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CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
ASSETS    
Total investments, at fair value (amortized cost of: $525,658 and $510,876, respectively) $ 500,889 [1],[2] $ 488,386 [3],[4]
Cash and cash equivalents 4,856 4,958
Interest and dividend receivable 20,885 19,349
Other assets 858 493
Total assets 527,488 513,186
Debt:    
Total debt 321,700 304,100
Less: Unamortized deferred financing costs (2,908) (3,235)
Total debt, less unamortized deferred financing costs 318,792 300,865
Interest payable 1,621 3,078
Management fees payable 2,048 2,100
Incentive fees payable 1,368 1,319
Accounts payable and accrued expenses 2,081 2,100
Directors’ fees payable 76 0
Total liabilities 325,986 309,462
Net assets 201,502 203,724
Commitments and contingencies (See Note 11)
ANALYSIS OF NET ASSETS    
Common stock, $0.001 par value, 100,000 shares authorized, 21,666 and 21,666 shares issued and outstanding, respectively 22 22
Capital in excess of par value 298,127 298,127
Accumulated undistributed (overdistributed) earnings (96,647) (94,425)
Total net assets $ 201,502 $ 203,724
Net asset value per share (in dollars per share) $ 9.30 $ 9.40
Revolving credit facility    
Debt:    
Total debt $ 191,700 $ 174,100
2026 Notes    
Debt:    
Total debt 130,000 130,000
Non-controlled/non-affiliate company investments    
ASSETS    
Total investments, at fair value (amortized cost of: $525,658 and $510,876, respectively) 384,266 [1],[2] 371,723 [3],[4],[5],[6]
Non-controlled affiliate company investments    
ASSETS    
Total investments, at fair value (amortized cost of: $525,658 and $510,876, respectively) 83,633 [1],[2],[7],[8] 83,541 [3],[4],[5],[9]
Controlled affiliate company investments    
ASSETS    
Total investments, at fair value (amortized cost of: $525,658 and $510,876, respectively) $ 32,990 [1],[2],[10] $ 33,122 [3],[4],[11]
[1] All of the Company’s investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940 (the “1940 Act”), unless otherwise noted. All of the Company’s investments are issued by U.S. portfolio companies unless otherwise noted.
[2] Because there is no readily available market value for these investments, the fair value of these investments is determined in good faith using significant unobservable inputs by the Valuation Designee. (See Note 4 in the accompanying notes to the consolidated financial statements).
[3] All of the Company's investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940 (the “1940 Act”), unless otherwise noted. All of the Company's investments are issued by U.S. portfolio companies unless otherwise noted.
[4] Because there is no readily available market value for these investments, the fair value of these investments is determined in good faith using significant unobservable inputs by the Valuation Designee. (See Note 4 in the accompanying notes to the consolidated financial statements.)
[5] Ownership of certain equity investments may occur through a holding company or partnership.
[6] Represents less than 5% ownership of the portfolio company’s voting securities.
[7] Ownership of certain equity investments may occur through a holding company or partnership.
[8] As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of the portfolio company as it owns 5% or more of the portfolio company’s voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was an Affiliated Person (but not a portfolio company that the Company is deemed to control).
[9] As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of the portfolio company as it owns 5% or more of the portfolio company’s voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was an Affiliated Person (but not a portfolio company that the Company is deemed to control).
[10] As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and to “Control” this portfolio company as it owns more than 25% of the portfolio company’s voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control.
[11] As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and to “Control” this portfolio company as it owns more than 25% of the portfolio company’s voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control.