10-Q Filing

VARAGON CAPITAL CORP CIK: 1784700 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000950170-23-021632`
Period End Date	20230331
Filing Date	20230512
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	ck0001784700-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 20 Cash Flow Statement 30

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Amortized Cost	`InvestmentOwnedAtCost`	$681.25M	USD	Point-in-time
Amortized Cost	`InvestmentOwnedAtCost`	$678.70M	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$10.00	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Fair Value	`InvestmentOwnedAtFairValue`	$664.34M	USD	Point-in-time
Fair Value	`InvestmentOwnedAtFairValue`	$666.14M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	100.00	shares	Point-in-time
Total investments, at fair value (amortized cost of $681,249 and $678,695, respectively)	`Investments`	$666.14M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	41.50M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	41.49M	shares	Point-in-time
Total investments, at fair value (amortized cost of $681,249 and $678,695, respectively)	`Investments`	$664.34M	USD	Point-in-time
Cash	`Cash`	$20.42M	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	41.49M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	41.50M	shares	Point-in-time
Cash	`Cash`	$14.00M	USD	Point-in-time
Interest receivable	`AccountsReceivableNetCurrent`	$9.27M	USD	Point-in-time
Interest receivable	`AccountsReceivableNetCurrent`	$11.90M	USD	Point-in-time
Deferred financing costs	`DeferredOfferingCosts`	$3.57M	USD	Point-in-time
Deferred financing costs	`DeferredOfferingCosts`	$3.06M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrentAndNoncurrent`	$694.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrentAndNoncurrent`	$575.00K	USD	Point-in-time
Other assets	`OtherAssets`	$83.00K	USD	Point-in-time
Other assets	`OtherAssets`	$144.00K	USD	Point-in-time
Total assets	`Assets`	$694.03M	USD	Point-in-time
Total assets	`Assets`	$700.17M	USD	Point-in-time
Revolving credit facility payable (Note 5)	`LineOfCredit`	$285.61M	USD	Point-in-time
Revolving credit facility payable (Note 5)	`LineOfCredit`	$270.50M	USD	Point-in-time
Fronting amount payable (Note 6)	`FrontingAmountPayable`	$8.00M	USD	Point-in-time
Fronting amount payable (Note 6)	`FrontingAmountPayable`	-	USD	Point-in-time
Shareholder distributions payable	`ShareholderDistributionsPayable`	-	USD	Point-in-time
Shareholder distributions payable	`ShareholderDistributionsPayable`	$9.98M	USD	Point-in-time
Interest and credit facility fees payable	`InterestAndCreditFacilityFeesPayable`	$4.37M	USD	Point-in-time
Interest and credit facility fees payable	`InterestAndCreditFacilityFeesPayable`	$4.77M	USD	Point-in-time
Base management fees payable (Note 6)	`ManagementFeePayable`	$1.26M	USD	Point-in-time
Base management fees payable (Note 6)	`ManagementFeePayable`	$1.26M	USD	Point-in-time
Income incentive fees payable (Note 6)	`IncomeBasedIncentiveFeePayable`	$731.00K	USD	Point-in-time
Income incentive fees payable (Note 6)	`IncomeBasedIncentiveFeePayable`	$473.00K	USD	Point-in-time
Administrator expenses payable	`AdministratorExpensesPayable`	$319.00K	USD	Point-in-time
Administrator expenses payable	`AdministratorExpensesPayable`	$295.00K	USD	Point-in-time
Directors' fees and expenses payable	`DirectorSFeesAndExpensesPayable`	$84.00K	USD	Point-in-time
Directors' fees and expenses payable	`DirectorSFeesAndExpensesPayable`	$164.00K	USD	Point-in-time
Due to affiliates (Note 6)	`DueToAffiliateCurrentAndNoncurrent`	$783.00K	USD	Point-in-time
Due to affiliates (Note 6)	`DueToAffiliateCurrentAndNoncurrent`	$771.00K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$755.00K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$751.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$294.38M	USD	Point-in-time
Total liabilities	`Liabilities`	$296.50M	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.01 par value; 500,000,000 shares authorized; 41,497,926 shares issued and outstanding at March 31, 2023, and 500,000,000 shares authorized; 41,490,642 shares issued and outstanding at December 31, 2022	`CommonStockValue`	$415.00K	USD	Point-in-time
Common stock, $0.01 par value; 500,000,000 shares authorized; 41,497,926 shares issued and outstanding at March 31, 2023, and 500,000,000 shares authorized; 41,490,642 shares issued and outstanding at December 31, 2022	`CommonStockValue`	$415.00K	USD	Point-in-time
Paid-in capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$414.87M	USD	Point-in-time
Paid-in capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$414.94M	USD	Point-in-time
Total accumulated earnings (loss)	`RetainedEarningsAccumulatedDeficit`	$-11.61M	USD	Point-in-time
Total accumulated earnings (loss)	`RetainedEarningsAccumulatedDeficit`	$-15.71M	USD	Point-in-time
Total net assets	`AssetsNet`	$403.68M	USD	Point-in-time
Total net assets	`AssetsNet`	$399.64M	USD	Point-in-time
NET ASSETS PER SHARE	`NetAssetValuePerShare`	$9.63	USD	Point-in-time
NET ASSETS PER SHARE	`NetAssetValuePerShare`	$9.73	USD	Point-in-time

Income Statement 20 line items

Line Item	Tag	Value	Unit	Period
Total investment income	`InvestmentIncomeNet`	$19.27M	USD	1 Quarter
Base management fees (Note 6)	`ManagementFeeExpense`	$1.26M	USD	1 Quarter
Income incentive fees (Note 6)	`IncentiveFeeExpense`	$731.00K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$518.00K	USD	1 Quarter
Administrator expenses	`AdministrativeExpense`	$343.00K	USD	1 Quarter
Interest expenses (Note 5)	`InterestExpenseDebt`	$4.81M	USD	1 Quarter
Credit facility fees (Note 5)	`CreditFacilityFees`	$1.75M	USD	1 Quarter
Directors fees and expenses	`NoninterestExpenseDirectorsFees`	$80.00K	USD	1 Quarter
Organizational expenses	`AdministratorExpenses`	$102.00K	USD	1 Quarter
Insurance expenses	`GeneralInsuranceExpense`	$98.00K	USD	1 Quarter
Other general and administrative expenses	`OtherGeneralAndAdministrativeExpense`	$120.00K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$9.81M	USD	1 Quarter
Net investment income (loss)	`NetInvestmentIncome`	$9.46M	USD	1 Quarter
Net change in unrealized appreciation (depreciation) on investments	`NetChangeInUnrealizedAppreciationDepreciationOnInvestments`	$4.35M	USD	1 Quarter
Net increase (decrease) in net assets resulting from operations	`ProfitLoss`	$5.12M	USD	1 Quarter
Weighted average shares outstanding	`WeightedAverageSharesOutstanding`	41.49M	shares	1 Quarter
Net investment income per share basic	`NetInvestmentIncomeLossPerShareBasic`	$0.23	USD	1 Quarter
Net investment income per share diluted	`NetInvestmentIncomeLossPerShareDiluted`	$0.23	USD	1 Quarter
Earnings per share basic	`EarningsPerShareBasic`	$0.12	USD	1 Quarter
Earnings per share diluted	`EarningsPerShareDiluted`	$0.12	USD	1 Quarter

Cash Flow Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net increase (decrease) in net assets resulting from operations	`ProfitLoss`	$5.12M	USD	1 Quarter
Purchases of investments	`PurchasesOfInvestments`	$20.52M	USD	1 Quarter
Investment increases due to payment-in-kind income	`InvestmentIncreasesDueToPaymentInKindIncome`	$110.00K	USD	1 Quarter
Repayments of investments	`RepaymentsOfInvestments`	$18.49M	USD	1 Quarter
Net change in unrealized (appreciation) depreciation on investments	`NetChangeInUnrealizedAppreciationDepreciationOnInvestments`	$4.35M	USD	1 Quarter
Net amortization (accretion) on investments	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$410.00K	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$1.58M	USD	1 Quarter
Interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$2.63M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-119.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$61.00K	USD	1 Quarter
Interest and credit facility fees payable	`IncreaseDecreaseInInterestAndCreditFacilityFeesPayable`	$406.00K	USD	1 Quarter
Base management fees payable	`IncreaseDecreaseInBaseManagementFeesPayable`	$-7.00K	USD	1 Quarter
Income incentive fees payable	`IncreaseDecreaseInIncomeIncentiveFeesPayable`	$258.00K	USD	1 Quarter
Administrator expenses payable	`IncreaseDecreaseInAdministratorExpensesPayable`	$24.00K	USD	1 Quarter
Directors' fees and expenses payable	`IncreaseDecreaseInDirectorsFeesAndExpensesPayable`	$80.00K	USD	1 Quarter
Due to affiliates (Note 6)	`IncreaseDecreaseInDueToAffiliates`	$-12.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$4.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$6.67M	USD	1 Quarter
Borrowings on debts	`ProceedsFromIssuanceOfDebt`	$25.11M	USD	1 Quarter
Repayments of debts	`RepaymentsOfDebt`	$18.00M	USD	1 Quarter
Financing costs paid	`PaymentsOfFinancingCosts`	$1.07M	USD	1 Quarter
Dividends paid in cash	`PaymentsOfDividendsCommonStock`	$19.13M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-13.08M	USD	1 Quarter
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-6.41M	USD	1 Quarter
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.42M	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.00M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.42M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.00M	USD	Point-in-time
Cash paid during the period for interest	`InterestPaidNet`	$4.57M	USD	1 Quarter
Distributions reinvested	`DistributionsReinvested`	$72.00K	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.