First Quarter 2026 Highlights
GAAP net investment income ("NII") for the quarter ended March 31, 2026, was $4.8 million, or $0.21 per basic weighted average share
Net asset value per share as of March 31, 2026, was $7.90, as compared to $7.46 as of December 31, 2025
GAAP net increase in net assets resulting from operations for the quarter ended March 31, 2026, was $11.4 million, or $0.49 per basic weighted average share
Gross and net investment fundings were $80.9 million and $39.1 million, respectively
Net debt-to-equity as of March 31, 2026 was 0.48x
"AFC delivered a strong first quarter with net investment income exceeding our quarterly dividend. Additionally, in our first quarter as a BDC, we saw an increase in investment fundings driven by our pipeline focused on the lower-middle market across various industries," said Dan Neville, Chief Executive Officer.
Common Stock Distribution
On April 15, 2026, the Company paid a regular cash distribution of $0.05 per common share for the first quarter of 2026 to shareholders of record as of March 31, 2026.
Share Repurchase Authorization
On May 4, 2026, the Company's Board authorized a program for the purpose of repurchasing up to $5.0 million of the Company's common stock (the "Repurchase Program"). Under the Repurchase Program, the Company may, but is not obligated to, repurchase its outstanding common stock in the open market from time to time, provided that the Company complies with the prohibitions under its compliance policies and procedures adopted in accordance with the Investment Company Act of 1940, as amended, and the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934, as amended, including certain price, market, volume, and timing constraints. Unless amended or extended by the Company's Board of Directors, the Company expects the Repurchase Program to be in place until the later of such time that $5.0 million of the Company's outstanding shares of common stock have been repurchased, or May 4, 2027.
Operating Results
Three months endedMarch 31, 2026
(dollar amounts in millions, except per share data)
Total Amount
Per Share
Net investment income
$
4.8
$
0.21
Net unrealized gain on investments, net of taxes
$
6.6
$
0.28
Net increase in net assets resulting from operations
$
11.4
$
0.49
Distributions declared and payable
$
1.2
$
0.05
As of
(dollar amounts in millions, except per share data)
March 31, 2026
Portfolio investments at fair value
$
279.2
Total assets
$
394.9
Net assets
$
185.8
Net asset value per share
$
7.90
Debt/equity ratio
1.09x
Debt/equity ratio, net of cash
0.48x
Additional Information
AFC issued a presentation of its first quarter 2026 results, titled "First Quarter 2026 Earnings Presentation," which can be viewed ...
