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Stockholders' Equity
 3 Months Ended
Mar. 31, 2024
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

9. STOCKHOLDERS’ EQUITY

The following table details the components of Stockholders’ Equity for the three months ended March 31, 2024 and 2023 :

 

 

For the Three Months Ended March 31, 2024

 

($ in thousands)

 

Common
Stock

 

 

Capital in
Excess
of Par Value

 

 

Total
Distributable
(loss) earnings

 

 

Total
Stockholders'
Equity

 

Balance, January 1, 2024

 

$

94

 

 

$

717,835

 

 

$

(504,411

)

 

$

213,518

 

Net investment income

 

 

-

 

 

 

-

 

 

$

6,226

 

 

 

6,226

 

Net change in unrealized appreciation on investments

 

 

-

 

 

 

-

 

 

$

71

 

 

 

71

 

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

 

 

-

 

 

 

-

 

 

$

(2,270

)

 

 

(2,270

)

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

 

 

-

 

 

 

-

 

 

$

459

 

 

 

459

 

Distributions to Stockholders

 

 

-

 

 

 

-

 

 

$

(6,444

)

 

 

(6,444

)

Reinvested Dividends

 

 

-

 

 

 

-

 

 

$

—

 

 

 

-

 

Stock-repurchase

 

 

(1

)

 

 

(952

)

 

$

—

 

 

 

(953

)

Balance, March 31, 2024

 

$

93

 

 

$

716,883

 

 

$

(506,369

)

 

$

210,607

 

 

 

 

 

For the Three Months Ended March 31, 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

 

 

On March 6, 2023, 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 6, 2023 and terminating on March 31, 2024. 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 11, 2024, 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 11, 2024 and terminating on March 31, 2025. 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 March 31, 2024 and 2023, the Company issued 0 and 10,433 shares, respectively, of common stock under its dividend reinvestment plan. The total number of shares of the Company’s common stock outstanding as of March 31, 2024 and December 31, 2023, was 9,332,117 and 9,383,132, respectively.

During the three months ended March 31, 2024, the Company repurchased 51,015 shares under the Renewed Stock Repurchase program at an aggregate cost of approximately $1.0 million. During the three months ended March 31, 2023, the Company repurchased 35,613 shares under the Stock Repurchase Program at an aggregate cost of approximately $0.7 million.