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STOCKHOLDERS' EQUITY
12 Months Ended
Dec. 31, 2025
STOCKHOLDERS' EQUITY  
STOCKHOLDERS' EQUITY

NOTE 9 - STOCKHOLDERS’ EQUITY

On March 31, 2023, the Company launched an “at-the-market” offering (the “ATM Program”) by entering into an Equity Distribution Agreement with B. Riley Securities, Inc. pursuant to which the Company may offer and sell, from time to time, through B. Riley Securities, Inc., as the sales agent, shares of its common stock having an aggregate offering amount of up to $35,000.

No shares were issued pursuant to the ATM program during the years ended December 31, 2025 or 2024.

On November 10, 2025, the Company’s board of directors authorized a stock repurchase program for the purpose of repurchasing up to an aggregate of $15,000 of its common stock on the open market or in privately negotiated purchases at prices below our then-current net asset value per share in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934 (the "Repurchase Program"). The timing, manner, price and amount of any share repurchases will be determined by the Company, in its sole discretion, based upon an evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. The Repurchase Program does not require the Company to repurchase any specific number of shares of common stock or any shares of common stock at all and there can be no assurance that any shares of common stock will be repurchased under the Repurchase Program. The timing and amount of any common stock repurchased depend on the terms and conditions of the Repurchase Program, the market price of the common stock and trading volumes. The Repurchase Program may be suspended, extended, modified or discontinued at any time. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints.

For the year ended December 31, 2025, shares purchased under the Repurchase Program, net of commissions paid, were as follows:

Monthly Period ($ in thousands, except share and per share data)

Total Number Of Shares Repurchased

Average Price Paid Per Share

Approximate Dollar Value of Shares Purchased Under the Plan

Approximate Dollar Value of Shares that May Yet be Purchased Under the Plan

November 1, 2025 to November 30, 2025

261,612

$

7.21

$

1,887

$

13,113

December 1, 2025 to December 31, 2025

747,431

7.40

5,535

7,578

Total

1,009,043

$

7.35

$

7,422