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Subsequent Events | 9 Months Ended
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Sep. 30, 2025
Subsequent Events [Abstract] |
Subsequent Events | 13. SUBSEQUENT EVENTS On October 7, 2025, the Company obtained a BBB- rating from a Nationally Recognized Statistical Rating Organization (“NRSRO”) with respect to the 2032 Convertible Notes and the 2026 Notes. Starting on October 7, 2025, as a result of the rating, the 2032 Convertible Notes and 2026 Notes have a fixed interest rate of 5.25% per annum. On October 10, 2025, the Company entered into a note purchase agreement in connection with the issuance and sale of $35.0 million aggregate principal amount of its 7.50% notes due 2028 (the “2028 Notes”) and $75.0 million aggregate principal amount of its 7.75% notes due 2030 ( the “2030 Notes”, together with the 2028 Notes, the “Notes”), under an effective shelf registration statement. The offering closed and the Notes were issued on October 15, 2025. The 2028 Notes mature on October 15, 2028 and the 2030 Notes mature on October 15, 2030. Interest on each of the Notes is payable semi-annually on April 30 and October 30 of each year, commencing October 30, 2025. The Notes are the Company’s general unsecured obligations, ranking senior to any expressly subordinated indebtedness, pari passu with the Company’s other unsecured unsubordinated indebtedness (including unsecured indebtedness that the Company later secures), effectively junior to any secured indebtedness to the extent of the value of the assets securing such indebtedness, and structurally junior to all existing and future liabilities of the Company's subsidiaries, financing vehicles or similar facilities. The indenture includes customary covenants, including (i) maintenance of 1940 Act asset-coverage levels (whether or not otherwise required), (ii) information undertakings if the Company ceases to be an Exchange Act reporting company, (iii) a change-of-control repurchase right at 100% plus accrued interest, and (iv) a 0.75% interest rate step-up upon certain interest-rate adjustment events. The Notes are also redeemable at the Company’s option subject to make-whole provisions prior to the applicable par call dates and at par thereafter. On October 14, 2025, the Company notified the trustee, U.S. Bank Trust Company, National Association, of its election to redeem in full the $108.0 million aggregate principal amount outstanding of its 4.875% Notes Due 2026, with redemption expected on November 13, 2025. On November 6, 2025, the Company declared a regular quarterly base distribution of $0.47 per share of common stock. The distribution is payable on November 25, 2025 to stockholders of record at the close of business on November 17, 2025. Between October 1, 2025 and through November 4, 2025, the Company repurchased 103,690 shares of its common stock for an aggregate cost of approximately $1.2 million at an average price of $11.62 per share. The Company, its management, the Adviser, and the Company’s affiliates intend to commence a modified “Dutch Auction” tender offer (the “Tender Offer”) to purchase up to $9.0 million of the Company’s common stock. The Company is expected to offer to repurchase at least $7.5 million, with its management, the Adviser, and the Company’s affiliates repurchasing any remaining shares tendered up to $9.0 million. The Tender Offer is expected to commence on or after November 10, 2025 and expire at 11:59 p.m. Eastern time, on or after December 10, 2025, unless extended. Based on the number of shares tendered and the prices specified by the tendering stockholders, the Company will determine the lowest per-share price that will enable it, its management, the Adviser, and the Company's affiliates to acquire up to $9.0 million of its common stock. All shares accepted in the Tender Offer will be purchased at the same price even if tendered at a lower price. The Company has evaluated events and transactions occurring subsequent to September 30, 2025, through the date of issuance, for items that should potentially be recognized or disclosed in these financial statements. Other than as described above, management has determined that there are no other material subsequent events that would require adjustment to, or disclosure in, these unaudited consolidated financial statements.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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