FIDUS INVESTMENT Corp
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 26, 2026
FDUS$19.65+0.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-03-06.
0000950170-25-034612
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-26.
0001193125-26-076572
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 149 previous paragraphs and 148 current paragraphs.
93 unchanged; 40 reworded; 12 added; 13 removed; 3 previous and 3 current paragraphs rearranged.
Tables are not compared: 19 previous and 18 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
(1) The Company exited its debt investments in such portfolio companies and did not hold such investments as of December 31, 2025.
Current report
Net investment income was $73.9 million, $74.6 million, and $65.1 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Current report
For the year ended December 31, 2025, the total net realized gain/(loss) on investments, before income tax (provision)/benefit, was $3.4 million. Income tax (provision)/benefit from realized gains on investments was $(4.0) million for the year ended December 31, 2025. We realize a gain/(loss) on our equity investments primarily when we either sell our equity investment or the underlying portfolio company is sold. Significant realized gains (losses) for the year ended December 31, 2025 are summarized below (dollars in millions):
Current report
For the year ended December 31, 2025, we experienced a net increase in cash, cash equivalents and restricted cash of $22.4 million. During that period, we used $147.0 million of cash from operating activities, which included proceeds received from sales and repayments of investments of $288.0 million, which were offset by the funding of $498.2 million of investments. During the same period, we received net proceeds from the ATM Program of $79.3 million, proceeds from the issuance of the March 2030 Notes of $200.0 million, proceeds from the issuances of SBA debentures of $91.0 million, and net borrowings of $38.9 million under our Credit Facilities (as defined below), made repayments of SBA debentures relating to Fund III of $28.5 million, fully redeemed the outstanding $125.0 million of our January 2026 Notes, paid cash dividends to stockholders of $75.5 million, received repayments of $1.7 million on our secured borrowings, and paid deferred financing costs related to our debt financings of $9.1 million.
Current report
Revolving Credit Facility
Current report
Concurrently with entering into the SPV Credit Agreement (as described below), on October 16, 2025, we terminated in full (i) the Revolving Credit Agreement and (ii) the amended and restated guarantee, pledge and security agreement, dated as of April 24, 2019
Current report
(as amended from time to time, the “Guarantee and Security Agreement”), by and among us, as borrower, the subsidiary guarantors party thereto, ING, as revolving administrative agent, each financing agent and designated indebtedness holder party thereto, and ING, as collateral agent. The Revolving Credit Agreement and the Guarantee and Security Agreement were terminated concurrently with the satisfaction of all our obligations and liabilities to the lending parties thereunder, including, without limitation, payments of principal and interest, other fees, breakage costs and other amounts owing to the lending parties.
Current report
SPV Credit Facility
Current report
On October 16, 2025, we entered into a credit and security agreement (the “SPV Credit Agreement”) relating to a special purpose vehicle credit facility (the “SPV Credit Facility”) by and among FIC Funding, LLC (the “SPV”), as borrower, us, as servicer and equityholder, ING, as administrative agent (the “Administrative Agent”) and lead arranger, Western Alliance Trust Company, N.A., as custodian, collateral agent, and collateral administrator, and the lenders from time to time parties thereto. The SPV Credit Facility is secured primarily by a pledge of 100% of the equity interest in the SPV held by the Company and the SPV’s assets, which consist of certain bank loans or securities. The SPV Credit Facility provides for $175.0 million of initial commitments, and has an accordion feature that allows for an increase of the total commitments to up to $250.0 million, subject to certain conditions (including the consent of the Administrative Agent). On December 22, 2025, the total commitments available under the SPV Credit Facility was increased from $175.0 million to $225.0 million pursuant to the accordion feature. The SPV Credit Facility has a reinvestment period until October 16, 2029 and matures on October 16, 2030. The advances under the SPV Credit Facility bear interest, subject to our election, on a per annum basis equal to one-month Term SOFR plus 0.11448% and an applicable margin ranging from 2.500% to 2.675%. The SPV pays a commitment fee that varies depending on the size of the unused portion of the SPV Credit Facility: (1) if the utilized portion of the aggregate commitments as of the close of business on such day is less than 35% of the aggregate commitments (the “Minimum Utilization Amount”), the commitment fee will equal the sum of (a) the then applicable margin multiplied by (i) the Minimum Utilization Amount minus (ii) the aggregate outstanding principal balance of the advances on such day and (b) 0.50% multiplied by 65% of the commitments and (2) if the utilized portion of the aggregate commitments is greater than or equal to the Minimum Utilization Amount, the commitment fee will equal 0.50% multiplied by the unused amount of the commitments.
Current report
The unsecured notes described below are our direct unsecured obligations, rank pari passu with our other outstanding and future unsecured unsubordinated indebtedness and are effectively or structurally subordinated to all of our existing and future secured indebtedness, including borrowings under the SPV Credit Facility and the SBA debentures.
Current report
On December 23, 2020, we closed the offering of $125.0 million in aggregate principal amount of our 4.75% notes due 2026, or the “January 2026 Notes”. The total net proceeds to us from the January 2026 Notes, based on a public offering price of 100.00% of par, after deducting underwriting discounts of $2.5 million and offering expenses of $0.4 million, were $122.1 million. The maturity date of the January 2026 Notes was January 31, 2026, and the January 2026 Notes bore interest at a rate of 4.75%. On May 21, 2025, we redeemed $25.0 million of the $125.0 million aggregate principal amount on the January 2026 Notes, resulting in a realized loss on extinguishment of debt of $0.1 million. On November 3, 2025, we fully redeemed the remaining $100.0 million in aggregate principal amount of the January 2026 Notes, resulting in a realized loss on extinguishment of debt of $0.1 million.
Current report
On January 28, 2026, we invested $6.0 million in first lien debt and $1.0 million in preferred equity of Gap Intelligence Acquisition, LLC (dba OpenBrand), a market intelligence platform that provides real-time competitive and pricing data to leading consumer durable original equipment manufacturers and retailers.
Removed paragraphs (13)
Previous report
(1) Percentage is less than 0.1% of respective total.
Previous report
(1) Portfolio company debt investment was not held as of December 31, 2023.
Previous report
$0.5 million increase in professional fees due to increased legal costs related to dead deal expenses and the equity at-the-market offering (the “ATM Program”), as well as increased audit and valuation expenses during 2023 as compared to 2022.
Previous report
Net investment income was $74.6 million, $65.1 million, and $46.5 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Previous report
For the year ended December 31, 2022, the total net realized gain/(loss) on investments, before income tax (provision)/benefit was $65.6 million. Income tax (provision)/benefit from realized gains on investments was $(1.8) million for the year ended December 31, 2022. We realize a gain/(loss) on our equity investments primarily when we either sell our equity investment or the underlying portfolio company is sold. Significant realized gains (losses) for the year ended December 31, 2022 are summarized below (dollars in millions):
Previous report
For the year ended December 31, 2022, we experienced a net decrease in cash and cash equivalents in the amount of $107.1 million. During that period, we used $105.5 million of cash from operating activities, which included proceeds received from sales and repayments of investments of $194.0 million, which were offset by the funding of $333.8 million of investments. During the same period, we received net proceeds from the ATM Program of $5.8 million and proceeds from the issuances of SBA debentures of $76.0 million, which we partially offset by repayments of SBA debentures of $30.0 million, cash dividends paid to stockholders of $49.1 million, and the payment of deferred financing costs related to our debt financings of $3.5 million.
Previous report
Credit Facility
Previous report
Each of the Notes are unsecured obligations and rank pari passu with our existing and future unsecured indebtedness; effectively subordinated to all of our existing and future secured indebtedness; and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities we may form in the future, with respect to claims on the assets of any such subsidiaries, financing vehicles, or similar facilities, including the Credit Facility.
Previous report
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which enhances disclosure requirements about significant segment expenses that are regularly provided to CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by ASC 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025. Early adoption is permitted and retrospective adoption is required for all prior periods presented. We have adopted ASU 2023-07 effective December 31, 2024 and concluded that the application of this guidance did not have a material impact on our consolidated financial statements.
Previous report
On January 6, 2025, we invested $15.0 million in first lien debt and $0.8 million in common equity of Customer Expressions Corp. (dba Case IQ), a leading of SaaS-based Governance, Risk and Compliance (GRC) solutions to mid-size and large enterprises.
Previous report
On January 7, 2025, we invested $19.0 million in first lien debt, $0.4 million in common equity, and committed up to $2.3 million in a revolving loan to Onsight Industries, LLC, a leading provider of customized signs & displays, mailbox solutions, and site furnishings for the home builder and land developer industries.
Previous report
On January 24, 2025, we received a distribution on our equity investments in Medsurant Holdings, LLC, resulting in a net realized gain of approximately $8.2 million.
Previous report
On February 5, 2025, we invested $14.0 million in first lien debt, $0.5 million in common equity, $0.1 million in preferred equity, and committed up to $2.0 million in a revolving loan to Fraser Steel LLC, a designer and manufacturer of steel tubular parts and assemblies for OEM customers used in a wide range of applications.
Reworded paragraphs (40)
Previous wording
FIC was formed as a Maryland corporation on February 14, 2011. We completed our initial public offering, or IPO, in June 2011. On June 20, 2011, FIC acquired all of the limited partnership interests of Fund I and membership interests of Fidus Mezzanine Capital GP, LLC, its general partner, resulting in Fund I becoming our wholly-owned SBIC subsidiary. Immediately following the acquisition, we and Fund I elected to be treated as business development companies, or BDCs, under the 1940 Act and our investment activities have been managed by Fidus Investment Advisors, LLC, our investment advisor, and supervised by our board of directors, a majority of whom are independent of us. On March 29, 2013, we commenced operations of a second wholly-owned subsidiary, Fund II. On April 18, 2018, we commenced operations of a third wholly-owned subsidiary, Fund III. On November 28, 2023, we commenced operations of a fourth wholly-owned subsidiary, Fund IV.
Current wording
FIC was formed as a Maryland corporation on February 14, 2011. We completed our initial public offering, or IPO, in June 2011. On June 20, 2011, FIC acquired all of the limited partnership interests of Fund I and membership interests of Fidus Mezzanine Capital GP, LLC, its general partner, resulting in Fund I becoming our wholly-owned SBIC subsidiary. Immediately following the acquisition, we and Fund I elected to be treated as business development companies, or BDCs, under the 1940 Act and our investment activities have been managed by Fidus Investment Advisors, LLC, our investment advisor, and supervised by our board of directors, a majority of whom are independent of us. We commenced operations of Fund II, Fund III and Fund IV, each a wholly owned subsidiary, on March 29, 2013, April 18, 2018, and November 28, 2023, respectively.
Previous wording
We have certain wholly-owned subsidiaries (the “Taxable Subsidiaries”), each of which generally holds one or more of our portfolio investments listed on the consolidated schedules of investments, and have elected to be treated as corporations for U.S. federal income tax purposes and are thus subject to U.S. federal income tax imposed at corporate rates. The Taxable Subsidiaries are consolidated for financial reporting purposes, such that our consolidated financial statements reflect our investment in the portfolio company investments owned by the Taxable Subsidiaries. The purpose of the Taxable Subsidiaries are to permit us to hold equity investments in portfolio companies that are classified as partnerships for U.S. federal income tax purposes (such as entities organized as limited liability companies (“LLCs”) or other forms of pass through entities) while complying with the “source-of-income” requirements contained in the RIC tax provisions. The Taxable Subsidiaries are not consolidated with us for U.S. federal income tax purposes, and each Taxable Subsidiary will be subject to U.S. federal income tax on its taxable income. Any such income or expense is reflected in the consolidated statements of operations.
Current wording
We have certain wholly-owned subsidiaries (the “Taxable Subsidiaries”), each of which generally holds one or more of our portfolio investments listed on the consolidated schedules of investments, and have elected to be treated as corporations for U.S. federal income tax purposes and are thus subject to U.S. federal income tax imposed at corporate rates. The Taxable Subsidiaries are consolidated for financial reporting purposes, such that our consolidated financial statements reflect our investment in the portfolio company investments owned by the Taxable Subsidiaries. The purpose of the Taxable Subsidiaries is to permit us to hold equity investments in portfolio companies that are classified as partnerships for U.S. federal income tax purposes (such as entities organized as limited liability companies (“LLCs”) or other forms of pass through entities) while complying with the “source-of-income” requirements contained in the RIC tax provisions. The Taxable Subsidiaries are not consolidated with us for U.S. federal income tax purposes, and each Taxable Subsidiary will be subject to U.S. federal income tax on its taxable income. Any such income or expense is reflected in the consolidated statements of operations.
Previous wording
During the years ended December 31, 2024 and 2023, we invested $394.5 million and $336.7 million, respectively, in debt and equity investments, including 16 and 16 new portfolio companies, respectively. During the years ended December 31, 2024 and 2023, we received proceeds from sales or repayments, including principal, return of capital dividends and net realized gains (losses), of $276.9 million and $258.8 million, respectively, including exits of ten and twelve portfolio companies, respectively. The following table summarizes investment purchases and sales and repayments of investments by type for the years ended December 31, 2024 and 2023 (dollars in millions).
Current wording
During the years ended December 31, 2025 and 2024, we invested $498.2 million and $394.5 million, respectively, in debt and equity investments, including 20 and 16 new portfolio companies, respectively. During the years ended December 31, 2025 and 2024, we received proceeds from sales or repayments, including principal, return of capital dividends and net realized gains (losses), of $288.0 million and $276.9 million, respectively, including exits of eight and ten portfolio companies, respectively. The following table summarizes investment purchases and sales and repayments of investments by type for the years ended December 31, 2025 and 2024 (dollars in millions).
Previous wording
(1) For the years ended December 31, 2024 and 2023, includes unitranche securities, which account for 41.3% and 27.1% of purchases, respectively. For the years ended December 31, 2024 and 2023, includes unitranche securities, which account for 4.9% and 2.6% of repayments, respectively.
Current wording
(1) For the years ended December 31, 2025 and 2024, includes unitranche securities, which account for 48.1% and 41.3% of purchases, respectively. For the years ended December 31, 2025 and 2024, includes unitranche securities, which account for 7.2% and 4.9% of repayments, respectively.
Previous wording
As of December 31, 2023, the fair value of our investment portfolio totaled $957.9 million and consisted of 81 active portfolio companies and one portfolio company that has sold its underlying operations. As of December 31, 2023, 46 portfolio companies’ debt investments bore interest at a variable rate, which represented $629.3 million, or 75.6%, of our debt investment portfolio on a fair value basis, and the remainder of our debt investment portfolio was comprised of fixed rate investments. Overall, the portfolio had net unrealized appreciation of $21.3 million as of December 31, 2023. As of December 31, 2023, our average active portfolio company investment at amortized cost was $11.6 million, which excludes an investment in the one portfolio company that has sold its underlying operations.
Current wording
As of December 31, 2025, the fair value of our investment portfolio totaled $1.3 billion and consisted of 97 active portfolio companies and six portfolio companies that have sold their underlying operations. As of December 31, 2025, 58 portfolio companies’ debt investments bore interest at a variable rate, which represented $890.1 million, or 75.3%, of our debt investment portfolio on a fair value basis, and the remainder of our debt investment portfolio was comprised of fixed-rate investments. Overall, the portfolio had net unrealized appreciation of $25.5 million as of December 31, 2025. As of December 31, 2025, our average active portfolio company investment at amortized cost was $13.4 million, which excludes investments in six portfolio companies that have sold their underlying operations.
Previous wording
The weighted average yield on debt investments as of December 31, 2024 and 2023 was 13.3% and 14.2%, respectively. The weighted average yield of our debt investments is not the same as a return on investment for our stockholders but, rather, relates to a portion of our investment portfolio and is calculated before the payment of all of our and our subsidiaries’ fees and expenses. The weighted average yields were computed using the effective interest rates for debt investments at cost as of December 31, 2024 and 2023, including the accretion of OID and debt investment origination fees, but excluding investments on non-accrual status.
Current wording
The weighted average yield on debt investments as of December 31, 2025 and 2024 was 12.6% and 13.3%, respectively. The weighted average yield of our debt investments is not the same as a return on investment for our stockholders but, rather, relates to a portion of our investment portfolio and is calculated before the payment of all of our and our subsidiaries’ fees and expenses. The weighted average yields were computed using the effective interest rates for debt investments at cost as of December 31, 2025 and 2024, including the accretion of OID and debt investment origination fees, but excluding investments on non-accrual status and investments recorded as a secured borrowing.
Previous wording
(1) Includes unitranche investments, which account for 39.9% and 40.4% of our portfolio on a fair value and cost basis as of December 31, 2024, respectively. Includes unitranche investments, which account for 37.6% and 38.5% of our portfolio on a fair value and cost basis as of December 31, 2023, respectively.
Current wording
(1) Includes unitranche investments, which account for 48.3% and 49.3% of our portfolio on a fair value and cost basis as of December 31, 2025, respectively. Includes unitranche investments, which account for 39.9% and 40.4% of our portfolio on a fair value and cost basis as of December 31, 2024, respectively.
Previous wording
We also have observed, and continue to observe, supply chain disruptions, labor and resource shortages, commodity inflation, elements of financial market instability (including elevated interest rates), an uncertain economic outlook for the United States (which may include a recession), and elements of geopolitical instability (including the ongoing war in Ukraine and U.S. and China relations, and ongoing conflict in the Middle East). In the event that the U.S. economy enters into a protracted recession, it is possible that the results of certain U.S. middle market companies could experience deterioration. We are closely monitoring the effect of such market volatility may have on our portfolio companies and our investment activities. We also are maintaining close communications with our portfolio companies and have also increased oversight of credits in vulnerable industries to mitigate any decline in loan performance and reduce credit risk.
Current wording
We also have observed, and continue to observe, supply chain disruptions, labor and resource shortages, commodity inflation, elements of financial market instability (including elevated interest rates), changes to U.S. tariff and trade policies and uncertainty relating to such changes, an uncertain economic outlook for the United States (which may include a recession), and elements of geopolitical instability (including the ongoing war in Ukraine, U.S. and China relations, and ongoing conflicts in the Middle East). In the event that the U.S. economy enters into a protracted recession, it is possible that the results of certain U.S. middle market companies could experience deterioration. We are closely monitoring the effect of such market volatility may have on our portfolio companies and our investment activities. We also are maintaining close communications with our portfolio companies and have also increased oversight of credits in vulnerable industries to mitigate any decline in loan performance and reduce credit risk.
Previous wording
As of December 31, 2024 and December 31, 2023, we had debt investments in four and three portfolio companies, respectively on non-accrual status (dollars in millions):
Current wording
As of December 31, 2025 and December 31, 2024, we had debt investments in two and four portfolio companies, respectively on non-accrual status (dollars in millions):
Previous wording
For the year ended December 31, 2023, total investment income was $130.1 million, an increase of $36.0 million or 38.2%, from the $94.1 million of total investment income for the year ended December 31, 2022. As reflected in the table above, the increase is primarily attributable to the following:
Current wording
For the year ended December 31, 2025, total investment income was $155.9 million, an increase of $9.8 million or 6.6%, from the $146.1 million of total investment income for the year ended December 31, 2024. As reflected in the table above, the increase is primarily attributable to the following:
Previous wording
$32.5 million increase in total interest income (which includes a $4.9 million increase in PIK interest income) resulting from an increase in average debt investment balances outstanding and a higher weighted average yield on debt investment balances outstanding during 2023 as compared to 2022.
Current wording
$6.4 million increase in total interest income (which includes a $3.1 million increase in PIK interest income) resulting from an increase in average debt investment balances outstanding, partially offset by a decrease in weighted average yield on debt investment balances outstanding during 2025 as compared to 2024.
Previous wording
$0.4 million decrease in dividend income, during 2023 as compared to 2022, due to decreased levels of distributions received from equity investments.
Current wording
$0.8 million increase in dividend income, during 2025 as compared to 2024, due to increased levels of distributions received from equity investments.
Previous wording
$1.5 million increase in fee income resulting from an increase in origination, management, and prepayment fee income during 2023 as compared to 2022.
Current wording
$2.6 million increase in fee income resulting from an increase in origination and prepayment fees, partially offset by a decrease in amendment fees during 2025 as compared to 2024.
Previous wording
For the year ended December 31, 2023, total expenses, including income tax provision, were $65.0 million, an increase of $17.4 million or 36.6%, from the $47.6 million of total expenses, including income tax provision, for the year ended December 31, 2022. As reflected in the table above, the decrease is primarily attributable to the following:
Current wording
For the year ended December 31, 2025, total expenses, including income tax provision, were $82.0 million, an increase of $10.5 million or 14.7%, from the $71.5 million of total expenses, including income tax provision, for the year ended December 31, 2024. As reflected in the table above, the increase is primarily attributable to the following:
Previous wording
$4.0 million increase in interest and financing expenses due an increase in SBA debentures outstanding, during 2023 as compared to 2022.
Current wording
$7.2 million increase in interest and financing expenses due to an increase in the weighted average interest rate of our debt outstanding and an increase in average borrowings outstanding during 2025 as compared to 2024.
Previous wording
$1.7 million net increase in base management fee, including the base management fee waiver, due to higher average total assets during 2023 as compared to 2022.
Current wording
$2.1 million net increase in base management fee, including the base management fee waiver, due to higher average total assets during 2025 as compared to 2024.
Previous wording
$2.8 million increase in the capital gains incentive fee due to a $22.6 million increase in net gain on investments (net realized gains (losses) plus net change in unrealized appreciation (depreciation) on investments) during 2023, as compared to the same period in 2022.
Current wording
$1.0 million increase in the capital gains incentive fee due to a $5.3 million increase in net gain on investments (net realized gains (losses) plus net change in unrealized appreciation (depreciation) on investments) during 2025, as compared to the same period in 2024.
Previous wording
Net investment income increased by $18.6 million, or 39.9%, during fiscal 2023 as compared to fiscal 2022, as a result of the $36.0 million increase in total investment income, partially offset by the $17.4 million increase in total expenses, including the base management fee waiver and income tax provision.
Current wording
Net investment income decreased by $0.7 million, or (1.1)%, during fiscal 2025 as compared to fiscal 2024, as a result of the $9.8 million increase in total investment income, offset by the $10.5 million increase in total expenses, including the base management fee waiver and income tax provision.
Previous wording
Net increase in net assets resulting from operations was $78.3 million, $77.1 million, and $35.8 million for the years ended December 31, 2024, 2023, and 2022, respectively, as a result of the events described above.
Current wording
Net increase in net assets resulting from operations was $82.4 million, $78.3 million, and $77.1 million for the years ended December 31, 2025, 2024, and 2023, respectively, as a result of the events described above.
Previous wording
As of December 31, 2024, we had $57.2 million in cash and cash equivalents and our net assets totaled $655.7 million. We believe that our current cash and cash equivalents on hand, our Credit Facility, our continued access to SBA-guaranteed debentures, and our anticipated cash flows from investments will provide adequate capital resources with which to operate and finance our investment business and make distributions to our stockholders for at least the next 12 months. We intend to generate additional cash primarily from the future offerings of debt and equity securities (including the ATM Program) and future borrowings, as well as cash flows from operations, including income earned from investments in our portfolio companies. On both a short-term and long-term basis, our primary use of funds will be investments in portfolio companies and cash distributions to our stockholders. In light of current market conditions, we will continually evaluate our overall liquidity position and take proactive steps to maintain that position based on the current circumstances. This "Financial Liquidity and Capital Resources" section should be read in conjunction with the notes of our consolidated financial statements.
Current wording
As of December 31, 2025, we had $70.0 million in cash and cash equivalents, $9.6 million in restricted cash, and our net assets totaled $741.9 million. We believe that our current cash and cash equivalents on hand, restricted cash, our SPV Credit Facility (as defined below), our continued access to SBA-guaranteed debentures, and our anticipated cash flows from investments will provide adequate capital resources with which to operate and finance our investment business and make distributions to our stockholders for at least the next 12 months. We intend to generate additional cash primarily from the future offerings of debt and equity securities (including the ATM Program) and future borrowings, as well as cash flows from operations, including income earned from investments in our portfolio companies. On both a short-term and long-term basis, our primary use of funds will be investments in portfolio companies and cash distributions to our stockholders. In light of current market conditions, we will continually evaluate our overall liquidity position and take proactive steps to maintain that position based on the current circumstances. This "Financial Liquidity and Capital Resources" section should be read in conjunction with the notes of our consolidated financial statements.
Previous wording
For the year ended December 31, 2024, we experienced a net decrease in cash and cash equivalents in the amount of $62.0 million. During that period, we used $55.3 million of cash from operating activities, which included proceeds received from sales and repayments of investments of $276.9 million, which were offset by the funding of $394.5 million of investments. During the same period, we received net proceeds from the ATM Program of $66.3 million and net borrowings of $45.0 million under our Credit Facility, made repayments of SBA debentures of $35.0 million relating to Fund II, paid cash dividends to stockholders of $78.4 million, received repayments of $2.2 million on our secured borrowings, and the payment of deferred financing costs related to our debt financings of $2.4 million.
Current wording
For the year ended December 31, 2024, we experienced a net decrease in cash, cash equivalents and restricted cash of $62.0 million. During that period, we used $55.3 million of cash from operating activities, which included proceeds received from sales and repayments of investments of $276.9 million, which were offset by the funding of $394.5 million of investments. During the same period, we received net proceeds from the ATM Program of $66.3 million and net borrowings of $45.0 million under our Revolving Credit Facility, made repayments of SBA debentures relating to Fund II of $35.0 million, paid cash dividends to stockholders of $78.4 million, received repayments of $2.2 million on our secured borrowings, and paid deferred financing costs related to our debt financings of $2.4 million.
Previous wording
For the year ended December 31, 2023, we experienced a net increase in cash and cash equivalents in the amount of $56.7 million. During that period, we used $29.5 million of cash from operating activities, which included proceeds received from sales and repayments of investments of $258.9 million, which were offset by the funding of $336.7 million of investments. During the same period, we received net proceeds from the ATM Program of $110.3 million and proceeds from the issuances of SBA debentures of $62.0 million, which were partially offset by repayments of SBA debentures of $5.0 million, cash dividends paid to stockholders of $78.3 million, and the payment of deferred financing costs related to our debt financings of $1.8 million.
Current wording
For the year ended December 31, 2023, we experienced a net increase in cash, cash equivalents and restricted cash of $56.7 million. During that period, we used $29.5 million of cash from operating activities, which included proceeds received from sales and repayments of investments of $258.9 million, which were offset by the funding of $336.7 million of investments. During the same period, we received net proceeds from the ATM Program of $110.3 million and proceeds from the issuances of SBA debentures of $62.0 million, which was partially offset by repayments of SBA debentures of $5.0 million, paid cash dividends to stockholders of $78.3 million, and paid deferred financing costs related to our debt financings of $1.8 million.
Previous wording
We anticipate that we will continue to fund our investment activities on a long-term basis through a combination of additional debt and equity capital.
Current wording
We anticipate that we will continue to fund our investment activities on a long-term basis through a combination of additional debt and equity capital. As of December 31, 2025, our debt consisted of the SPV Credit Facility (as defined below), SBA debentures, and unsecured notes. As of December 31, 2024, our debt consisted of the Revolving Credit Facility, SBA debentures, and unsecured notes. The term “Credit Facilities” refers to both the SPV Credit Facility and the Revolving Credit Facility. See Notes 6 to our consolidated financial statements for more information about our debt.
Previous wording
As of December 31, 2024, the weighted average stated interest rates for our SBA debentures and the Notes were 4.316% and 4.125%, respectively. As of December 31, 2024, we had $95.0 million of unutilized commitment under our Credit Facility and we were subject to a 0.592% fee on such amount. As of December 31, 2024, the weighted average stated interest rate on total debt outstanding was 4.599%.
Current wording
As of December 31, 2025, the weighted average stated interest rates for our SBA debentures and the outstanding unsecured notes were 4.332% and 5.500%, respectively. As of December 31, 2025, we had $141.2 million of unutilized commitment under our SPV Credit Facility, subject to our remaining borrowing base availability of $102.2 million, and we were subject to a 0.500% fee on such amount. As of December 31, 2025, the weighted average stated interest rate on total debt outstanding was 5.230%.
Previous wording
Each of Fund III and Fund IV is licensed to operate as an SBIC, and has the ability to issue debentures guaranteed by the SBA at favorable interest rates. Under the SBA regulations, an SBIC can have outstanding at any time debentures guaranteed by the SBA in an amount up to twice its regulatory capital. The SBA regulations currently limit the amount that is available to be borrowed by any SBIC and guaranteed by the SBA to 300.0% of an SBIC’s regulatory capital or $175.0 million, whichever is less. For two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350.0 million. The SBA may limit the amount that may be drawn each year under the SBA debenture commitments, and each issuance of leverage is conditioned on SBIC's full compliance, as determined by the SBA, with the terms and conditions under SBA regulations. SBA debentures have fixed interest rates that approximate prevailing 10-year Treasury Note rates plus a spread and have a maturity of ten years with interest payable semi-annually. The principal amount of the SBA debentures is not required to be paid before maturity but may be pre-paid at any time. Fund II has completed a wind-down plan, relinquished its SBIC license and can no longer issue additional SBA debentures, effective as of March 7, 2024. On September 30, 2024, Fund IV received a license to operate as a SBIC. As of December 31, 2024, Fund III had a total leverage commitment from the SBA of $175.0 million, of which all are outstanding, and Fund IV had a total leverage commitment from the SBA of $175.0 million, of which none is outstanding. Subject to SBA regulatory requirements and approval of SBA debenture commitments, we may access up to $175.0 million of additional SBA debentures under the SBIC debenture program. For more information on the SBA debentures, please refer to Note 6 to our consolidated financial statements.
Current wording
Both Fund III and Fund IV are licensed to operate as an SBIC, and have the ability to issue debentures guaranteed by the SBA at favorable interest rates. Under the SBA regulations, an SBIC can have outstanding at any time debentures guaranteed by the SBA in an amount up to twice its regulatory capital. The SBA regulations currently limit the amount that is available to be borrowed by any SBIC and guaranteed by the SBA to 300.0% of an SBIC’s regulatory capital or $175.0 million, whichever is less. For two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $350.0 million. The SBA may limit the amount that may be drawn each year under the SBA debenture commitments, and each issuance of leverage is conditioned on SBIC's full compliance, as determined by the SBA, with the terms and conditions under SBA regulations. SBA debentures have fixed interest rates that approximate prevailing 10-year Treasury Note rates plus a spread and have a maturity of ten years with interest payable semi-annually. The principal amount of the SBA debentures is not required to be paid before maturity but may be pre-paid at any time. As of December 31, 2025, Fund III and Fund IV had $146.5 million and $91.0 million of outstanding SBA debentures, respectively. Subject to SBA regulatory requirements and approval of SBA debenture commitments, Fund IV may access up to $84.0 million of additional SBA debentures under the SBIC debenture program.
Previous wording
On June 16, 2014, we entered into a senior secured revolving credit agreement (the "Credit Agreement" and the senior secured revolving credit facility, the “Credit Facility”) with ING Capital LLC (“ING”), as the administrative agent, collateral agent, and lender. The Credit Facility is secured by certain portfolio investments held by us, but portfolio investments held by the SBIC Funds are not collateral for the Credit Facility. On April 24, 2019, we entered into an Amended & Restated Senior Secured Revolving Credit Agreement (the “Amended Credit Agreement”) among us, as borrower, the lenders party thereto, and ING, as administrative agent. On June 26, 2020, we entered into an amendment to the Amended Credit Agreement that, among other changes, modified certain financial covenants. On August 17, 2022, the Company entered into a second amendment to the Amended Credit Agreement (“Second Amendment”). The Second Amendment, among other things: (i) changed the underlying benchmark used to compute interest under the Amended Credit Agreement to the Secured Overnight Financing Rate (SOFR) from the London Interbank Offered Rate (LIBOR); (ii) reduced the applicable margin from 3.00% to 2.675% on SOFR loans prior to satisfying certain step-down conditions, and from 2.675% to 2.50% after satisfying certain step-down conditions, with commensurate reductions in the applicable margins for base rate loans; (iii) provided for a loan commitment availability period ending on August 17, 2026; (iv) extended the maturity date to August 17, 2027 from April 24, 2023; and (v) amended certain financial covenants, including (a) amending the asset coverage ratio to no less than 1.50 to 1.00 from no less than 2.00 to 1.00 (on a regulatory basis); and (b) requiring the Company to maintain a senior asset coverage ratio of no less than 2.00 to 1.00. On July 25, 2024, the Company entered into an incremental commitment agreement that increased the Credit Facility total commitment from $100.0 million to $140.0 million.
Current wording
On June 16, 2014, we entered into a senior secured revolving credit agreement (as amended from time to time, the "Revolving Credit Agreement" and the senior secured revolving credit facility thereunder, the “Revolving Credit Facility”) with ING Capital LLC (“ING”), as the administrative agent, collateral agent, and lender. The Revolving Credit Facility was secured by certain portfolio investments held by us, except for the assets held by the SBIC Funds.
Previous wording
We pay a commitment fee that varies depending on the size of the unused portion of the Credit Facility: 2.500% to 2.675% per annum on the unused portion of the Credit Facility at or below 35% of the commitments and 0.50% per annum on any remaining unused portion of the Credit Facility between the total commitments and the 35% minimum utilization. The Credit Facility is secured by a first priority security interest in all of our assets, excluding the assets of our SBIC subsidiaries.
Current wording
The total commitments available under the Revolving Credit Facility was $140.0 million. Under the Revolving Credit Agreement, we paid a commitment fee that varied depending on the size of the unused portion of the Revolving Credit Facility: 2.500% to 2.675% per annum on the unused portion of the Revolving Credit Facility at or below 35% of the commitments and 0.50% per annum on any remaining unused portion of the Revolving Credit Facility between the total commitments and the 35% minimum utilization.
Previous wording
Amounts available to borrow under the Credit Facility are subject to a minimum borrowing/collateral base that applies an advance rate to certain investments held by us, excluding investments held by the SBIC Funds. We are subject to limitations with respect to the investments securing the Credit Facility, including, but not limited to, restrictions on sector concentrations, loan size, payment frequency and status and collateral interests, as well as restrictions on portfolio company leverage, which may also affect the borrowing base and therefore amounts available to borrow.
Current wording
Amounts available to borrow under the SPV Credit Facility are subject to a minimum borrowing/collateral base that applies an advance rate to certain investments held by the SPV. We are subject to limitations with respect to the investments securing the SPV Credit Facility, including, but not limited to, restrictions on sector concentrations, loan size, payment frequency and status and collateral interests, as well as restrictions on portfolio company leverage, which may also affect the borrowing base and therefore amounts available to borrow.
Previous wording
We have made customary representations and warranties and we are required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. These covenants are subject to important limitations and exceptions that are described in the documents governing the Credit Facility. As of December 31, 2024, we were in compliance in all material respects with the terms of the Credit Agreement and there were no borrowings outstanding under the Credit Facility.
Current wording
We have made customary representations and warranties and we are required to comply with various covenants, reporting requirements and other customary requirements. These covenants are subject to important limitations and exceptions that are described in the documents governing the SPV Credit Facility. As of December 31, 2025, we were in compliance in all material respects with the terms of the SPV Credit Agreement.
Previous wording
On October 8, 2021, we closed the offering of $125.0 million in aggregate principal amount of our 3.50% notes due 2026, or the “November 2026 Notes”(collectively with the January 2026 Notes, the “Notes”). The total net proceeds to us from the November 2026 Notes, based on a public offering price of 99.996% of par, after deducting underwriting discounts of $2.5 million and offering expenses of $0.3 million, were $122.2 million. The November 2026 Notes will mature on November 15, 2026 and bear interest at a rate of 3.50%. The November 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed before August 15, 2026 (the date falling three months prior to maturity) and at par thereafter. Interest on the November 2026 Notes is payable on May 15 and November 15 of each year. We do not intend to list the November 2026 Notes on any securities exchange or automated dealer quotation system. As of December 31, 2024, the outstanding principal balance of the November 2026 Notes was $125.0 million.
Current wording
On October 8, 2021, we closed the offering of $125.0 million in aggregate principal amount of our 3.50% notes due 2026, or the “November 2026 Notes”. The total net proceeds to us from the November 2026 Notes, based on a public offering price of 99.996% of par, after deducting underwriting discounts of $2.5 million and offering expenses of $0.3 million, were $122.2 million. The November 2026 Notes will mature on November 15, 2026 and bear interest at a rate of 3.50%. The November 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed before August 15, 2026 (the date falling three months prior to maturity) and at par thereafter. Interest on the November 2026 Notes is payable on May 15 and
Previous wording
On December 23, 2020, we closed the offering of $125.0 million in aggregate principal amount of our 4.75% notes due 2026, or the “January 2026 Notes”. The total net proceeds to us from the January 2026 Notes, based on a public offering price of 100.00% of par, after deducting underwriting discounts of $2.5 million and offering expenses of $0.4 million, were $122.1 million. The January 2026 Notes will mature on January 31, 2026 and bear interest at a rate of 4.75%. The January 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed before October 31, 2025 (the date falling three months prior to maturity) and at par thereafter. Interest on the January 2026 Notes is payable on January 31 and July 31 of each year. We do not intend to list the January 2026 Notes on any securities exchange or automated dealer quotation system. As of December 31, 2024, the outstanding principal balance of the January 2026 Notes was $125.0 million.
Current wording
On March 19, 2025, we closed the offering of $100.0 million in aggregate principal amount of our 6.75% notes due 2030, or the “Existing March 2030 Notes”. The total net proceeds to us from the Existing March 2030 Notes, based on a public offering price of 99.29954% of par, after deducting underwriting discounts of $2.0 million and offering expenses of $0.4 million, was $96.9 million. On October 3, 2025, we issued an additional $100.0 million in aggregate principal amount of the 6.75% notes due 2030 (the “Additional March 2030 Notes” and together with the Existing March 2030 Notes, the “March 2030 Notes”). The total net proceeds to us from the Additional March 2030 Notes, based on a public offering price of 100.705% of par, after deducting underwriting discounts of $1.5 million and offering expenses of $0.3 million, was $98.9 million. The Additional March 2030 Notes are treated as a single series with the Existing March 2030 Notes under the indenture and have the same terms as the Initial March 2030 Notes (except the issue date, the offering price and the initial interest payment date). Upon issuance of the Additional March 2030 Notes, the outstanding aggregate principal amount of the March 2030 Notes was $200.0 million. The March 2030 Notes will mature on March 19, 2030 and bear interest at a rate of 6.75%. The March 2030 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed before September 19, 2029 (the date falling six months prior to maturity) and at par thereafter. Interest on the March 2030 Notes is payable on March 19 and September 19 of each year. We do not intend to list the March 2030 Notes on any securities exchange or automated dealer quotation system.
Previous wording
As of December 31, 2024, the carrying value of secured borrowings totaled $13.7 million and the fair value of the associated loans included in investments was $13.5 million. As of December 31, 2023, carrying value of secured borrowings totaled $15.9 million and the fair value of the associated loans included in investments was $15.8 million. These secured borrowings were created as a result of our completion of partial loan sales of certain unitranche loan assets that did not meet the definition of a “participating interest” as defined in ASC 860 (see Note 2. Significant Accounting Policies - Partial loan and equity sales” for more information). As a result, sale treatment was not permitted and these partial loan sales were treated as secured borrowings. The weighted average interest rate on our secured borrowings was approximately 8.568% and 9.407% as of December 31, 2024 and 2023, respectively.
Current wording
As of December 31, 2025, the carrying value of secured borrowings totaled $12.0 million and the fair value of the associated loans included in investments was $12.0 million. As of December 31, 2024, carrying value of secured borrowings totaled $13.7 million and the fair value of the associated loans included in investments was $13.5 million. These secured borrowings were created as a result of our completion of partial loan sales of certain unitranche loan assets that did not meet the definition of a “participating interest” as defined in ASC 860 (see Note 2. Significant Accounting Policies - Partial loan and equity sales” for more information). As a result, sale treatment was not permitted and these partial loan sales were treated as secured borrowings. The weighted average interest rate on our secured borrowings was approximately 7.917% and 8.568% as of December 31, 2025 and 2024, respectively.
Previous wording
On November 10, 2022, the Company established the at-the-market program (the “ATM Program”), pursuant to which the Company may offer and sell, from time to time through Raymond James & Associates, Inc. and B. Riley Securities, Inc., each as sales agents, shares of the Company's common stock having an aggregate offering price of up to $50.0 million. On August 11, 2023, the Company increased the maximum amount of shares to be sold through the ATM Program to $150.0 million from $50.0 million. On February 29, 2024, the Company increased the maximum amount of shares to be sold through the ATM Program to $300.0 million from $150.0 million. Cumulative to date, the Company has sold 9,364,244 shares of common stock under the ATM Program at a weighted-average price of $19.75, raising $185.0 million of gross proceeds. Net proceeds were $182.5 million after commissions to the sales agents on sales sold. As of December 31, 2024, the Company had $115.0 million available under the ATM Program.
Current wording
On November 10, 2022, the Company established the at-the-market program (the “ATM Program”), pursuant to which the Company may offer and sell, from time to time through Raymond James & Associates, Inc. and B. Riley Securities, Inc., each as sales agents, shares of the Company's common stock having an aggregate offering price of up to $50.0 million. On August 11, 2023, the Company increased the maximum amount of shares to be sold through the ATM Program to $150.0 million from $50.0 million. On February 29, 2024, the Company increased the maximum amount of shares to be sold through the ATM Program to $300.0 million from $150.0 million. Cumulative to date, the Company has sold 13,300,342 shares of common stock under the ATM Program at a weighted-average price of $19.94, raising $265.2 million of gross proceeds. Net proceeds were $261.8 million after commissions to the sales agents on sales sold. As of December 31, 2025, the Company had $34.8 million available under the ATM Program.
Previous wording
We have an open market stock repurchase program (the “Stock Repurchase Program”) under which we may acquire up to $5.0 million of our outstanding common stock. Under the Stock Repurchase Program, we may, but are not obligated to, repurchase outstanding common stock in the open market from time to time provided that we comply with the prohibitions under our insider trading policies and the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, as amended, including certain price, market value and timing constraints. The timing, manner, price and amount of any share repurchases will be determined by our management, in its discretion, based upon the evaluation of economic and market conditions, stock price, capital availability, applicable legal and regulatory requirements and other corporate considerations. On October 28, 2024, the Board extended the Stock Repurchase Program through December 31, 2025, or until the approved dollar amount has been used to repurchase shares. The Stock Repurchase Program does not require us to repurchase any specific number of shares and we cannot assure that any shares will be repurchased under the Stock Repurchase Program. The Stock Repurchase Program may be suspended, extended, modified or discontinued at any time. We did not make any repurchases of common stock during the years ended December 31, 2024, 2023, and 2022. Refer to Note 8 to our consolidated financial statements for additional information concerning stock repurchases.
Current wording
We have an open market stock repurchase program (the “Stock Repurchase Program”) under which we may acquire up to $5.0 million of our outstanding common stock. Under the Stock Repurchase Program, we may, but are not obligated to, repurchase outstanding common stock in the open market from time to time provided that we comply with the prohibitions under our insider trading policies and the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, as amended, including certain price, market value and timing constraints. The timing, manner, price and amount of any share repurchases will be determined by our management, in its discretion, based upon the evaluation of economic and market conditions, stock price, capital availability, applicable legal and regulatory requirements and other corporate considerations. Most recently, on November 3, 2025, the Board extended the Stock Repurchase Program through December 31, 2026, or until the approved dollar amount has been used to repurchase shares. The Stock Repurchase Program does not require us to repurchase any specific number of shares and we cannot assure that any shares will be repurchased under the Stock Repurchase Program. The Stock Repurchase Program may be suspended, extended, modified or discontinued at any time. We did not make any repurchases of common stock during the years ended December 31, 2025, 2024, and 2023. Refer to Note 8 to our consolidated financial statements for additional information concerning stock repurchases.
Previous wording
Our Board consulted with the independent third-party valuation firm(s) in arriving at our determination of fair value for 21 and 18 of our portfolio company investments representing 27.5% and 29.9% of the total portfolio investments at fair value (exclusive of new portfolio company investments made during the three months ended December 31, 2024 and 2023, respectively) as of December 31, 2024 and 2023, respectively;
Current wording
Our Board consulted with the independent third-party valuation firm(s) in arriving at our determination of fair value for 21 and 21 of our portfolio company investments representing 26.7% and 27.5% of the total portfolio investments at fair value (exclusive of new portfolio company investments made during the three months ended December 31, 2025 and 2024, respectively) as of December 31, 2025 and 2024, respectively;
Previous wording
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, “Improvements to Income Tax Disclosures (Topic 740),” which requires disclosure of additional information pertaining to income taxes. Such changes include disclosing i) a reconciliation of the effective tax rate to statutory rate for federal, state, and foreign income taxes and ii) taxes paid (net of refunds received) should be disaggregated for federal, state and foreign taxes. The guidance is effective for annual reporting periods beginning after December 15, 2024. We are currently evaluating the impact this ASU will have on our consolidated financial position or disclosures, but we do not expect the impact to be material.
Current wording
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, “Improvements to Income Tax Disclosures (Topic 740),” which requires disclosure of additional information pertaining to income taxes. Such changes include disclosing i) a reconciliation of the effective tax rate to statutory rate for federal, state, and foreign income taxes and ii) taxes paid (net of refunds received) should be disaggregated for federal, state and foreign taxes. The guidance is effective for annual reporting periods beginning after December 15, 2024. We have adopted ASU 2023-09 effective as of December 31, 2025 and concluded that the application of this guidance did not have a material impact on our consolidated financial statements.
Previous wording
On January 14, 2025, we exited our preferred equity investment in Healthfuse, LLC. We received a distribution on our preferred equity investment for a realized gain of approximately $3.2 million.
Current wording
On January 30, 2026, we exited our preferred and common equity investments in CIH Intermediate, LLC. We received a distribution on our preferred and common equity investments for a realized gain of approximately $3.4 million.
Previous wording
On February 18, 2025, our Board declared a regular quarterly dividend of $0.43 per share and a supplemental dividend of $0.11 per share payable March 27, 2025, to stockholders of record as of March 20, 2025.
Current wording
On February 17, 2026, our Board declared a regular quarterly dividend of $0.43 per share and a supplemental dividend of $0.09 per share payable March 30, 2026, to stockholders of record as of March 20, 2026.
Previous wording
On February 6, 2025, we issued an additional $5.0 million in SBA debentures, which will bear interest at a fixed interim interest rate of 5.207% until the pooling date in March 2025.
Current wording
On February 19, 2026, we issued an additional $30.0 million in SBA debentures, which will bear interest at a fixed interim interest rate of 4.587% until the pooling date in March 2026.
Previous wording
On February 27, 2025, we repaid $12.5 million of SBA debentures with a weighted average interest rate of 5.755% which would have matured on dates ranging from March 2032 to September 2033.
Current wording
On February 26, 2026, we repaid $5.0 million and $2.0 million of SBA debentures with weighted average interest rates of 5.439% and 5.861%, respectively, which would have matured on dates ranging from March 2033 to September 2033.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
$0.2 million increase in professional fees due to increased proxy solicitation fees during 2025 as compared to 2024.
Current report — wording carried from elsewhere
$0.2 million decrease in income tax provision resulting from decreased distributions received at the Taxable Subsidiaries during 2025 as compared to 2024.
Current report — wording carried from elsewhere
November 15 of each year. We do not intend to list the November 2026 Notes on any securities exchange or automated dealer quotation system. As of December 31, 2025, the outstanding principal balance of the November 2026 Notes was $125.0 million.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
$2.4 million increase in interest on idle funds due to an increase in average cash balances and the weighted average interest on cash balances outstanding during 2023 as compared to 2022.
Previous report — wording carried elsewhere
$8.2 million net increase in the income incentive fee due to an increase in pre-incentive fee income during 2023, as compared to the same period in 2022.
Previous report — wording carried elsewhere
On February 13, 2025, we issued an additional $14.5 million in SBA debentures, which will bear interest at a fixed interim interest rate of 5.217% until the pooling date in March 2025.