Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.22.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
ASSETS    
Investments at fair value: $ 4,102,177 [1],[2] $ 3,561,831 [3],[4]
Cash and cash equivalents 49,121 32,629
Interest and dividend receivable and other assets 82,731 56,488
Receivable for securities sold 381 35,125
Deferred financing costs (net of accumulated amortization of $10,603 and $9,462 as of December 31, 2022 and December 31, 2021, respectively) 7,475 4,217
Total assets 4,241,885 3,690,290
LIABILITIES    
Debt 1,999,102 1,796,056
Accounts payable and other liabilities 52,092 40,469
Payable for securities purchased 0 5,111
Interest payable 16,580 14,926
Dividend payable 17,676 15,159
Deferred tax liability, net 47,849 29,723
Total liabilities 2,133,299 1,901,444
Commitments and contingencies (Note K)
NET ASSETS    
Common stock, $0.01 par value per share (150,000,000 shares authorized; 78,463,599 and 70,700,885 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively) 784 707
Additional paid‑in capital 2,030,531 1,736,346
Total undistributed earnings 77,271 51,793
Total net assets 2,108,586 1,788,846
Total liabilities and net assets $ 4,241,885 $ 3,690,290
NET ASSET VALUE PER SHARE (in dollars per share) $ 26.86 $ 25.29
Line of Credit | Revolving Credit Facility    
LIABILITIES    
Debt $ 607,000 $ 320,000
Unsecured Notes | July 2026 Notes    
LIABILITIES    
Debt 498,136 497,609
Unsecured Notes | May 2024 Notes    
LIABILITIES    
Debt 450,727 451,272
Unsecured Notes | SBIC debentures    
LIABILITIES    
Debt 343,914 342,731
Unsecured Notes | December 2025 Notes    
LIABILITIES    
Debt 99,325 0
Unsecured Notes | December 2022 Notes    
LIABILITIES    
Debt 0 184,444
Control investments    
ASSETS    
Investments at fair value: 1,703,172 [1],[5] 1,489,257 [3],[6]
Affiliate investments    
ASSETS    
Investments at fair value: 618,359 [1],[7] 549,214 [3],[8]
Non‑Control/Non‑Affiliate investments    
ASSETS    
Investments at fair value: $ 1,780,646 [1],[9] $ 1,523,360 [3],[10]
[1] Investment fair value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
[2] All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Company’s Corporate Facility or SPV Facility (each as defined in Note B.5. — Deferred Financing Costs, and together the “Credit Facilities”) or in support of the SBA-guaranteed debentures issued by the Funds.
[3] Investment fair value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for further discussion.
[4] All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Company’s Corporate Facility or in support of the SBA-guaranteed debentures issued by the Funds.
[5] Control investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
[6] Control investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
[7] Affiliate investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.
[8] Affiliate investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.
[9] Non-Control/Non-Affiliate investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.
[10] Non-Control/Non-Affiliate investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.