v3.25.4
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Total investments, at fair value (amortized cost of $373,465 and $495,797, respectively) $ 334,855 [1],[2] $ 457,048 [3],[4]
Cash and cash equivalents 1,925 9,044
Interest and dividend receivable 23,780 23,511
Other assets 1,158 1,068
Total assets 372,963 490,671
Liabilities    
Debt 192,000 293,900
Less: Unamortized debt issuance costs (1,240) (1,925)
Total debt, less unamortized debt issuance costs 190,760 291,975
Interest payable 2,681 2,903
Base management fees payable 1,578 1,965
Payable for unsettled trades 10,171 0
Accounts payable and accrued expenses 1,283 2,066
Total liabilities 206,473 298,909
Commitments and contingencies (See Note 12)
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 297,607 297,712
Accumulated undistributed (overdistributed) earnings (131,139) (105,972)
Total net assets 166,490 191,762
Total liabilities and total net assets $ 372,963 $ 490,671
Net asset value per share (in dollars per share) $ 7.68 $ 8.85
Affiliated Entity    
Assets    
Distribution receivable from affiliate $ 11,245 $ 0
Non-controlled/non-affiliate company investments    
Assets    
Total investments, at fair value (amortized cost of $373,465 and $495,797, respectively) 256,335 [1],[2],[5],[6],[7] 343,835 [3],[4],[8],[9],[10]
Non-controlled affiliate company investments    
Assets    
Total investments, at fair value (amortized cost of $373,465 and $495,797, respectively) 78,520 [1],[2],[6],[7],[11] 80,483 [3],[4],[9],[10],[12]
Controlled affiliate company investments    
Assets    
Total investments, at fair value (amortized cost of $373,465 and $495,797, respectively) $ 0 $ 32,730 [3],[4],[13]
[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] Represents less than 5% ownership of the portfolio company’s voting securities.
[6] Investments without an interest rate are non-income producing.
[7] Ownership of certain equity investments may occur through a holding company or partnership.
[8] Represents less than 5% ownership of the portfolio company’s voting securities.
[9] Investments without an interest rate are non-income producing.
[10] Ownership of certain equity investments may occur through a holding company or partnership.
[11] 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).
[12] 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)
[13] 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.