v3.26.1
EQUITY OFFERINGS AND RELATED EXPENSES
 3 Months Ended
Mar. 31, 2026
EQUITY OFFERINGS AND RELATED EXPENSES  
EQUITY OFFERINGS AND RELATED EXPENSES

NOTE 4 — EQUITY OFFERINGS AND RELATED EXPENSES

The table below illustrates the number of common stock shares the Company issued since Inception through various equity offerings and pursuant to the Company’s DRIP.The Company did not issue any common stock shares during the three months ended March 31, 2026.

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Average

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Number of

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Gross

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Underwriting

  ​ ​ ​

Offering

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Fees Covered

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Net

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Offering

Issuance of Common Stock

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Shares

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Proceeds(1)(2)

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Fees

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Expenses

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by Advisor

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Proceeds(3)

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Price

Year ended December 31, 2012

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12,035,023

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$

180,522,093

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$

4,959,720

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$

835,500

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$

—

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$

174,726,873

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$

14.90

Year ended December 31, 2013

 

63,998

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899,964

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—

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—

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—

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899,964

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14.06

Year ended December 31, 2014

 

380,936

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5,485,780

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75,510

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29,904

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—

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5,380,366

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14.47

Year ended December 31, 2017

 

3,465,922

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48,741,406

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1,358,880

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307,021

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—

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47,075,505

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14.06

Year ended December 31, 2018

 

7,931

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93,737

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—

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—

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93,737

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11.85

Year ended December 31, 2019

 

3,177,936

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45,862,995

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1,015,127

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559,261

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37,546

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44,326,153

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14.43

Year ended December 31, 2020

 

354,257

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5,023,843

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5,680

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84,592

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66,423

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4,999,994

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14.40

Year ended December 31, 2021

 

31,592

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449,515

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6,744

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53,327

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4,255

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393,699

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14.23

Year ended December 31, 2022

 

149,174

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2,070,935

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31,066

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530,842

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87,605

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1,596,632

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13.88

Year ended December 31, 2023

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4,458,873

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62,871,349

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943,248

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247,701

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477,088

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62,157,488

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14.10

Year ended December 31, 2024

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3,355,476

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46,494,756

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698,166

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435,390

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45,361,200

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13.65

Year ended December 31, 2025

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1,466,136

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20,588,960

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308,998

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606,848

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—

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19,673,114

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13.83

Total

 

28,947,254

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$

419,105,333

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$

9,403,139

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$

3,690,386

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$

672,917

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$

406,684,725

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(1)Net of partial share transactions. Such share transactions impacted gross proceeds by ($94), $757, ($1,051), ($142), ($31) and ($29) in 2020, 2019, 2018, 2017, 2016 and 2015, respectively.
(2)Includes common shares issued under the DRIP of $228,943 and $94,788 during the years ended December 31, 2020 and 2018, respectively; $0 for the three months ended March 31, 2026 and years ended December 31, 2025, 2024, 2023, 2022, 2021, 2019, 2017, 2016 and 2015, and $390,505, $938,385, and $113,000 for the years ended December 31, 2014, 2013, and 2012, respectively.
(3)Total Net Proceeds per this equity table will differ from the Consolidated Statements of Assets and Liabilities as of March 31, 2026 and December 31, 2025 in the amount of $8,825,985, which represents a cumulative tax reclassification of stockholders’ equity in accordance with U.S. GAAP. This reclassification reduces paid-in capital and increases distributable earnings (increasing accumulated undistributed net investment income).

On November 16, 2021, the Company entered into an equity distribution agreement, as amended and restated on August 29, 2022 (the “2021 Equity Distribution Agreement”) with Keefe Bruyette & Woods, Inc. and Raymond James & Associates, Inc., as sales agents and/or principal thereunder. Under the 2021 Equity Distribution Agreement, the Company was permitted to issue and sell, from time to time, up to $50,000,000 in aggregate offering price of shares of common stock, par value $0.001 per share, with the intention to use the net proceeds from this at-the-market sales program to repay certain outstanding indebtedness and make investments in portfolio companies in accordance with its investment objective and strategies.

On August 11, 2023, the Company entered into an equity distribution agreement (the “2023 Equity Distribution Agreement”), with Keefe Bruyette & Woods, Inc. and Raymond James & Associates, Inc., as sales agents and/or principal thereunder. Under the 2023 Equity Distribution Agreement, the Company was permitted to issue and sell, from time to time, up to $100,000,000 in aggregate offering price of shares of common stock, par value $0.001 per share, with the intention to use the net proceeds from this at-the-market sales program to repay certain outstanding indebtedness and make investments in portfolio companies in accordance with its investment objective and strategies. Upon execution of the 2023 Equity Distribution Agreement, the Company no longer sold any shares under the 2021 Equity Distribution Agreement.

On September 9, 2025, the Company entered into an equity distribution agreement (the “2025 Equity Distribution Agreement” and together with the 2023 Equity Distribution Agreement and the 2021 Equity Distribution Agreement, the “Equity Distribution Agreements”) with Keefe Bruyette & Woods, Inc. and Raymond James & Associates, Inc., as sales agents and/or principal thereunder. Under the 2025 Equity Distribution Agreement, the Company may issue and sell, from time to time, up to $100,000,000 in aggregate offering price of shares of common stock, par value $0.001 per share, with the intention to use the net proceeds from this at-the-market

sales program to repay certain outstanding indebtedness and make investments in portfolio companies in accordance with its investment objective and strategies.

Upon execution of the 2025 Equity Distribution Agreement, the Company no longer sold any shares under the 2023 Equity Distribution Agreement. The Company refers to its issuance and sale of shares under the Equity Distribution Agreements as the “ATM Program”.

The Company did not issue any shares during the three months ended March 31, 2026 under the ATM Program. The Company issued 656,085 shares during the three months ended March 31, 2025 under the ATM Program, for gross proceeds of $9,256,982 and underwriting fees and other expenses of $318,896. The average per share offering price of shares issued in the ATM Program during the three months ended March 31, 2025 was $14.11.