10-K Filing

VARAGON CAPITAL CORP CIK: 1784700 FY 2023

Filing Information

Form Type	10-K
Accession Number	`0000950170-24-035857`
Period End Date	20231231
Filing Date	20240325
Fiscal Year	2023
Fiscal Period	FY
XBRL Instance	ck0001784700-20231231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 59 Cash Flow Statement 70

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Amortized Cost	`InvestmentOwnedAtCost`	$678.70M	USD	Point-in-time
Amortized Cost	`InvestmentOwnedAtCost`	$698.61M	USD	Point-in-time
Debt issuance costs	`DeferredFinanceCostsNet`	-	USD	Point-in-time
Debt issuance costs	`DeferredFinanceCostsNet`	$362.00K	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Fair Value	`InvestmentOwnedAtFairValue`	$666.14M	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$10.00	USD	Point-in-time
Fair Value	`InvestmentOwnedAtFairValue`	$686.04M	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total investments, at fair value (amortized cost of $698,613 and $678,695, respectively)	`Investments`	$686.04M	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
Total investments, at fair value (amortized cost of $698,613 and $678,695, respectively)	`Investments`	$666.14M	USD	Point-in-time
Common stock, Shares issued	`CommonStockSharesIssued`	41.51M	shares	Point-in-time
Common stock, Shares issued	`CommonStockSharesIssued`	41.49M	shares	Point-in-time
Common stock, Shares issued	`CommonStockSharesIssued`	100.00	shares	Point-in-time
Common stock, Shares issued	`CommonStockSharesIssued`	100.00	shares	Point-in-time
Cash	`Cash`	$20.42M	USD	Point-in-time
Cash	`Cash`	$19.98M	USD	Point-in-time
Interest receivable	`AccountsReceivableNetCurrent`	$9.27M	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	41.51M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	41.49M	shares	Point-in-time
Interest receivable	`AccountsReceivableNetCurrent`	$11.26M	USD	Point-in-time
Deferred financing costs	`DeferredOfferingCosts`	$3.57M	USD	Point-in-time
Deferred financing costs	`DeferredOfferingCosts`	$2.65M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrentAndNoncurrent`	$416.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrentAndNoncurrent`	$694.00K	USD	Point-in-time
Other assets	`OtherAssets`	$83.00K	USD	Point-in-time
Other assets	`OtherAssets`	$21.00K	USD	Point-in-time
Total assets	`Assets`	$700.17M	USD	Point-in-time
Total assets	`Assets`	$720.36M	USD	Point-in-time
Revolving credit facility payable (Note 6)	`LineOfCredit`	$270.50M	USD	Point-in-time
Revolving credit facility payable (Note 6)	`LineOfCredit`	$241.67M	USD	Point-in-time
Notes payable (net of debt issuance costs of $362, and $0, respectively) (Note 6)	`NotesPayable`	-	USD	Point-in-time
Notes payable (net of debt issuance costs of $362, and $0, respectively) (Note 6)	`NotesPayable`	$49.64M	USD	Point-in-time
Fronting amount payable (Note 7)	`FrontingAmountPayable`	$8.00M	USD	Point-in-time
Fronting amount payable (Note 7)	`FrontingAmountPayable`	-	USD	Point-in-time
Shareholder distributions payable	`DistributionPayable`	$14.95M	USD	Point-in-time
Shareholder distributions payable	`DistributionPayable`	$9.98M	USD	Point-in-time
Derivative contracts payable, at fair value	`DerivativeLiabilities`	$91.00K	USD	Point-in-time
Derivative contracts payable, at fair value	`DerivativeLiabilities`	-	USD	Point-in-time
Interest and credit facility fees payable	`InterestAndCreditFacilityFeesPayable`	$4.37M	USD	Point-in-time
Interest and credit facility fees payable	`InterestAndCreditFacilityFeesPayable`	$5.00M	USD	Point-in-time
Base management fees payable (Note 7)	`ManagementFeePayable`	$1.29M	USD	Point-in-time
Base management fees payable (Note 7)	`ManagementFeePayable`	$1.26M	USD	Point-in-time
Income incentive fees payable (Note 7)	`IncentiveFeePayable`	$473.00K	USD	Point-in-time
Income incentive fees payable (Note 7)	`IncentiveFeePayable`	$2.21M	USD	Point-in-time
Administrator expenses payable	`AdministratorExpensesPayable`	$287.00K	USD	Point-in-time
Administrator expenses payable	`AdministratorExpensesPayable`	$295.00K	USD	Point-in-time
Directors' fees and expenses payable (Note 9)	`DirectorSFeesAndExpensesPayable`	$84.00K	USD	Point-in-time
Directors' fees and expenses payable (Note 9)	`DirectorSFeesAndExpensesPayable`	$82.00K	USD	Point-in-time
Due to affiliates	`TaxesPayableCurrent`	$859.00K	USD	Point-in-time
Due to affiliates	`TaxesPayableCurrent`	$783.00K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.14M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$751.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$296.50M	USD	Point-in-time
Total liabilities	`Liabilities`	$317.21M	USD	Point-in-time
Commitments and contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.01 par value; 500,000,000 shares authorized; 41,505,531 shares issued and outstanding at December 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; 41,505,531 shares issued and outstanding at December 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`	$414.99M	USD	Point-in-time
Total accumulated earnings (loss)	`RetainedEarningsAccumulatedDeficit`	$-11.61M	USD	Point-in-time
Total accumulated earnings (loss)	`RetainedEarningsAccumulatedDeficit`	$-12.25M	USD	Point-in-time
Total net assets	`AssetsNet`	$403.15M	USD	Point-in-time
Total net assets	`AssetsNet`	$403.68M	USD	Point-in-time
NET ASSETS PER SHARE	`NetAssetValuePerShare`	$810.39	USD	Point-in-time
NET ASSETS PER SHARE	`NetAssetValuePerShare`	$9.73	USD	Point-in-time
NET ASSETS PER SHARE	`NetAssetValuePerShare`	$9.71	USD	Point-in-time

Income Statement 59 line items

Line Item	Tag	Value	Unit	Period
Redeemable shares issued	`TemporaryEquitySharesSubscribedButUnissued`	100.00	shares	Point-in-time
Total investment income	`InvestmentIncomeNet`	$82.55M	USD	Annual
Total investment income	`InvestmentIncomeNet`	$38.23M	USD	Annual
Base management fees (Note 7)	`ManagementFeeExpense`	$2.82M	USD	Annual
Base management fees (Note 7)	`ManagementFeeExpense`	$5.08M	USD	Annual
Income incentive fees (Note 7)	`IncentiveFeeExpense`	$1.33M	USD	Annual
Income incentive fees (Note 7)	`IncentiveFeeExpense`	$6.04M	USD	Annual
Professional fees	`ProfessionalFees`	$1.25M	USD	Annual
Professional fees	`ProfessionalFees`	$2.29M	USD	Annual
Administrator expenses	`AdministrativeExpense`	$1.19M	USD	Annual
Administrator expenses	`AdministrativeExpense`	$728.00K	USD	Annual
Interest expenses (Note 6)	`InterestExpenseDebt`	$21.19M	USD	Annual
Interest expenses (Note 6)	`InterestExpenseDebt`	$8.19M	USD	Annual
Credit facility fees (Note 6)	`LineOfCreditFacilityCommitmentFeeAmount`	$1.15M	USD	Annual
Credit facility fees (Note 6)	`LineOfCreditFacilityCommitmentFeeAmount`	$2.68M	USD	Annual
Directors fees and expenses (Note 9)	`NoninterestExpenseDirectorsFees`	$349.00K	USD	Annual
Directors fees and expenses (Note 9)	`NoninterestExpenseDirectorsFees`	$339.00K	USD	Annual
Organizational expenses	`AdministratorExpenses`	$187.00K	USD	Annual
Organizational expenses	`AdministratorExpenses`	$378.00K	USD	Annual
Insurance expenses	`GeneralInsuranceExpense`	$385.00K	USD	Annual
Insurance expenses	`GeneralInsuranceExpense`	$240.00K	USD	Annual
Other general and administrative expenses	`OtherGeneralAndAdministrativeExpense`	$124.00K	USD	Annual
Other general and administrative expenses	`OtherGeneralAndAdministrativeExpense`	$344.00K	USD	Annual
Total expenses before taxes	`OperatingExpenses`	$16.37M	USD	Annual
Total expenses before taxes	`OperatingExpenses`	$39.91M	USD	Annual
Net investment income before taxes	`NetInvestmentIncome`	$42.64M	USD	Annual
Net investment income before taxes	`NetInvestmentIncome`	$21.86M	USD	Annual
Excise tax expense	`InvestmentIncomeOperatingTaxExpenseBenefit`	$2.00K	USD	Annual
Excise tax expense	`InvestmentIncomeOperatingTaxExpenseBenefit`	$62.00K	USD	Annual
Net investment income (loss)	`InvestmentIncomeOperatingAfterExpenseAndTax`	$21.80M	USD	Annual
Net investment income (loss)	`InvestmentIncomeOperatingAfterExpenseAndTax`	$42.64M	USD	Annual
Net realized gain (loss) on investments	`RealizedInvestmentGainsLosses`	$-289.00K	USD	Annual
Net realized gain (loss) on investments	`RealizedInvestmentGainsLosses`	-	USD	Annual
Net change in unrealized appreciation (depreciation) on investments	`NetChangeInUnrealizedAppreciationDepreciationOnInvestments`	$12.56M	USD	Annual
Net change in unrealized appreciation (depreciation) on investments	`NetChangeInUnrealizedAppreciationDepreciationOnInvestments`	$17.00K	USD	Annual
Net change in unrealized appreciation (depreciation) on derivatives	`NetChangeInUnrealizedAppreciationDepreciationOnDerivatives`	$91.00K	USD	Annual
Net change in unrealized appreciation (depreciation) on derivatives	`NetChangeInUnrealizedAppreciationDepreciationOnDerivatives`	-	USD	Annual
Net change in unrealized appreciation (depreciation)	`NetChangesInUnrealizedAppreciationDepreciation`	$12.56M	USD	Annual
Net change in unrealized appreciation (depreciation)	`NetChangesInUnrealizedAppreciationDepreciation`	$108.00K	USD	Annual
Net realized and unrealized gains (losses)	`RealizedAndUnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingAfterTax`	$-12.56M	USD	Annual
Net realized and unrealized gains (losses)	`RealizedAndUnrealizedGainLossInvestmentDerivativeAndForeignCurrencyTransactionPriceChangeOperatingAfterTax`	$-397.00K	USD	Annual
Net increase (decrease) in net assets resulting from operations	`ProfitLoss`	$42.24M	USD	Annual
Net increase (decrease) in net assets resulting from operations	`ProfitLoss`	$9.24M	USD	Annual
Weighted average shares outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	30.53M	shares	3 Qtrs
Weighted average shares outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	41.50M	shares	Annual
Weighted average shares outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	39.85M	shares	Annual
Weighted average shares outstanding, Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	39.85M	shares	2 Qtrs
Weighted average shares outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	39.85M	shares	Annual
Weighted average shares outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	30.53M	shares	3 Qtrs
Weighted average shares outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	39.85M	shares	2 Qtrs
Weighted average shares outstanding, Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	41.50M	shares	Annual
Net investment income per share basic	`NetInvestmentIncomeLossPerShareBasic`	$1.03	USD	Annual
Net investment income per share basic	`NetInvestmentIncomeLossPerShareBasic`	$0.55	USD	Annual
Net investment income per share diluted	`NetInvestmentIncomeLossPerShareDiluted`	$0.55	USD	Annual
Net investment income per share diluted	`NetInvestmentIncomeLossPerShareDiluted`	$1.03	USD	Annual
Earnings per share basic	`EarningsPerShareBasic`	$0.23	USD	Annual
Earnings per share basic	`EarningsPerShareBasic`	$1.02	USD	Annual
Earnings per share diluted	`EarningsPerShareDiluted`	$1.02	USD	Annual
Earnings per share diluted	`EarningsPerShareDiluted`	$0.23	USD	Annual

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net increase (decrease) in net assets resulting from operations	`ProfitLoss`	$42.24M	USD	Annual
Net increase (decrease) in net assets resulting from operations	`ProfitLoss`	$9.24M	USD	Annual
Purchases of investments	`PurchasesOfInvestments`	$89.89M	USD	Annual
Purchases of investments	`PurchasesOfInvestments`	$587.67M	USD	Annual
Payment-in-kind and other adjustments to cost	`PaymentInKindAndOtherAdjustmentsToCost`	$265.00K	USD	Annual
Payment-in-kind and other adjustments to cost	`PaymentInKindAndOtherAdjustmentsToCost`	$-574.00K	USD	Annual
Repayments of investments	`RepaymentsOfInvestments`	$70.95M	USD	Annual
Repayments of investments	`RepaymentsOfInvestments`	$52.77M	USD	Annual
Net realized (gain) loss	`RealizedInvestmentGainsLosses`	$-289.00K	USD	Annual
Net realized (gain) loss	`RealizedInvestmentGainsLosses`	-	USD	Annual
Net change in unrealized (appreciation) depreciation on investments	`NetChangeInUnrealizedAppreciationDepreciationOnInvestments`	$12.56M	USD	Annual
Net change in unrealized (appreciation) depreciation on investments	`NetChangeInUnrealizedAppreciationDepreciationOnInvestments`	$17.00K	USD	Annual
Net change in unrealized (appreciation) depreciation on derivatives	`NetChangeInUnrealizedAppreciationDepreciationOnDerivatives`	$91.00K	USD	Annual
Net change in unrealized (appreciation) depreciation on derivatives	`NetChangeInUnrealizedAppreciationDepreciationOnDerivatives`	-	USD	Annual
Net amortization (accretion) on investments	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$1.40M	USD	Annual
Net amortization (accretion) on investments	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$1.84M	USD	Annual
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$471.00K	USD	Annual
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$2.12M	USD	Annual
Interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$9.27M	USD	Annual
Interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$1.99M	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$694.00K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-278.00K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-62.00K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$83.00K	USD	Annual
Interest and credit facility fees payable	`IncreaseDecreaseInInterestAndCreditFacilityFeesPayable`	$635.00K	USD	Annual
Interest and credit facility fees payable	`IncreaseDecreaseInInterestAndCreditFacilityFeesPayable`	$4.37M	USD	Annual
Base management fees payable	`IncreaseDecreaseInManagementFeePayable`	$22.00K	USD	Annual
Base management fees payable	`IncreaseDecreaseInManagementFeePayable`	$1.26M	USD	Annual
Income incentive fees payable	`IncreaseDecreaseInIncentiveFeePayable`	$1.73M	USD	Annual
Income incentive fees payable	`IncreaseDecreaseInIncentiveFeePayable`	$473.00K	USD	Annual
Administrator expenses payable	`IncreaseDecreaseInAdministratorExpensesPayable`	$295.00K	USD	Annual
Administrator expenses payable	`IncreaseDecreaseInAdministratorExpensesPayable`	$-8.00K	USD	Annual
Directors' fees and expenses payable (Note 9)	`IncreaseDecreaseInDirectorsFeesAndExpensesPayable`	$84.00K	USD	Annual
Directors' fees and expenses payable (Note 9)	`IncreaseDecreaseInDirectorsFeesAndExpensesPayable`	$-2.00K	USD	Annual
Due to affiliates	`IncreaseDecreaseInDueToAffiliates`	$76.00K	USD	Annual
Due to affiliates	`IncreaseDecreaseInDueToAffiliates`	$783.00K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$751.00K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$389.00K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$25.75M	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-516.32M	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$273.17M	USD	Annual
Redemption of common stock	`ProceedsForPaymentsForRedemptionOfCommonStock`	-	USD	Annual
Redemption of common stock	`ProceedsForPaymentsForRedemptionOfCommonStock`	-	USD	Annual
Borrowings on debts	`ProceedsFromIssuanceOfDebt`	$290.50M	USD	Annual
Borrowings on debts	`ProceedsFromIssuanceOfDebt`	$124.61M	USD	Annual
Repayments of debts	`RepaymentsOfDebt`	$111.44M	USD	Annual
Repayments of debts	`RepaymentsOfDebt`	$12.00M	USD	Annual
Financing costs paid	`PaymentsOfFinancingCosts`	$1.56M	USD	Annual
Financing costs paid	`PaymentsOfFinancingCosts`	$4.04M	USD	Annual
Dividends paid in cash	`PaymentsOfDividendsCommonStock`	$10.89M	USD	Annual
Dividends paid in cash	`PaymentsOfDividendsCommonStock`	$37.80M	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$536.74M	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-26.19M	USD	Annual
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$20.42M	USD	Annual
Net increase (decrease) in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-440.00K	USD	Annual
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.42M	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.98M	USD	Point-in-time
Cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.42M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.98M	USD	Point-in-time
Cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash paid during the period for interest	`InterestPaidNet`	$21.11M	USD	Annual
Cash paid during the period for interest	`InterestPaidNet`	$4.50M	USD	Annual
Cash paid during the period for taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Cash paid during the period for taxes	`IncomeTaxesPaidNet`	$64.00K	USD	Annual
Non-cash purchase of investments	`NoncashOrPartNoncashAcquisitionInvestmentsAcquired1`	-	USD	Annual
Non-cash purchase of investments	`NoncashOrPartNoncashAcquisitionInvestmentsAcquired1`	$142.13M	USD	Annual
Distributions reinvested	`DistributionsReinvested`	$147.00K	USD	Annual
Distributions reinvested	`DistributionsReinvested`	$40.00K	USD	Annual

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