XML 40 R21.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Financial Highlights | 12 Months Ended
--- | ---
Dec. 31, 2024
Investment Company, Financial Highlights [Abstract] |
Financial Highlights | Financial Highlights Following is a schedule of financial highlights for the ten years ended December 31, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, and 2015:
(in thousands, except per share data and ratios) | Year Ended December 31,
| 2024 | 2023 | 2022 | 2021 | 2020 | 2019(7) | 2018(7) | 2017(7) | 2016(7) | 2015(7)
Per share data:(1) |  |  |  |  |  |  |  |  |  |
Net asset value at beginning of period | $ | 11.43 |  | $ | 10.53 |  | $ | 11.22 |  | $ | 11.26 |  | $ | 10.55 |  | $ | 9.90 |  | $ | 9.96 |  | $ | 9.90 |  | $ | 9.94 |  | $ | 10.18 |
Net investment income | 2.02 |  | 2.11 |  | 1.50 |  | 1.29 |  | 1.39 |  | 1.41 |  | 1.20 |  | 1.17 |  | 1.36 |  | 1.06 |
Net realized gain (loss) | (0.20) |  | 0.06 |  | (0.01) |  | 0.18 |  | (0.50) |  | 0.16 |  | (0.12) |  | (0.32) |  | 0.06 |  | 0.07 |
Net unrealized appreciation (depreciation) | (0.19) |  | 0.17 |  | (0.68) |  | 0.03 |  | 1.13 |  | 0.14 |  | (0.23) |  | 0.11 |  | (0.49) |  | (0.51) |
Total from investment operations | 1.63 |  | 2.34 |  | 0.81 |  | 1.50 |  | 2.02 |  | 1.71 |  | 0.85 |  | 0.96 |  | 0.93 |  | 0.62 |
Net increase (decrease) in net assets from capital share transactions(1) | 0.45 |  | 0.44 |  | 0.34 |  | (0.08) |  | 0.01 |  | 0.20 |  | 0.23 |  | 0.26 |  | 0.18 |  | 0.26 |
Distributions of net investment income(6) | (1.79) |  | (1.93) |  | (1.63) |  | (1.06) |  | (1.03) |  | (1.15) |  | (1.26) |  | (1.07) |  | (1.14) |  | (1.04) |
Distributions of capital gains(6) | (0.15) |  | — |  | (0.36) |  | (0.49) |  | (0.36) |  | (0.18) |  | — |  | (0.18) |  | (0.11) |  | (0.22) |
Stock-based compensation expense included in net investment income and other movements(2) | 0.09 |  | 0.05 |  | 0.15 |  | 0.09 |  | 0.07 |  | 0.07 |  | 0.12 |  | 0.09 |  | 0.10 |  | 0.14 |
Net asset value at end of period | $ | 11.66 |  | $ | 11.43 |  | $ | 10.53 |  | $ | 11.22 |  | $ | 11.26 |  | $ | 10.55 |  | $ | 9.90 |  | $ | 9.96 |  | $ | 9.90 |  | $ | 9.94 |
Ratios and supplemental data: |  |  |  |  |  |  |  |  |  |
Per share market value at end of period | $ | 20.09 |  | $ | 16.67 |  | $ | 13.22 |  | $ | 16.59 |  | $ | 14.42 |  | $ | 14.02 |  | $ | 11.05 |  | $ | 13.12 |  | $ | 14.11 |  | $ | 12.19 |
Total return(3) | 32.78 | % | 42.00 | % | (10.14) | % | 25.62 | % | 14.31 | % | 39.36 | % | (7.56) | % | 1.47 | % | 26.87 | % | (9.70) | %
Shares outstanding at end of period | 170,575 |  | 157,758 |  | 133,045 |  | 116,619 |  | 114,726 |  | 107,364 |  | 96,501 |  | 84,424 |  | 79,555 |  | 72,118 |
Weighted average number of common shares outstanding | 161,082 |  | 144,091 |  | 125,189 |  | 114,742 |  | 111,985 |  | 101,132 |  | 90,929 |  | 82,519 |  | 73,753 |  | 69,479 |
Net assets at end of period | $ | 1,989,581 |  | $ | 1,802,706 |  | $ | 1,401,459 |  | $ | 1,308,547 |  | $ | 1,291,704 |  | $ | 1,133,049 |  | $ | 955,444 |  | $ | 840,967 |  | $ | 787,944 |  | $ | 717,134 |
Ratio of total expense to average net assets(4) | 9.01 | % | 9.92 | % | 9.92 | % | 9.86 | % | 11.30 | % | 11.95 | % | 10.73 | % | 11.37 | % | 11.25 | % | 11.55 | %
Ratio of net investment income before investment gains and losses to average net assets(4) | 17.50 | % | 19.26 | % | 13.96 | % | 11.28 | % | 13.64 | % | 13.74 | % | 11.78 | % | 11.61 | % | 13.65 | % | 10.15 | %
Portfolio turnover rate(5) | 27.33 | % | 31.95 | % | 19.29 | % | 51.58 | % | 32.38 | % | 31.30 | % | 38.76 | % | 49.03 | % | 36.22 | % | 46.34 | %
Weighted average debt outstanding | $ | 1,709,469 |  | $ | 1,607,278 |  | $ | 1,468,335 |  | $ | 1,248,177 |  | $ | 1,309,903 |  | $ | 1,177,379 |  | $ | 826,931 |  | $ | 784,455 |  | $ | 635,365 |  | $ | 615,198 |
Weighted average debt per common share | $ | 10.61 |  | $ | 11.15 |  | $ | 11.73 |  | $ | 10.88 |  | $ | 11.70 |  | $ | 11.64 |  | $ | 9.09 |  | $ | 9.51 |  | $ | 8.61 |  | $ | 8.85 |
(1)All per share activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date. (2)Adjusts for the impact of stock-based compensation expense, which is a non-cash expense and has no net impact to net asset value. Pursuant to ASC Topic 718, the expense is offset by a corresponding increase in paid-in capital. Additionally, adjusts for other items attributed to the difference between certain per share data based on the weighted-average basic shares outstanding and those calculated using the shares outstanding as of a period end or transaction date. (3)The total return for the years ended December 31, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, and 2015 equals to the change in the ending market value over the beginning of the period price per share plus distributions paid per share during the period, divided by the beginning price assuming the distribution is reinvested on the date of the distribution. As such, the total return is not annualized. The total return does not reflect any sales load that must be paid by investors. (4)The ratios are calculated based on weighted average net assets for the relevant period and are annualized. (5)The portfolio turnover rate for the years ended December 31, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, and 2015 equals to the lesser of investment portfolio purchases or sales during the period, divided by the average investment portfolio value during the period. As such, portfolio turnover rate is not annualized. (6)Includes distributions on unvested restricted stock awards. (7)Not covered by the Independent Registered Public Accounting Firm's report included in this Annual Report.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentCompanyFinancialHighlightsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of financial highlights reported by investment company. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-7 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-24 + Details
Name: | us-gaap_InvestmentCompanyFinancialHighlightsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration