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SENIOR SECURITIES

12 Months Ended

Dec. 31, 2025

NOTE 13 — SENIOR SECURITIES

Information about the Company’s senior securities is shown in the following table for the fiscal years ended December 31, 2016 through 2025.


		Outstanding						Involuntary
		Exclusive of			Asset			Liquidating		Average
		Treasury			Coverage per			Preference		Market Value
Class and Year		Securities⁽¹⁾			Unit⁽²⁾			per Unit⁽³⁾		per Unit⁽⁴⁾

		(In thousands, except per unit amounts)
SBA-guaranteed debentures
Fiscal 2016		$	65,000			N/A	⁽⁵⁾	—			N/A
Fiscal 2017		$	90,000			N/A	⁽⁵⁾	—			N/A
Fiscal 2018		$	150,000			N/A	⁽⁵⁾	—			N/A
Fiscal 2019		$	161,000			N/A	⁽⁵⁾	—			N/A
Fiscal 2020		$	176,500			N/A	⁽⁵⁾	—			N/A
Fiscal 2021		$	250,000			N/A	⁽⁵⁾	—			N/A
Fiscal 2022		$	313,600			N/A	⁽⁵⁾	—			N/A
Fiscal 2023		$	325,000			N/A	⁽⁵⁾	—			N/A
Fiscal 2024		$	325,000			N/A	⁽⁵⁾	—			N/A
Fiscal 2025		$	299,000			N/A	⁽⁵⁾	—			N/A
Original Credit Facility⁽⁶⁾
Fiscal 2015		$	109,500		$	2,220	⁽⁵⁾	—			N/A
Fiscal 2016		$	116,000		$	2,210	⁽⁵⁾	—			N/A
Credit Facility
Fiscal 2017		$	40,750		$	3,460	⁽⁵⁾	—			N/A
Fiscal 2018		$	99,550		$	2,520	⁽⁵⁾	—			N/A
Fiscal 2019		$	161,550		$	2,286	⁽⁵⁾	—			N/A
Fiscal 2020		$	174,000		$	2,230	⁽⁵⁾	—			N/A
Fiscal 2021		$	177,340		$	2,030	⁽⁵⁾	—			N/A
Fiscal 2022		$	199,200		$	1,920	⁽⁵⁾	—			N/A
Fiscal 2023		$	160,086		$	2,230	⁽⁵⁾	—			N/A
Fiscal 2024		$	175,386		$	2,340	⁽⁵⁾	—			N/A
Fiscal 2025		$	236,649		$	2,030	⁽⁵⁾	—			N/A
2030 Notes Payable
Fiscal 2025		$	125,000		$	2,030	⁽⁵⁾	—			N/A
2026 Notes Payable⁽⁹⁾
Fiscal 2021		$	100,000		$	2,030	⁽⁵⁾	—			N/A
Fiscal 2022		$	100,000		$	1,920	⁽⁵⁾	—			N/A
Fiscal 2023		$	100,000		$	2,230	⁽⁵⁾	—			N/A
Fiscal 2024		$	100,000		$	2,340	⁽⁵⁾	—			N/A
2022 Notes Payable⁽⁸⁾
Fiscal 2017		$	48,875		$	3,460	⁽⁵⁾	—		$	25.34
Fiscal 2018		$	48,875		$	2,520	⁽⁵⁾	—		$	25.18
Fiscal 2019		$	48,875		$	2,286	⁽⁵⁾	—		$	24.43
Fiscal 2020		$	48,875		$	2,230	⁽⁵⁾	—		$	23.64
6.50% Notes due 2019⁽⁷⁾
Fiscal 2016		$	25,000		$	2,210	⁽⁵⁾	—		$	25.11

(1)	Total amount of senior securities outstanding at the end of the period presented.

(2)

Asset coverage per unit is the ratio of the carrying value of the Company’s total assets, less all liabilities and indebtedness not represented by senior securities, in relation to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.

(3)	The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “—” indicates information which the SEC expressly does not require to be disclosed for certain types of senior securities.

(4)

Average market value per unit for the 2022 Notes Payable and the 6.50% Notes due 2019 represents the average of the daily closing prices as reported on the New York Stock Exchange during the period presented. Average market value per unit for the Company’s SBA-guaranteed Debentures, the Original Credit Facility (as defined below), the Credit Facility, and the Notes Payable are not applicable because these securities are not registered for public trading.

(5)

The Company has excluded its SBA-guaranteed debentures from the asset coverage calculation every year since exemptive relief was granted by the SEC in August 2014 that permits it to exclude such SBA-guaranteed debentures from the definition of senior securities in the 150% asset coverage ratio it is required to maintain under the 1940 Act.

(6)

On November 13, 2012, the Company entered into a senior secured revolving credit agreement, by and among the Company, as the borrower, SunTrust Bank, as the administrative agent, various lenders that are parties thereto from time to time (the “Original Credit Facility”). The Company terminated the Original Credit Facility on October 11, 2017.

(7)	On September 20, 2017, the Company redeemed all of the issued and outstanding 6.50% Notes due 2019.

(8)	On February 12, 2021, the Company redeemed all of the issued and outstanding 2022 Notes Payable.

(9)	On December 31, 2025, the Company redeemed all of the issued and outstanding 2026 Notes Payable.