Quarterly report [Sections 13 or 15(d)]

SHARE REPURCHASES

v3.26.3
SHARE REPURCHASES
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
SHARE REPURCHASES SHARE REPURCHASES
In August 2026, the Fund’s Board of Directors authorized a share repurchase plan pursuant to which the Fund may repurchase up to $20.0 million of shares of its common stock for a period beginning in September 2026 and ending in February 2027, at times when the market price per share of the common stock is trading below the most recently reported NAV per share of the common stock by certain pre-determined levels. Pursuant to such authorization, the Fund entered into a share repurchase plan (the “February 2027 10b5-1 Repurchase Plan”) to facilitate the repurchase of up to the full $20.0 million of shares of its common stock authorized under the share repurchase program. The repurchases of shares of the Fund’s common stock pursuant to the February 2027 10b5-1 Repurchase Plan are intended to satisfy the conditions of Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934 (the “Exchange Act”) and will otherwise be subject to applicable law, including Regulation M, which may prohibit purchases under certain circumstances.
A summary of the shares repurchased by the Fund under the February 2027 10b5-1 Repurchase Plan during the three months ended September 30, 2026 is as follows:
Period Total number of shares repurchased Average price paid per share (1) Total cost (1) Total number of shares repurchased as part of publicly announced plans or programs Approximate dollar value of shares that may yet be repurchased under the plans or programs (2)
(in thousands, except share and per share amounts)
July 1 through July 31, 2026 (3) N/A N/A N/A N/A N/A
August 1 through August 31, 2026 (3) N/A N/A N/A N/A N/A
September 1 through September 30, 2026 53,778 $ 12.47  $ 670  53,778 $ 17,345 
___________________
(1)Includes broker commissions.
(2)Excludes the dollar value of shares authorized for purchase under the February 2027 10b5-1 Repurchase Plan that expired without being utilized because the plan’s parameters were not met.
(3)The February 2027 10b5-1 Repurchase Plan was entered into in August 2026, and the broker was not authorized to begin purchases under the plan until September 2026. Accordingly, no purchases were made under the February 2027 10b5-1 Repurchase Plan during July or August 2026.
In August 2026, Main Street authorized a plan pursuant to which Main Street may purchase up to $20.0 million of shares of the Fund’s common stock in the open market during the same time period, pursuant to the terms of a share purchase plan (the “Main Street February 2027 Purchase Plan”) that Main Street entered into in connection with the February 2027 10b5-1 Repurchase Plan. The purchases of any shares pursuant to the Main Street February 2027 Purchase Plan will be implemented in accordance with Rule 10b5-1 and Rule 10b-18 under the Exchange Act. See Note J.4 —Related Party Transactions — Other Related Party Transactions.
The terms and conditions of the February 2027 10b5-1 Repurchase Plan and of the Main Street February 2027 Purchase Plan are substantially similar. Subject to the limitations under Rule 10b-18 under the Exchange Act and market conditions, the aggregate amount of shares (i) repurchased under the February 2027 10b5-1 Repurchase Plan and (ii) purchased under the Main Street February 2027 Purchase Plan on any single trading day is split between the Fund and Main Street on a pro rata basis (or as close thereto as reasonably possible) based upon the proportion of the aggregate $40.0 million repurchase/purchase commitment represented by the respective share repurchase/purchase program. There is no assurance that the Fund will repurchase or Main Street will purchase any shares of the Fund’s common stock at any specific discount levels or in any specific amounts under the February 2027 10b5-1 Stock Repurchase Plan or the Main Street February 2027 Purchase Plan, as applicable. There is also no assurance that the market price of the Fund’s shares of common stock, either absolutely or relative to NAV per share, will increase as a result of any share repurchases/purchases, or that the February 2027 10b5-1 Stock Repurchase Plan or the Main Street February 2027 Purchase Plan will enhance stockholder value over the long term.