EQUITY OFFERINGS AND RELATED EXPENSES

3 Months Ended

Mar. 31, 2023

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
Year ended December 31, 2022	149,174		2,070,935		31,066		530,842		87,605		1,596,632		13.88
Three months ended March 31, 2023	581,614		8,418,160		126,303		70,255		68,967		8,290,569		14.47
Total	20,248,383	$	297,568,428	$	7,579,030	$	2,470,702	$	264,796	$	287,783,492

(1) Net of partial share transactions. Such share transactions 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 $228,943 and $94,788 during the year ended December 31, 2020 and 2018, respectively; $0 for the three months ended March 31, 2023 and years ended 2022, 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 March 31, 2023 and December 31, 2022 in the amount of $4,358,536 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.

The Company issued 581,614 shares during the three months ended March 31, 2023 under the ATM Program, for gross proceeds of $8,418,160 and underwriting fees and other expenses of $196,558. The average per share offering price of shares issued in the ATM Program during the three months ended March 31, 2023 was $14.47. 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 three months ended March 31, 2023, the Advisor reimbursed the Company $68,967, which resulted in net proceeds of $8,290,569, or $14.38 per share, excluding the impact of offering expenses.

The Company issued 0 shares of common stock through the DRIP for both the three months ended March 31, 2023 and 2022.