v3.25.4
Consolidated Statements of Assets and Liabilities - USD ($)
Nov. 30, 2025
Feb. 28, 2025
Investments at fair value    
Investments at fair value [3] $ 1,015,950,344 [1],[2] $ 978,077,750 [4],[5]
Cash and cash equivalents 52,298,401 148,218,491
Cash and cash equivalents, reserve accounts 117,259,809 56,505,433
Interest receivable (net of reserve of $284,909 and $210,319, respectively) 8,901,870 7,477,468
Management fee receivable 271,377 314,193
Other assets 2,280,150 950,522
Total assets 1,196,961,951 1,191,543,857
LIABILITIES    
Revolving credit facilities 70,000,000 52,500,000
Base management and incentive fees payable 6,882,202 6,230,944
Deferred tax liability 4,504,561 4,889,329
Accounts payable and accrued expenses 2,146,045 1,676,335
Interest and debt fees payable 4,593,369 3,909,517
Directors fees payable 5,500
Due to Manager 939,362 349,189
Total liabilities 783,755,039 798,878,389
Commitments and contingencies (See Note 9)
NET ASSETS    
Common stock, par value $0.001, 100,000,000 common shares authorized, 16,145,398 and 15,183,078 common shares issued and outstanding, respectively 16,145 15,183
Capital in excess of par value 437,092,856 412,913,597
Total distributable deficit (23,902,089) (20,263,312)
Total net assets 413,206,912 392,665,468
Total liabilities and net assets $ 1,196,961,951 $ 1,191,543,857
NET ASSET VALUE PER SHARE (in Dollars per share) $ 25.59 $ 25.86
Debentures payable    
LIABILITIES    
Deferred debt financing costs $ (3,439,476) $ (4,041,026)
Notes Payable 170,000,000 170,000,000
8.75% Notes Payable 2025    
LIABILITIES    
Deferred debt financing costs (374)
Notes Payable 20,000,000
Discount on notes payable (9,055)
7.00% Notes Payable 2025    
LIABILITIES    
Notes Payable   12,000,000
Discount on notes payable   (68,589)
Payable from open trades   (8,345)
7.75% Notes Payable 2025    
LIABILITIES    
Deferred debt financing costs   (19,685)
Notes Payable   5,000,000
4.375% Notes Payable 2026    
LIABILITIES    
Deferred debt financing costs (230,825) (865,593)
Notes Payable 175,000,000 175,000,000
Premium on 4.375% notes payable 2026 81,250 287,848
4.35% Notes Payable 2027    
LIABILITIES    
Deferred debt financing costs (429,312) (688,786)
Notes Payable 75,000,000 75,000,000
Discount on notes payable (128,414) (213,424)
6.25% Notes Payable 2027    
LIABILITIES    
Deferred debt financing costs (148,421) (202,144)
Notes Payable 15,000,000 15,000,000
6.00% Notes Payable 2027    
LIABILITIES    
Deferred debt financing costs (996,455) (1,524,089)
Notes Payable 105,500,000 105,500,000
Discount on notes payable (58,331) (87,295)
8.00% Notes Payable 2027    
LIABILITIES    
Deferred debt financing costs (666,068) (927,484)
Notes Payable 46,000,000 46,000,000
8.125% Notes Payable 2027    
LIABILITIES    
Deferred debt financing costs (849,319) (1,156,234)
Notes Payable 60,375,000 60,375,000
8.50% Notes Payable 2028    
LIABILITIES    
Deferred debt financing costs (966,562) (1,273,134)
Notes Payable 57,500,000 57,500,000
Non-control/Non-affiliate investments    
Investments at fair value    
Investments at fair value 921,123,120 897,660,110
Affiliate investments    
Investments at fair value    
Investments at fair value 52,298,789 40,547,432
Control investments    
Investments at fair value    
Investments at fair value 42,528,435 39,870,208
Revolving credit facilities    
LIABILITIES    
Deferred debt financing costs $ (1,859,067) $ (1,254,516)
[1] Because there is no “readily available market quotations” (as defined in the 1940 Act) for these investments, the fair values of these investments were determined using significant unobservable inputs and approved in good faith by our board of directors. These investments have been included as Level 3 in the Fair Value Hierarchy, except for the CLO BB and BBB debt which are level 2 investments (see Note 3 to the consolidated financial statements).
[2] Percentages are based on net assets of $413,206,912 as of November 30, 2025.
[3] Securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and are restricted securities. Money market funds are valued at net asset value and are considered level 1 investments within the fair value hierarchy.
[4] Because there is no “readily available market quotations” (as defined in the 1940 Act) for these investments, the fair values of these investments were determined using significant unobservable inputs and approved in good faith by our board of directors. These investments have been included as Level 3 in the Fair Value Hierarchy (see Note 3 to the consolidated financial statements).
[5] Percentages are based on net assets of $392,665,468 as of February 28, 2025.