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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2025
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, 2025 and 2024:
|  | For the Nine Months Ended September 30, 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 |
Net investment income |  | $ | — |  |  | $ | — |  |  | $ | 4,557 |  |  | $ | 4,557 |
Net change in unrealized appreciation (depreciation) on investments |  |  | — |  |  |  | — |  |  |  | 6,628 |  |  |  | 6,628 |
Net realized gains (losses) from investment transactions and extinguishment of debt |  |  | — |  |  |  | — |  |  |  | (15,840 | ) |  |  | (15,840 | )
Tax (provision) benefit on realized and unrealized gains (losses) on investments |  |  | — |  |  |  | — |  |  |  | 137 |  |  |  | 137 |
Distributions to Stockholders |  |  | — |  |  |  | — |  |  |  | (4,325 | ) |  |  | (4,325 | )
Reinvested Dividends |  |  | — |  |  |  | 61 |  |  |  | — |  |  |  | 61 |
Balance, June 30, 2025 |  | $ | 92 |  |  | $ | 714,459 |  |  | $ | (549,822 | ) |  | $ | 164,729 |
Net investment income |  | $ | — |  |  | $ | — |  |  | $ | 8,848 |  |  | $ | 8,848 |
Net change in unrealized appreciation (depreciation) on investments |  |  | — |  |  |  | — |  |  |  | 15,525 |  |  |  | 15,525 |
Net realized gains (losses) from investment transactions and extinguishment of debt |  |  | — |  |  |  | — |  |  |  | (2,678 | ) |  |  | (2,678 | )
Tax (provision) benefit on realized and unrealized gains (losses) on investments |  |  | — |  |  |  | — |  |  |  | 1,935 |  |  |  | 1,935 |
Distributions to stockholders |  |  | — |  |  |  | — |  |  |  | (6,464 | ) |  |  | (6,464 | )
Stock issued under dividend reinvestment plan |  |  | — |  |  |  | 63 |  |  |  | — |  |  |  | 63 |
Issuance of common shares in connection with the LRFC Acquisition |  |  | 40 |  |  |  | 49,556 |  |  |  | — |  |  |  | 49,596 |
Stock repurchases |  |  | — |  |  |  | (250 | ) |  |  | — |  |  |  | (250 | )
Balance, September 30, 2025 |  | $ | 132 |  |  | $ | 763,828 |  |  | $ | (532,656 | ) |  | $ | 231,304 |
|  | 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, 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 | )
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 | )
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 |
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. On July 15, 2025, as a result of the LRFC Acquisition, and pursuant to the terms of the LRFC Merger Agreement, the Company issued an aggregate of 3,984,078 shares of the Company's common stock. During the three months ended September 30, 2025 and 2024, the Company issued 5,226 and 4,388 shares, respectively, of common stock under its dividend reinvestment plan. During the nine months ended September 30, 2025 and 2024, the Company issued 14,902 and 12,488 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, 2025 and December 31, 2024, was 13,176,582 and 9,198,175, respectively. During the three months ended September 30, 2025 and 2024, the Company repurchased 20,573 shares under the 2025 Stock Repurchase Program at an aggregate cost of $0.3 million and 33,429 shares under the Stock Repurchase Program at an aggregate cost of approximately $0.6 million, respectively. During the nine months ended September 30, 2025 and 2024, the Company repurchased 20,573 shares under the 2025 Stock Repurchase Program at an aggregate cost of $0.3 million and 164,166 shares under the Stock Repurchase Program at an aggregate cost of approximately $3.1 million, respectively.

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