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FINANCIAL HIGHLIGHTS
 12 Months Ended
Dec. 31, 2022
Investment Company [Abstract]  
FINANCIAL HIGHLIGHTS
14. FINANCIAL HIGHLIGHTS

The following is a schedule of financial highlights as of and for the years ended December 31, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, 2014 and 2013:

 As of and For the Years Ended December 31,
Per Share Data:20222021202020192018
Net asset value, beginning of period(1)$18.96 $16.97 $17.32 $17.12 $16.65 
Issuances of common stock0.10 0.11 — 0.02 — 
Repurchases of common stock— — 0.11 — — 
Net investment income for period(2)2.19 1.66 1.87 1.90 1.63 
Net realized and unrealized gains (losses) for period(2)(0.98)1.84 (0.73)(0.04)0.38 
Net increase in stockholders’ equity1.31 3.61 1.25 1.88 2.01 
Total distributions to stockholders(3)(1.87)(1.62)(1.60)(1.68)(1.54)
Net asset value at end of period(1)$18.40 $18.96 $16.97 $17.32 $17.12 
Per share market value at end of period$18.47 $21.19 $16.89 $18.65 $15.58 
Total return based on market value(4)(3.83)%36.18 %(0.86)%30.49 %8.91 %
Total return based on net asset value(5)7.13 %21.97 %5.20 %12.14 %12.10 %
Shares outstanding at end of period519 468 423 431 426 
Ratio/Supplemental Data: 
Net assets at end of period$9,555 $8,868 $7,176 $7,467 $7,300 
Ratio of operating expenses to average net assets(6)(7)10.19 %13.05 %10.27 %9.92 %8.63 %
Ratio of net investment income to average net assets(6)(8)11.73 %9.19 %11.39 %11.01 %9.60 %
Portfolio turnover rate(6)37 %60 %40 %38 %54 %
 As of and For the Years Ended December 31,
Per Share Data:20172016201520142013
Net asset value, beginning of period(1)$16.45 $16.46 $16.82 $16.46 $16.04 
Issuances of common stock(0.01)— 0.01 — 0.16 
Repurchases of common stock— — (0.01)— — 
Deemed contribution from Ares Capital Management0.13 — — — — 
Issuances of convertible notes0.04 — — — — 
Net investment income for period(2)1.20 1.57 1.62 1.43 1.61 
Net realized and unrealized gains (losses) for period(2)0.36 (0.06)(0.41)0.50 0.22 
Net increase in stockholders’ equity1.72 1.51 1.21 1.93 1.99 
Total distributions to stockholders(3)(1.52)(1.52)(1.57)(1.57)(1.57)
Net asset value at end of period(1)$16.65 $16.45 $16.46 $16.82 $16.46 
Per share market value at end of period$15.72 $16.49 $14.25 $15.61 $17.77 
Total return based on market value(4)4.55 %26.39 %1.35 %(3.32)%10.51 %
Total return based on net asset value(5)10.53 %9.15 %7.16 %11.79 %11.41 %
Shares outstanding at end of period426 314 314 314 298 
Ratio/Supplemental Data: 
Net assets at end of period$7,098 $5,165 $5,173 $5,284 $4,904 
Ratio of operating expenses to average net assets(6)(7)9.45 %9.59 %9.51 %10.46 %10.03 %
Ratio of net investment income to average net assets(6)(8)7.65 %9.58 %9.75 %8.71 %9.86 %
Portfolio turnover rate(6)51 %39 %42 %39 %27 %
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(1)The net assets used equals the total stockholders’ equity on the consolidated balance sheet.
(2)Weighted average basic per share data.

(3)Includes additional dividend of (a) $0.12 per share for the year ended December 31, 2022, (b) $0.08 per share for the year ended December 31, 2019, (c) $0.05 per share for the year ended December 31, 2015, (d) $0.05 per
share for the year ended December 31, 2014 and (e) $0.05 per share for the year ended December 31, 2013.

(4)For the year ended December 31, 2022, the total return based on market value equaled the decrease of the ending market value at December 31, 2022 of $18.47 per share from the ending market value at December 31, 2021 of $21.19 per share plus the declared and payable dividends of $1.87 per share for the year ended December 31, 2022, divided by the market value at December 31, 2021. For the year ended December 31, 2021, the total return based on market value equaled the increase of the ending market value at December 31, 2021 of $21.19 per share from the ending market value at December 31, 2020 of $16.89 per share plus the declared and payable dividends of $1.62 per share for the year ended December 31, 2021, divided by the market value at December 31, 2020. For the year ended December 31, 2020, the total return based on market value equaled the decrease of the ending market value at December 31, 2020 of $16.89 per share from the ending market value at December 31, 2019 of $18.65 per share plus the declared and payable dividends of $1.60 per share for the year ended December 31, 2020, divided by the market value at December 31, 2019. For the year ended December 31, 2019, the total return based on market value equaled the increase of the ending market value at December 31, 2019 of $18.65 per share from the ending market value at December 31, 2018 of $15.58 per share plus the declared and payable dividends of $1.68 per share for the year ended December 31, 2019, divided by the market value at December 31, 2018. For the year ended December 31, 2018, the total return based on market value equaled the decrease of the ending market value at December 31, 2018 of $15.58 per share from the ending market value at December 31, 2017 of $15.72 per share plus the declared and payable dividends of $1.54 per share for the year ended December 31, 2018, divided by the market value at December 31, 2017. For the year ended December 31, 2017, the total return based on market value equaled the decrease of the ending market value at December 31, 2017 of $15.72 per share from the ending market value at December 31, 2016 of $16.49 per share plus the declared and payable dividends of $1.52 per share for the year ended December 31, 2017, divided by the market value at December 31, 2016. For the year ended December 31, 2016, the total return based on market value equaled the increase of the ending market value at December 31, 2016 of $16.49 per share from the ending market value at December 31, 2015 of $14.25 per share plus the declared and payable dividends of $1.52 per share for the year ended December 31, 2016, divided by the market value at December 31, 2015. For the year ended December 31, 2015, the total return based on market value equaled the decrease of the ending market value at December 31, 2015 of $14.25 per share from the ending market value at December 31, 2014 of $15.61 per share plus the declared and payable dividends of $1.57 per share for the year ended December 31, 2015, divided by the market value at December 31, 2014. For the year ended December 31, 2014, the total return based on market value equaled the decrease of the ending market value at December 31, 2014 of $15.61 per share from the ending market value at December 31, 2013 of $17.77 per share plus the declared and payable dividends of $1.57 per share for the year ended December 31, 2014, divided by the market value at December 31, 2013. For the year ended December 31, 2013, the total return based on market value equaled the increase of the ending market value at December 31, 2013 of $17.77 per share from the ending market value at December 31, 2012 of $17.50 per share plus the declared and payable dividends of $1.57 per share for the year ended December 31, 2013, divided by the market value at December 31, 2012. The Company’s performance changes over time and currently may be different than that shown. Past performance is no guarantee of future results.

(5)For the year ended December 31, 2022, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $1.87 per share for the year ended December 31, 2022, divided by the beginning net asset value for the period. For the year ended December 31, 2021, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $1.62 per share for the year ended December 31, 2021, divided by the beginning net asset value for the period. For the year ended December 31, 2020, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of$1.60 per share for the year ended December 31, 2020, divided by the beginning net asset value for the period. For the year ended December 31, 2019, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $1.68 per share for the year ended December 31, 2019, divided by the beginning net asset value for the period. For the year ended December 31, 2018, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $1.54 per share for the year ended December 31, 2018, divided by the beginning net asset value for the period. For the year ended December 31, 2017, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $1.52 per share for the year ended December 31, 2017, divided by the beginning net asset value for the period. These calculations are adjusted for shares issued in connection with the dividend reinvestment plan, the issuance of common
stock in connection with any equity offerings and the equity components of any convertible notes issued during the period. For the year ended December 31, 2016, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $1.52 per share for the year ended December 31, 2016, divided by the beginning net asset value for the period. For the year ended December 31, 2015, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $1.57 per share for the year ended December 31, 2015, divided by the beginning net asset value for the period. For the year ended December 31, 2014, the total return based on net asset value equaled the change in net asset
value during the period plus the declared and payable dividends of $1.57 per share for the year ended December 31, 2014, divided by the beginning net asset value for the period. For the year ended December 31, 2013, the total return based on net asset value equaled the change in net asset value during the period plus the declared and payable dividends of $1.57 per share for the year ended December 31, 2013, divided by the beginning net asset value for the period. The Company’s performance changes over time and currently may be different than that shown. Past performance is no guarantee of future results.

(6)The ratios reflect an annualized amount.

(7)For the years ended December 31, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, 2014 and 2013 the ratio of operating expenses to average net assets consisted of the following:
 For the Years Ended December 31,
20222021202020192018
Base management fees3.27 %3.14 %3.10 %2.78 %2.49 %
Income based fees and capital gains incentive fees, net of the fee waiver1.61 %4.80 %1.80 %2.23 %2.24 %
Income based fees and capital gains incentive fees excluding the fee waiver1.61 %4.80 %1.80 %2.64 %2.79 %
Cost of borrowing4.89 %4.61 %4.54 %3.94 %3.33 %
Other operating expenses0.42 %0.50 %0.83 %0.97 %0.57 %
 For the Years Ended December 31,
20172016201520142013
Base management fees2.57 %2.64 %2.55 %2.51 %2.40 %
Income based fees and capital gains incentive fees, net of the fee waiver2.18 %2.29 %2.31 %2.90 %2.80 %
Income based fees and capital gains incentive fees excluding the fee waiver2.32 %2.29 %2.31 %2.90 %2.80 %
Cost of borrowing3.37 %3.58 %4.32 %4.24 %3.94 %
Other operating expenses1.33 %1.08 %0.33 %0.81 %0.89 %

(8)The ratio of net investment income to average net assets excludes income taxes related to realized gains and losses.