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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2022
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | 9. STOCKHOLDERS’ EQUITY The following table details the components of Stockholders’ Equity for the nine months ended September 30, 2022 and 2021:
|  | For the Nine Months Ended September 30, 2022 |
($ in thousands) |  | Common Stock |  |  | Capital in Excess of Par Value |  |  | Total Distributable (loss) earnings |  |  | Total Stockholders' Equity |
Balance, January 1, 2022 |  | $ | 97 |  |  | $ | 733,095 |  |  | $ | (453,070 | ) |  | $ | 280,122 |
Net investment income |  |  | - |  |  |  | - |  |  |  | 7,908 |  |  |  | 7,908 |
Net change in unrealized appreciation on investments |  |  | - |  |  |  | - |  |  |  | 2,143 |  |  |  | 2,143 |
Net realized (losses) from investment transactions and extinguishment of debt |  |  | - |  |  |  | - |  |  |  | (5,553 | ) |  |  | (5,553 | )
Tax (provision) benefit on realized and unrealized gains (losses) on investments |  |  | - |  |  |  | - |  |  |  | (440 | ) |  |  | (440 | )
Distributions to Stockholders |  |  | - |  |  |  | - |  |  |  | (6,111 | ) |  |  | (6,111 | )
Reinvested Dividends |  |  | - |  |  |  | 338 |  |  |  | - |  |  |  | 338 |
Stock-repurchase |  |  | - |  |  |  | (545 | ) |  |  | - |  |  |  | (545 | )
Private placement and other |  |  | - |  |  |  | 439 |  |  |  | - |  |  |  | 439 |
Balance, March 31, 2022 |  | $ | 97 |  |  | $ | 733,327 |  |  | $ | (455,123 | ) |  | $ | 278,301 |
Net investment income |  | $ | - |  |  | $ | - |  |  | $ | 5,522 |  |  | $ | 5,522 |
Net change in unrealized appreciation on investments |  |  | - |  |  |  | - |  |  |  | 113 |  |  |  | 113 |
Net realized (losses) from investment transactions and extinguishment of debt |  |  | - |  |  |  | - |  |  |  | (13,991 | ) |  |  | (13,991 | )
Tax (provision) benefit on realized and unrealized gains (losses) on investments |  |  | - |  |  |  | - |  |  |  | (77 | ) |  |  | (77 | )
Distributions to Stockholders |  |  | - |  |  |  | - |  |  |  | (6,064 | ) |  |  | (6,064 | )
Reinvested Dividends |  |  | - |  |  |  | 346 |  |  |  | - |  |  |  | 346 |
Stock-repurchase |  |  | - |  |  |  | (2,459 | ) |  |  | - |  |  |  | (2,459 | )
Private placement |  |  | - |  |  |  | (25 | ) |  |  | - |  |  |  | (25 | )
Balance, June 30, 2022 |  | $ | 97 |  |  | $ | 731,189 |  |  | $ | (469,620 | ) |  | $ | 261,666 |
Net investment income |  | $ | - |  |  | $ | - |  |  | $ | 8,392 |  |  | $ | 8,392 |
Net change in unrealized appreciation on investments |  |  | - |  |  |  | - |  |  |  | (2,968 | ) |  |  | (2,968 | )
Net realized (losses) from investment transactions and extinguishment of debt |  |  | - |  |  |  | - |  |  |  | (9,087 | ) |  |  | (9,087 | )
Tax (provision) benefit on realized and unrealized gains (losses) on investments |  |  | - |  |  |  | - |  |  |  | (542 | ) |  |  | (542 | )
Distributions to Stockholders |  |  | - |  |  |  | - |  |  |  | (6,048 | ) |  |  | (6,048 | )
Reinvested Dividends |  |  | - |  |  |  | 204 |  |  |  | - |  |  |  | 204 |
Stock-repurchase |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Private placement |  |  | - |  |  |  | (35 | ) |  |  | - |  |  |  | (35 | )
Balance, September 30, 2022 |  | $ | 97 |  |  | $ | 731,358 |  |  | $ | (479,873 | ) |  | $ | 251,582 |
|  | For the Nine Months Ended September 30, 2021 |
($ in thousands) |  | Common Stock(1) |  |  | Capital in Excess of Par Value(1) |  |  | Total Distributable (loss) earnings |  |  | Total Stockholders' Equity |
Balance, January 1, 2021 |  | $ | 75 |  |  | $ | 639,136 |  |  | $ | (422,947 | ) |  | $ | 216,264 |
Net investment income |  |  | - |  |  |  | - |  |  |  | 8,213 |  |  |  | 8,213 |
Net realized (losses) from investment transactions and extinguishment of debt |  |  | - |  |  |  | - |  |  |  | (6,921 | ) |  |  | (6,921 | )
Net change in unrealized appreciation on investments |  |  | - |  |  |  | - |  |  |  | 6,745 |  |  |  | 6,745 |
Distributions to Stockholders |  |  | - |  |  |  | - |  |  |  | (4,510 | ) |  |  | (4,510 | )
Reinvested Dividends |  |  | - |  |  |  | 64 |  |  |  | - |  |  |  | 64 |
Balance at March 31, 2021 |  | $ | 75 |  |  | $ | 639,200 |  |  | $ | (419,420 | ) |  | $ | 219,855 |
Net investment income |  | $ | - |  |  | $ | - |  |  | $ | 11,710 |  |  | $ | 11,710 |
Net realized (losses) from investment transactions and extinguishment of debt |  |  | - |  |  |  | - |  |  |  | (2,356 | ) |  |  | (2,356 | )
Net change in unrealized appreciation on investments |  |  | - |  |  |  | - |  |  |  | 1,490 |  |  |  | 1,490 |
Distributions to Stockholders |  |  | - |  |  |  | - |  |  |  | (4,594 | ) |  |  | (4,594 | )
Reinvested Dividends |  |  | - |  |  |  | 165 |  |  |  | - |  |  |  | 165 |
Stock-repurchase |  |  | - |  |  |  | (380 | ) |  |  | - |  |  |  | (380 | )
Private placement |  |  | 2 |  |  |  | 4,017 |  |  |  | - |  |  |  | 4,019 |
HCAP purchase (net of offering expenses) |  |  | 15 |  |  |  | 38,680 |  |  |  | - |  |  |  | 38,695 |
Balance, June 30, 2021 |  | $ | 92 |  |  | $ | 681,682 |  |  | $ | (413,170 | ) |  | $ | 268,604 |
Net investment income |  | $ | - |  |  | $ | - |  |  | $ | 13,718 |  |  | $ | 13,718 |
Net realized (losses) from investment transactions and extinguishment of debt |  |  | - |  |  |  | - |  |  |  | (3,931 | ) |  |  | (3,931 | )
Net change in unrealized appreciation on investments |  |  | - |  |  |  | - |  |  |  | (642 | ) |  |  | (642 | )
Distributions to Stockholders |  |  | - |  |  |  | - |  |  |  | (5,469 | ) |  |  | (5,469 | )
Reinvested Dividends |  |  | - |  |  |  | 215 |  |  |  | - |  |  |  | 215 |
Stock-repurchase |  |  | - |  |  |  | (1,447 | ) |  |  | - |  |  |  | (1,447 | )
Balance, September 30, 2021 |  | $ | 92 |  |  | $ | 680,450 |  |  | $ | (409,494 | ) |  | $ | 271,048 |
(1) The Company completed a Reverse Stock Split of 10 to 1 effective August 26, 2021, the common stock and capital in excess of par value have been adjusted retroactively to reflect the split for all periods presented. On March 11, 2021, the Board of Directors of the Company approved a $10 million stock repurchase program (the “Stock Repurchase Program”) for an approximately one-year period effective March 11, 2021 and terminating on March 31, 2022. Under this repurchase program, shares may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise subject to any agreement to which we are party including any restrictions in the indenture for our 4.875% Notes Due 2026. The timing and actual number of shares repurchased will depend on a variety of factors, including legal requirements, price, and economic and market conditions. This Stock Repurchase Program may be suspended or discontinued at any time. On March 8, 2022, the Board of Directors of the Company authorized a renewed stock repurchase program of up to $10 million (the “Renewed Stock Repurchase Program”) for an approximately one-year period, effective March 8, 2022 and terminating on March 31, 2023. The terms and conditions of the Renewed Stock Repurchase Program are substantially similar to the prior Stock Repurchase Program. The Renewed Stock Repurchase Program may be suspended or discontinued at any time. Subject to these restrictions, we will selectively pursue opportunities to repurchase shares which are accretive to net asset value per share. During the three months ended September 30, 2022 and 2021, the Company issued 9,057 and 8,872 shares, respectively, of common stock under its dividend reinvestment plan. During the nine months ended September 30, 2022 and 2021, the Company issued 38,835 and 18,868 shares, respectively, of common stock under its dividend reinvestment plan. The total number of shares of the Company’s common stock outstanding as of September 30, 2022 and December 31, 2021 was 9,608,913 and 9,699,695, respectively. The Company completed a Reverse Stock Split of 10 to 1 effective August 26, 2021, the share amounts above have been adjusted to reflect the split. There were no share repurchases during the three months ended September 30, 2022 under the Renewed Stock Repurchase Program. During the nine months ended September 30, 2022, the Company repurchased 129,617 shares under the Renewed Stock Repurchase program at an aggregate cost of approximately $3.0 million. During the three and nine months ended September 30, 2021, the Company repurchased 59,659 and 75,377 shares, respectively under the Stock Repurchase Program at an aggregate cost of approximately $1.4 million and $1.8 million.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI https://asc.fasb.org/topic&trid=2208762 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 6 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008 + Details
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