| 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 March 31, 2026, there were no unfunded capital commitments by the Company’s investors. The number of shares of Common Stock issued and outstanding as of March 31, 2026 and December 31, 2025, were 47,020,471 and 47,020,468, respectively. During the three months ended March 31, 2026, the Fund issued $15,000,000 worth of shares of common stock effective January 2, 2026, and repurchased $15,000,000 worth of shares of common stock via Tender Offer that expired on February 10, 2026. Both of these transactions were non-cash settlements. The following table details the activity of Stockholders’ Equity for the three months ended March 31, 2026 and 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2026 |
|
Common
Stock |
|
|
Capital in Excess
of Par Value |
|
|
Total
Distributable
(Loss) Earnings |
|
|
Total
Stockholders'
Equity |
|
Balance as of December 31, 2025 |
|
$ |
47,020 |
|
|
$ |
442,003,508 |
|
|
$ |
(23,495,180 |
) |
|
$ |
418,555,348 |
|
Net investment income |
|
|
— |
|
|
|
— |
|
|
|
7,783,536 |
|
|
|
7,783,536 |
|
Net realized loss from investment transactions |
|
|
— |
|
|
|
— |
|
|
|
(39,312 |
) |
|
|
(39,312 |
) |
Net change in unrealized depreciation on investments |
|
|
— |
|
|
|
— |
|
|
|
(5,976,233 |
) |
|
|
(5,976,233 |
) |
Issuance of shares |
|
|
— |
|
|
|
15,000,000 |
|
|
|
— |
|
|
|
15,000,000 |
|
Repurchase of shares |
|
|
— |
|
|
|
(15,000,000 |
) |
|
|
— |
|
|
|
(15,000,000 |
) |
Distributions to Stockholders |
|
|
— |
|
|
|
— |
|
|
|
(7,523,275 |
) |
|
|
(7,523,275 |
) |
Reinvested Dividends |
|
|
— |
|
|
|
29 |
|
|
|
— |
|
|
|
29 |
|
Balance as of March 31, 2026 |
|
$ |
47,020 |
|
|
$ |
442,003,537 |
|
|
$ |
(29,250,464 |
) |
|
$ |
412,800,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 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 |
|
|
— |
|
|
|
— |
|
|
|
8,452,856 |
|
|
|
8,452,856 |
|
Net realized gain from investment transactions |
|
|
— |
|
|
|
— |
|
|
|
133,380 |
|
|
|
133,380 |
|
Net change in unrealized depreciation on investments |
|
|
— |
|
|
|
— |
|
|
|
(2,652,187 |
) |
|
|
(2,652,187 |
) |
Distributions to Stockholders |
|
|
— |
|
|
|
(10,826 |
) |
|
|
(8,452,856 |
) |
|
|
(8,463,682 |
) |
Reinvested Dividends |
|
|
— |
|
|
|
30 |
|
|
|
— |
|
|
|
30 |
|
Balance as of March 31, 2025 |
|
$ |
47,020 |
|
|
$ |
442,384,781 |
|
|
$ |
(18,318,999 |
) |
|
$ |
424,112,802 |
|
|