| Equity |
Note 7. Equity An investor made capital commitments to the Company in the amounts set forth below as of the date opposite each capital commitment:
|
|
|
|
|
|
|
Amount |
|
Date |
|
$ |
140,000,000 |
|
|
|
June 23, 2015 |
|
$ |
50,000,000 |
|
|
|
December 2, 2016 |
|
$ |
100,000,000 |
|
|
|
On December 7, 2017 |
|
$ |
40,000,000 |
|
|
|
March 22, 2019 |
|
$ |
30,000,000 |
|
|
|
September 23, 2019 |
|
$ |
11,200,000 |
|
|
|
March 20, 2020 |
|
$ |
8,900,000 |
|
|
|
May 28, 2021 |
|
$ |
110,000,000 |
|
|
|
December 15, 2021 |
|
$ |
30,000,000 |
|
|
|
June 13, 2023 |
|
$ |
37,000,000 |
|
|
|
March 25, 2024 |
|
$ |
66,000,000 |
|
|
|
October 1, 2024 |
|
$ |
15,000,000 |
|
|
|
December 16, 2025 |
As of December 31, 2025, there were $15,000,000 remaining unfunded capital commitments by the Company’s investor. The number of shares of Common Stock issued and outstanding as of December 31, 2025 and December 31, 2024, were 47,020,468 and 47,020,454, respectively. The following table summarizes activity in the number of Shares during the years ended December 31, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
Common stock shares in issue |
|
|
|
Year Ended December 31, 2025 |
|
|
Year Ended December 31, 2024 |
|
Shares in issue, beginning of period |
|
|
47,020,454 |
|
|
|
44,518,989 |
|
Common stock issued ($0 and $103,000,000, respectively) |
|
|
— |
|
|
|
11,185,615 |
|
Common stock repurchased ($0 and $80,000,000, respectively) |
|
|
— |
|
|
|
(8,684,164 |
) |
Issuance of common shares in connection with dividend
reinvestment plan ($124 and $127, respectively) |
|
|
14 |
|
|
|
14 |
|
Shares in issue, end of period |
|
|
47,020,468 |
|
|
|
47,020,454 |
|
The following table details the activity of Stockholders’ Equity for the years ended December 31, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2025 |
|
Common
Stock |
|
|
Capital in
Excess of Par
Value |
|
|
Total
Distributable
(Loss) Earnings |
|
|
Total
Stockholders'
Equity |
|
Balance as of December 31, 2024 |
|
$ |
47,020 |
|
|
$ |
442,395,577 |
|
|
$ |
(15,800,192 |
) |
|
$ |
426,642,405 |
|
Net investment income |
|
|
- |
|
|
|
- |
|
|
|
33,675,117 |
|
|
|
33,675,117 |
|
Net realized loss from investment transactions |
|
|
- |
|
|
|
(192,265 |
) |
|
|
(1,774,238 |
) |
|
|
(1,966,503 |
) |
Net change in unrealized depreciation on investments |
|
|
- |
|
|
|
- |
|
|
|
(5,941,064 |
) |
|
|
(5,941,064 |
) |
Distributions to Stockholders |
|
|
- |
|
|
|
(199,928 |
) |
|
|
(33,654,803 |
) |
|
|
(33,854,731 |
) |
Reinvested Dividends |
|
|
- |
|
|
|
124 |
|
|
|
- |
|
|
|
124 |
|
Balance as of December 31, 2025 |
|
$ |
47,020 |
|
|
$ |
442,003,508 |
|
|
$ |
(23,495,180 |
) |
|
$ |
418,555,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2024 |
|
Common
Stock |
|
|
Capital in
Excess of Par
Value |
|
|
Total
Distributable
(Loss) Earnings |
|
|
Total
Stockholders'
Equity |
|
Balance as of December 31, 2023 |
|
$ |
44,519 |
|
|
$ |
420,442,206 |
|
|
$ |
(11,402,447 |
) |
|
$ |
409,084,278 |
|
Net investment income |
|
|
- |
|
|
|
34,982 |
|
|
|
36,147,983 |
|
|
|
36,182,965 |
|
Net realized loss from investment transactions |
|
|
- |
|
|
|
(190,415 |
) |
|
|
(717,427 |
) |
|
|
(907,842 |
) |
Net change in unrealized depreciation on investments |
|
|
- |
|
|
|
- |
|
|
|
(3,665,650 |
) |
|
|
(3,665,650 |
) |
Issuance of shares |
|
|
11,185 |
|
|
|
102,988,815 |
|
|
|
- |
|
|
|
103,000,000 |
|
Repurchase of shares |
|
|
(8,684 |
) |
|
|
(79,991,316 |
) |
|
|
- |
|
|
|
(80,000,000 |
) |
Distributions to Stockholders |
|
|
- |
|
|
|
(888,822 |
) |
|
|
(36,162,651 |
) |
|
|
(37,051,473 |
) |
Reinvested Dividends |
|
|
- |
|
|
|
127 |
|
|
|
- |
|
|
|
127 |
|
Balance as of December 31, 2024 |
|
$ |
47,020 |
|
|
$ |
442,395,577 |
|
|
$ |
(15,800,192 |
) |
|
$ |
426,642,405 |
|
|