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Note 10 - Distributions | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Equity [Text Block] | Note 10. Distributions The Company’s distributions are recorded on the declaration date. The following table summarizes the Company’s distribution activity for the nine months ended September 30, 2025 and for the year ended December 31, 2024:
|  |  |  |  |  |  |  |  |  |  |  |  |  | DRIP |  |  | DRIP |
Date |  |  |  |  |  | Amount |  |  | Cash |  |  | Shares |  |  | Share |
Declared |  | Record Date |  | Payment Date |  | Per Share |  |  | Distribution |  |  | Issued |  |  | Value |
|  |  |  |  |  | (In thousands, except share and per share data) |
Nine Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
August 5, 2025 |  | November 17, 2025 |  | December 16, 2025 |  | $ | 0.11 |  |  | $ | — |  |  |  | — |  |  | $ | — |
August 5, 2025 |  | October 16, 2025 |  | November 14, 2025 |  |  | 0.11 |  |  |  | — |  |  |  | — |  |  |  | — |
August 5, 2025 |  | September 17, 2025 |  | October 15, 2025 |  |  | 0.11 |  |  |  | 4,685 |  |  |  | 31,217 |  |  |  | 189 |
April 25, 2025 |  | August 18, 2025 |  | September 16, 2025 |  |  | 0.11 |  |  |  | 4,513 |  |  |  | 26,782 |  |  |  | 183 |
April 25, 2025 |  | July 16, 2025 |  | August 15, 2025 |  |  | 0.11 |  |  |  | 4,498 |  |  |  | 25,469 |  |  |  | 182 |
April 25, 2025 |  | June 16, 2025 |  | July 15, 2025 |  |  | 0.11 |  |  |  | 4,442 |  |  |  | 21,896 |  |  |  | 181 |
February 28, 2025 |  | May 16, 2025 |  | June 13, 2025 |  |  | 0.11 |  |  |  | 4,387 |  |  |  | 27,006 |  |  |  | 202 |
February 28, 2025 |  | April 16, 2025 |  | May 15, 2025 |  |  | 0.11 |  |  |  | 4,257 |  |  |  | 24,095 |  |  |  | 182 |
February 28, 2025 |  | March 17, 2025 |  | April 15, 2025 |  |  | 0.11 |  |  |  | 4,245 |  |  |  | 23,001 |  |  |  | 192 |
|  |  |  |  |  | $ | 0.99 |  |  | $ | 31,027 |  |  |  | 179,466 |  |  | $ | 1,311 |
Year Ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
October 25, 2024 |  | February 18, 2025 |  | March 14, 2025 |  | $ | 0.11 |  |  | $ | 4,280 |  |  |  | 16,954 |  |  | $ | 154 |
October 25, 2024 |  | January 16, 2025 |  | February 14, 2025 |  |  | 0.11 |  |  |  | 4,226 |  |  |  | 18,428 |  |  |  | 179 |
October 25, 2024 |  | December 16, 2024 |  | January 15, 2025 |  |  | 0.11 |  |  |  | 4,235 |  |  |  | 16,428 |  |  |  | 151 |
July 26, 2024 |  | November 15, 2024 |  | December 13, 2024 |  |  | 0.11 |  |  |  | 4,124 |  |  |  | 15,584 |  |  |  | 147 |
July 26, 2024 |  | October 17, 2024 |  | November 14, 2024 |  |  | 0.11 |  |  |  | 4,022 |  |  |  | 17,706 |  |  |  | 165 |
July 26, 2024 |  | September 16, 2024 |  | October 16, 2024 |  |  | 0.11 |  |  |  | 3,914 |  |  |  | 18,539 |  |  |  | 195 |
April 26, 2024 |  | August 16, 2024 |  | September 13, 2024 |  |  | 0.11 |  |  |  | 3,818 |  |  |  | 17,441 |  |  |  | 192 |
April 26, 2024 |  | July 17, 2024 |  | August 15, 2024 |  |  | 0.11 |  |  |  | 3,775 |  |  |  | 16,852 |  |  |  | 192 |
April 26, 2024 |  | June 17, 2024 |  | July 16, 2024 |  |  | 0.11 |  |  |  | 3,766 |  |  |  | 15,860 |  |  |  | 199 |
February 23, 2024 |  | May 17, 2024 |  | June 14, 2024 |  |  | 0.11 |  |  |  | 3,701 |  |  |  | 16,686 |  |  |  | 201 |
February 23, 2024 |  | April 18, 2024 |  | May 15, 2024 |  |  | 0.11 |  |  |  | 3,654 |  |  |  | 16,687 |  |  |  | 199 |
February 23, 2024 |  | March 19, 2024 |  | April 16, 2024 |  |  | 0.05 |  |  |  | 1,625 |  |  |  | 7,598 |  |  |  | 85 |
February 23, 2024 |  | March 19, 2024 |  | April 16, 2024 |  |  | 0.11 |  |  |  | 3,574 |  |  |  | 16,717 |  |  |  | 188 |
|  |  |  |  |  | $ | 1.37 |  |  | $ | 48,714 |  |  |  | 211,480 |  |  | $ | 2,247 |
On October 22, 2025, the Board declared monthly distributions per share, payable as set forth in the following table: Monthly distributions
Ex-Dividend Date |  | Record Date |  | Payment Date |  | Distributions Declared |
December 17, 2025 |  | December 17, 2025 |  | January 15, 2026 |  | $ | 0.11 |
January 16, 2026 |  | January 16, 2026 |  | February 13, 2026 |  | $ | 0.11 |
February 17, 2026 |  | February 17, 2026 |  | March 13, 2026 |  | $ | 0.11 |
After paying distributions of $0.33 per share and earning net investment income of $0.32 per share for the three months ended September 30, 2025, the Company’s undistributed spillover income as of September 30, 2025 was $0.93 per share. Spillover income includes any ordinary income and net capital gains from the preceding tax years that were not distributed during such tax years. The Board sets the level of distributions for each quarter based on its results of operations, spillover income and longer-term outlook. The Board declared monthly distributions of $0.11 per share on October 22, 2025 and payable in the first quarter of 2026 based upon the Board’s consideration of the third quarter results of the Company and the spillover income of the Company. The Board will determine the next amount of distributions in February 2026, when it will have the Company’s operating results for the fourth quarter of 2025, its spillover income at December 31, 2025 and have more clarity on its planned operating results for fiscal year 2026, which will take into account the impact of its anticipated merger with MRCC. This could result in a declaration of distributions lower than the distribution level declared in the fourth quarter of 2025.

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