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FINANCIAL HIGHLIGHTS | 9 Months Ended
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Sep. 30, 2024
Investment Company [Abstract] |
FINANCIAL HIGHLIGHTS | 13. FINANCIAL HIGHLIGHTS The following is a schedule of financial highlights as of and for the nine months ended September 30, 2024 and 2023:
| As of and For the Nine Months Ended September 30,
Per Share Data: | 2024 |  | 2023
Net asset value at beginning of period(1) | $ | 19.24 |  |  | $ | 18.40 |
Issuances of common stock | 0.06 |  |  | 0.01 |
Conversion of 2024 Convertible Notes | 0.01 |  |  | — |
Net investment income for period(2) | 1.70 |  |  | 1.68 |
Net realized and unrealized gains for period(2) | 0.20 |  |  | 0.34 |
Net increase in stockholders' equity resulting from operations | 1.97 |  |  | 2.03 |
Total distributions to stockholders | (1.44) |  |  | (1.44) |
Net asset value at end of period(1) | $ | 19.77 |  |  | $ | 18.99 |
Per share market value at end of period | $ | 20.94 |  |  | $ | 19.47 |
Total return based on market value(3) | 12.12 | % |  | 13.81 | %
Total return based on net asset value(4) | 10.48 | % |  | 11.37 | %
Shares outstanding at end of period | 646 |  |  | 569 |
Ratio/Supplemental Data: |  |  |
Net assets at end of period | $ | 12,773 |  |  | $ | 10,815 |
Ratio of operating expenses to average net assets(5)(6) | 12.45 | % |  | 12.80 | %
Ratio of net investment income to average net assets(5)(7) | 11.87 | % |  | 11.95 | %
Portfolio turnover rate(5) | 38 | % |  | 24 | %
_________________________________________________________________________________ (1)The net assets used equals the total stockholders’ equity on the consolidated balance sheet. (2)Weighted average basic per share data. (3)For the nine months ended September 30, 2024, the total return based on market value equaled the increase of the ending market value at September 30, 2024 of $20.94 per share from the ending market value at December 31, 2023 of $20.03 per share plus the declared and payable dividends of $1.44 per share for the nine months ended September 30, 2024, divided by the market value at December 31, 2023. For the nine months ended September 30, 2023, the total return based on market value equaled the increase of the ending market value at September 30, 2023 of $19.47 per share from the ending market value at December 31, 2022 of $18.47 per share plus the declared and payable dividends of $1.44 per share for the nine months ended September 30, 2023, divided by the market value at December 31, 2022. The Company’s performance changes over time and currently may be different than that shown. Past performance is no guarantee of future results. (4)For the nine months ended September 30, 2024, 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 $1.44 per share for the nine months ended September 30, 2024, divided by the beginning net asset value for the period. For the nine months ended September 30, 2023, 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 $1.44 per share for the nine months ended September 30, 2023, 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. (5)The ratios reflect an annualized amount. (6)For the nine months ended September 30, 2024 and 2023, the ratio of operating expenses to average net assets consisted of the following:
| For the Nine Months Ended September 30,
| 2024 |  | 2023
Base management fee | 3.03 | % |  | 3.14 | %
Income based fee and capital gains incentive fee | 3.22 |  |  | 3.64 | %
Interest and credit facility fees | 5.83 |  |  | 5.59 | %
Other operating expenses | 0.37 |  |  | 0.43 | %
Total operating expenses | 12.45 | % |  | 12.80 | %
(7)The ratio of net investment income to average net assets excludes income taxes related to realized gains and losses.

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