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Stockholders' Equity
 9 Months Ended
Sep. 30, 2023
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, 2023 and 2022 :

 

 

For the Nine Months Ended September 30, 2023

 

($ in thousands)

 

Common
Stock

 

 

Capital in
Excess
of Par Value

 

 

Total
Distributable
(loss) earnings

 

 

Total
Stockholders'
Equity

 

Balance, January 1, 2023

 

$

96

 

 

$

736,784

 

 

$

(504,757

)

 

$

232,123

 

Net investment income

 

 

-

 

 

 

-

 

 

 

8,529

 

 

 

8,529

 

Net change in unrealized appreciation on investments

 

 

-

 

 

 

-

 

 

 

(5,960

)

 

 

(5,960

)

Net realized (losses) from investment transactions and extinguishment of debt

 

 

-

 

 

 

-

 

 

 

(3,085

)

 

 

(3,085

)

Tax (provision) benefit on realized and unrealized gains (losses) on investments

 

 

-

 

 

 

-

 

 

 

571

 

 

 

571

 

Distributions to Stockholders

 

 

-

 

 

 

-

 

 

 

(6,495

)

 

 

(6,495

)

Reinvested Dividends

 

 

-

 

 

 

215

 

 

 

-

 

 

 

215

 

Stock-repurchase

 

 

-

 

 

 

(792

)

 

 

-

 

 

 

(792

)

Balance, March 31, 2023

 

$

96

 

 

$

736,207

 

 

$

(511,197

)

 

$

225,106

 

Net investment income

 

$

-

 

 

$

-

 

 

$

7,915

 

 

$

7,915

 

Net change in unrealized appreciation on investments

 

 

-

 

 

 

-

 

 

 

(4,176

)

 

 

(4,176

)

Net realized (losses) from investment transactions and extinguishment of debt

 

 

-

 

 

 

-

 

 

 

(6,689

)

 

 

(6,689

)

Tax (provision) benefit on realized and unrealized gains (losses) on investments

 

 

-

 

 

 

-

 

 

 

(164

)

 

 

(164

)

Distributions to Stockholders

 

 

-

 

 

 

-

 

 

 

(6,579

)

 

 

(6,579

)

Reinvested Dividends

 

 

-

 

 

 

153

 

 

 

-

 

 

 

153

 

Stock-repurchase

 

 

(1

)

 

 

(552

)

 

 

-

 

 

 

(553

)

Balance, June 30, 2023

 

$

95

 

 

$

735,808

 

 

$

(520,890

)

 

$

215,013

 

Net investment income

 

$

-

 

 

$

-

 

 

$

7,166

 

 

$

7,166

 

Net change in unrealized appreciation on investments

 

 

-

 

 

 

-

 

 

 

1,708

 

 

 

1,708

 

Net realized (losses) from investment transactions and extinguishment of debt

 

 

-

 

 

 

-

 

 

 

(1,693

)

 

 

(1,693

)

Tax (provision) benefit on realized and unrealized gains (losses) on investments

 

 

-

 

 

 

-

 

 

 

264

 

 

 

264

 

Distributions to Stockholders

 

 

-

 

 

 

-

 

 

 

(6,554

)

 

 

(6,554

)

Reinvested Dividends

 

 

-

 

 

 

73

 

 

 

-

 

 

 

73

 

Stock-repurchase

 

 

-

 

 

 

(1,222

)

 

 

-

 

 

 

(1,222

)

Balance, September 30, 2023

 

$

95

 

 

$

734,659

 

 

$

(519,999

)

 

$

214,755

 

 

 

 

 

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 at 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

 

 

On March 8, 2022, 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 8, 2022 and terminating on March 31, 2023. 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 6, 2023, 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 6, 2023 and terminating on March 31, 2024. 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, 2023 and 2022, the Company issued 3,685 and 9,057 shares, respectively, of common stock under its dividend reinvestment plan. During the nine months ended September 30, 2023 and 2022, the Company issued 22,079 and 38,835 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, 2023 and December 31, 2022 was 9,480,362 and 9,581,536, respectively.

During the three months ended September 30, 2023, the Company repurchased 60,559 shares under the Renewed Stock Repurchase program at an aggregate cost of approximately $1.2 million. During the nine months ended September 30, 2023, the Company repurchased 123,253 shares under the Renewed Stock
Repurchase Program at an aggregate cost of approximately $2.6 million. 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 approximately 129,617 shares under the Stock Repurchase Program at an aggregate cost of approximately $3.0 million.