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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2025
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | 9. STOCKHOLDERS’ EQUITY The following tables detail the components of Stockholders’ Equity for the three months ended March 31, 2025 and 2024:
|  | For the Three Months Ended March 31, 2025 |
($ in thousands) |  | Common Stock |  |  | Capital in Excess of Par Value |  |  | Total Distributable (loss) earnings |  |  | Total Stockholders' Equity |
Balance, December 31, 2024 |  | $ | 92 |  |  | $ | 714,331 |  |  | $ | (535,930 | ) |  | $ | 178,493 |
Net investment income |  |  | — |  |  |  | — |  |  |  | 4,340 |  |  |  | 4,340 |
Net change in unrealized appreciation (depreciation) on investments |  |  | — |  |  |  | — |  |  |  | (3,903 | ) |  |  | (3,903 | )
Net realized gains (losses) from investment transactions and extinguishment of debt |  |  | — |  |  |  | — |  |  |  | (173 | ) |  |  | (173 | )
Tax (provision) benefit on realized and unrealized gains (losses) on investments |  |  | — |  |  |  | — |  |  |  | (346 | ) |  |  | (346 | )
Distributions to Stockholders |  |  | — |  |  |  | — |  |  |  | (4,967 | ) |  |  | (4,967 | )
Reinvested Dividends |  |  | — |  |  |  | 67 |  |  |  | — |  |  |  | 67 |
Balance, March 31, 2025 |  | $ | 92 |  |  | $ | 714,398 |  |  | $ | (540,979 | ) |  | $ | 173,511 |
|  | 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, December 31, 2023 |  | $ | 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 |
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. On March 12, 2025, the Board of Directors of the Company authorized once more a renewed stock repurchase program of up to $10 million (the “2025 Stock Repurchase Program”) for an approximately one-year period, effective March 12, 2025 and terminating on March 31, 2026. The terms and conditions of the 2025 Stock Repurchase Program are substantially similar to the prior Renewed Stock Repurchase Program. The 2025 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, 2025 and 2024, the Company issued 4,695 and zero 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, 2025 and December 31, 2024, was 9,202,870 and 9,198,175 respectively. During the three months ended March 31, 2025, the Company did no t repurchase shares under the Renewed Stock Repurchase Program or the 2025 Stock Repurchase Program. During the three months ended March 31, 2024, the Company repurchased 51,015 shares under the Stock Repurchase Program at an aggregate cost of approximately $1.0 million.

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