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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2024
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | 9. STOCKHOLDERS’ EQUITY The following tables detail the components of Stockholders’ Equity for the nine months ended September 30, 2024 and 2023:
|  | For the Nine Months Ended September 30, 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 |
Net investment income |  | $ | — |  |  | $ | — |  |  | $ | 6,477 |  |  | $ | 6,477 |
Net change in unrealized appreciation on investments |  |  | — |  |  |  | — |  |  |  | (5,966 | ) |  |  | (5,966 | )
Net realized (losses) from investment transactions and extinguishment of debt |  |  | — |  |  |  | — |  |  |  | (6,961 | ) |  |  | (6,961 | )
Tax (provision) benefit on realized and unrealized gains (losses) on investments |  |  | — |  |  |  | — |  |  |  | 78 |  |  |  | 78 |
Distributions to Stockholders |  |  | — |  |  |  | — |  |  |  | (6,411 | ) |  |  | (6,411 | )
Reinvested Dividends |  |  | — |  |  |  | 158 |  |  |  | — |  |  |  | 158 |
Stock-repurchase |  |  | — |  |  |  | (1,553 | ) |  |  | — |  |  |  | (1,553 | )
Balance, June 30, 2024 |  | $ | 93 |  |  | $ | 715,488 |  |  | $ | (519,152 | ) |  | $ | 196,429 |
Net investment income |  | $ | — |  |  | $ | — |  |  | $ | 5,802 |  |  |  | 5,802 |
Net change in unrealized appreciation on investments |  |  | — |  |  |  | — |  |  |  | 4,511 |  |  |  | 4,511 |
Net realized (losses) from investment transactions and extinguishment of debt |  |  | — |  |  |  | — |  |  |  | (11,822 | ) |  |  | (11,822 | )
Tax (provision) benefit on realized and unrealized gains (losses) on investments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Distributions to Stockholders |  |  | — |  |  |  | — |  |  |  | (6,382 | ) |  |  | (6,382 | )
Reinvested Dividends |  |  | — |  |  |  | 82 |  |  |  | — |  |  |  | 82 |
Stock-repurchase |  |  | (1 | ) |  |  | (637 | ) |  |  | — |  |  |  | (638 | )
Balance, September 30, 2024 |  | $ | 92 |  |  | $ | 714,933 |  |  | $ | (527,043 | ) |  | $ | 187,982 |
|  | 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 |
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 September 30, 2024 and 2023, the Company issued 4,388 and 3,685 shares, respectively, of common stock under its dividend reinvestment plan. During the nine months ended September 30, 2024 and 2023, the Company issued 12,488 and 22,079 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, 2024 and December 31, 2023, was 9,231,454 and 9,383,132 respectively. During the three months ended September 30, 2024, the Company repurchased 33,429 shares under the Renewed Stock Repurchase program at an aggregate cost of approximately $0.6 million. During the nine months ended September 30, 2024, the Company repurchased 164,166 shares under the Renewed Stock Repurchase program at an aggregate cost of approximately $3.1 million. During the three months ended September 30, 2023, the Company repurchased 60,559 shares under the 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 Stock Repurchase Program at an aggregate cost of approximately $2.6 million.

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