EQUITY OFFERINGS AND RELATED EXPENSES

9 Months Ended

Sep. 30, 2022

EQUITY OFFERINGS AND RELATED EXPENSES

EQUITY OFFERINGS AND RELATED EXPENSES

NOTE 4 — EQUITY OFFERINGS AND RELATED EXPENSES

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

												Average
	Number of	Gross		Underwriting		Offering		Fees Covered		Net		Offering
Issuance of Common Stock	Shares	Proceeds(1)(2)		fees		Expenses		by Advisor		Proceeds(3)		Price
Year ended December 31, 2012	12,035,023	$	180,522,093	$	4,959,720	$	835,500	$	—	$	174,726,873	$	14.90
Year ended December 31, 2013	63,998		899,964		—		—		—		899,964	$	14.06
Year ended December 31, 2014	380,936		5,485,780		75,510		29,904		—		5,380,366	$	14.47
Year ended December 31, 2017	3,465,922		48,741,406		1,358,880		307,021		—		47,075,505	$	14.06
Year ended December 31, 2018	7,931		93,737		—		—		—		93,737	$	11.85
Year ended December 31, 2019	3,177,936		45,862,995		1,015,127		559,261		37,546		44,326,153	$	14.43
Year ended December 31, 2020	354,257		5,023,843		5,680		84,592		66,423		4,999,994	$	14.40
Year ended December 31, 2021	31,592		449,515		6,744		53,327		4,255		393,699	$	14.23
Quarter ended March 31,2022	14,924		209,006		3,137		50,369		12,170		167,670	$	14.00
Quarter ended June 30, 2022	13,416		187,965		2,820		58,475		10,863		137,533	$	14.01
Quarter ended September 30, 2022	—		—		—		—		—		—		NA
Total	19,545,935	$	287,476,304	$	7,427,618	$	1,978,449	$	131,257	$	278,201,494

(1) Net of partial share redemptions. Such share redemptions impacted gross proceeds by $94, $757, $(1,051), $(142), $(31) and $(29) in 2020, 2019, 2018, 2017, 2016 and 2015, respectively.

(2) Includes common shares issued under the DRIP of $0 during the nine months ended September 30, 2022, $228,943 and $94,788 during the year ended December 31, 2020 and 2018, respectively; $0 for the years ended 2021, 2019, 2017, 2016 and 2015, and $390,505, $938,385, $113,000 for the years ended 2014, 2013, and 2012, respectively.

(3) Net Proceeds per this equity table will differ from the Statements of Assets and Liabilities as of September 30, 2022 and December 31, 2021 in the amount of $3,317,652 which represents a tax reclassification of stockholders’ equity in accordance with U.S. GAAP. This reclassification reduces paid-in capital and increases distributable earnings (reducing the accumulated undistributed deficit).

On November 16, 2021, the Company entered into an equity distribution agreement, as amended and restated on August 29, 2022 (the “Equity Distribution Agreement”), with Keefe Bruyette & Woods, Inc. and Raymond James & Associates, Inc., as sales agents and/or principal thereunder. Under the Equity Distribution Agreement, the Company may, 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 (the “ATM Program”) to repay certain outstanding indebtedness and make investments in portfolio companies in accordance with its investment objective and strategies.

During the nine months ending September 30, 2022, the Company issued 28,340 shares under the ATM Program, for gross proceeds of $396,971 not including underwriting fees and other expenses of $114,801. The average per share offering price of shares issued in the ATM Program during the nine months ended September 30, 2022 was $14.01. The Advisor agreed to reimburse the Company for underwriting fees and expenses to the extent the per share price of the shares to the public, less underwriting fees, was less then net asset value per share. For the nine months ending September 30, 2022, the Advisor reimbursed the Company $23,033, which resulted in net proceeds of $414,047, or $14.61 per share, excluding the impact of offering expenses. The Company did not issue any shares during the nine months ended September 30, 2021.

The Company issued 0 shares of common stock through the DRIP for both the nine months ended September 30, 2022 and 2021.