v3.26.1
EQUITY OFFERINGS AND REPURCHASES AND RELATED EXPENSES
 6 Months Ended
Jun. 30, 2026
EQUITY OFFERINGS AND REPURCHASES AND RELATED EXPENSES  
EQUITY OFFERINGS AND REPURCHASES AND RELATED EXPENSES

NOTE 4 — EQUITY OFFERINGS AND REPURCHASES AND RELATED EXPENSES

The table below illustrates the number of common stock shares the Company issued (repurchased) since Inception through various equity offerings and pursuant to the Company’s DRIP.

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Average

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Number of

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Gross

  ​ ​ ​

Underwriting

  ​ ​ ​

Offering

  ​ ​ ​

Fees Covered

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Net

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Offering/

Issuance/(Repurchase) of Common Stock

  ​ ​ ​

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/(Payments)(3)

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(Repurchase) 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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—

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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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—

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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

Quarter ended March 31, 2026

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—

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—

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—

Quarter ended June 30, 2026

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(274,343)

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(2,436,708)

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10,974

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—

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—

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(2,447,682)

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(8.92)

Total

 

28,672,911

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$

416,668,625

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$

9,414,113

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$

3,690,386

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$

672,917

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$

404,237,043

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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) for the years ended December 31, 2020, 2019, 2018, 2017, 2016 and 2015, respectively.
(2)Includes common stock 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 and six months ended June 30, 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 June 30, 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 (decreases) distributable earnings (loss) (by increasing (decreasing) accumulated undistributed gain (deficit)).

ATM Program

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 and six months ended June 30, 2026, respectively, under the ATM Program.

Share Repurchase Program

On March 3, 2026, the Company announced that its Board authorized a program for the purpose of repurchasing up to $20,000,000 of its shares of common stock (the "Repurchase Program"). Under the Repurchase Program, the Company may, but is not obligated to, repurchase its outstanding common stock in the open market from time to time, provided that the Company complies with the requirements under its Code of Ethics and the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended, including certain price, market volume and timing constraints. Unless amended or extended by the Board, the Repurchase Program will expire on the earlier of March 2, 2027 or when $20,000,000 of the Company's outstanding shares of common stock have been repurchased.

During the three and six months ended June 30, 2026, the Company repurchased 274,343 shares of its common stock under the Repurchase Program for an aggregate purchase price of $2,447,682, including commissions, at a weighted average net repurchase price of $8.92 per share.