUMENT v3.25.3
Consolidated Statements of Assets and Liabilities (unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Investment Owned, Fair Value $ 1,192,748 [1],[2],[3],[4] $ 1,090,506 [5],[6],[7],[8]
Cash and cash equivalents 62,324 57,159
Interest receivable 20,489 15,119
Proceeds receivable from stock offering 681  
Prepaid expenses and other assets 1,506 1,328
Total assets 1,277,748 1,164,112
LIABILITIES    
SBA debentures (net of $6,028 and $6,101, respectively, of unamortized deferred financing costs) 184,972 168,899
Notes (net of $3,489 and $1,638, respectively, of unamortized deferred financing costs) 321,511 248,362
Revolving Credit Facility (net of $749 and $1,046, respectively, of unamortized deferred financing costs) 14,251 43,954
Secured borrowings 12,816 13,674
Accrued interest and fees payable 3,703 5,784
Base management fee payable, net of base management fee waiver - due to affiliate 5,195 4,805
Income incentive fee payable - due to affiliate 4,371 4,477
Capital gains incentive fee payable - due to affiliate 16,675 14,703
Administration fee payable and other - due to affiliate 929 919
Taxes payable 746 1,850
Accounts payable and other liabilities 1,545 1,019
Total liabilities 566,714 508,446
Commitments and contingencies (Note 7)
NET ASSETS    
Common stock, $0.001 par value (100,000,000 shares authorized, 36,347,868 and 33,914,652 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively) 36 34
Additional paid-in capital 616,949 567,159
Total distributable earnings 94,049 88,473
Total net assets 711,034 655,666
Total liabilities and net assets $ 1,277,748 $ 1,164,112
Net asset value per common share $ 19.56 $ 19.33
Affiliate Investments    
ASSETS    
Investment Owned, Fair Value $ 97,305 [1],[2],[3],[4],[9],[10] $ 102,024 [5],[6],[7],[8],[11]
Non-control/Non-affiliate Investments    
ASSETS    
Investment Owned, Fair Value $ 1,095,443 [1],[2],[3],[4] $ 988,482 [5],[6],[7],[8]
[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 September 30, 2025, the Company held restricted securities with an aggregate fair value of $1,192,748, or 168% 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]

(i) The disclosed commitment represents the unfunded amount as of September 30, 2025. The Company is earning 0.50% interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate which will be earned if the commitment is funded.
[10]

(l) 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.
[11]

(l) 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.