Strong Portfolio Performance
The company increased its senior secured credit facility to $110 million and closed on a $50 million unsecured term loan at attractive pricing. Gross origination during the quarter was $90.7 million across diverse states, maintaining a strong portfolio across thirty companies.
Dividend Achievements
The company delivered $2.06 per share in dividends to shareholders in 2024, maintaining a high payout ratio of approximately 99% of base distributable earnings.
Robust Risk Management
The company increased the percentage of its portfolio insulated from interest rate declines from 24% to nearly 68% by adjusting the mix of floating and fixed-rate loans.
Strategic Credit Facility Management
Total leverage equaled 34% of book equity at year-end compared to 24% at the end of 2023, indicating strategic leverage management to support growth.
Successful Non-Accrual Loan Management
Significant progress was made on non-accrual loan number nine, with operational control achieved and a strategy to restore it to accrual status in 2025.