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Financial Highlights
 12 Months Ended
Dec. 31, 2024
Investment Company, Financial Highlights [Abstract]  
Financial Highlights

Note 11. Financial Highlights
 

The following presents financial highlights for the years ended December 31, 2024, 2023, 2022, 2021, and 2020 (in thousands except share and per share information):

 

 

Year Ended

 

 

 

Year Ended

 

 

 

Year ended

 

 

 

Year ended

 

 

 

Year ended

 

 

 

 

December 31, 2024

 

 

 

December 31, 2023

 

 

 

December 31, 2022

 

 

 

December 31, 2021

 

 

 

December 31, 2020

 

 

Per Share Data: (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

13.19

 

 

 

$

13.15

 

 

 

$

16.40

 

 

 

$

13.03

 

 

 

$

14.97

 

(9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

2.20

 

 

 

 

2.31

 

 

 

 

2.26

 

 

 

 

1.50

 

 

 

 

1.29

 

 

Net realized and unrealized gains/(losses) on investments (2)

 

 

(0.01

)

 

 

 

(0.33

)

 

 

 

(3.22

)

 

 

 

3.59

 

 

 

 

(0.81

)

 

Costs related to acquisition of Trinity Capital Holdings and Legacy Funds

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(0.82

)

 

Net increase/(decrease) in net assets resulting from operations

 

 

2.19

 

 

 

 

1.98

 

 

 

 

(0.96

)

 

 

 

5.09

 

 

 

 

(0.34

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Offering costs

 

 

(0.05

)

 

 

 

(0.09

)

 

 

 

(0.12

)

 

 

 

(0.29

)

 

 

 

(0.58

)

 

Effect of shares issued and repurchased (3)

 

 

0.06

 

 

 

 

0.19

 

 

 

 

0.16

 

 

 

 

(0.15

)

 

 

 

(0.02

)

 

Equity component of convertible notes

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

(0.02

)

 

 

 

0.03

 

 

Distributions (4)

 

 

(2.04

)

 

 

 

(2.04

)

 

 

 

(2.33

)

 

 

 

(1.26

)

 

 

 

(1.03

)

 

Total increase/(decrease) in net assets

 

 

0.16

 

 

 

 

0.04

 

 

 

 

(3.25

)

 

 

 

3.37

 

 

 

 

(1.94

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period

 

$

13.35

 

 

 

$

13.19

 

 

 

$

13.15

 

 

 

$

16.40

 

 

 

$

13.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares outstanding, end of period

 

 

61,669,059

 

 

 

 

46,323,712

 

 

 

 

34,960,672

 

 

 

 

27,229,541

 

 

 

 

18,321,274

 

 

Weighted average shares outstanding

 

 

52,705,732

 

 

 

 

38,910,150

 

 

 

 

31,672,089

 

 

 

 

25,980,797

 

 

 

 

18,092,494

 

(10)

Total return based on net asset value (5)

 

 

16.7

 

%

 

 

15.8

 

%

 

 

(5.6

)

%

 

 

35.5

 

%

 

 

(6.1

)

% (11) (12)

Total return based on market value (6)

 

 

14.7

 

%

 

 

55.8

 

%

 

 

(29.0

)

%

 

 

33.2

 

%

 

n/a

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share market value at end of period

 

$

14.47

 

 

 

$

14.53

 

 

 

$

10.93

 

 

 

$

17.58

 

 

 

n/a

 

 

Net assets, end of period

 

$

822,982

 

 

 

$

611,159

 

 

 

$

459,649

 

 

 

$

446,533

 

 

 

$

238,748

 

 

Ratio of total expenses to average net assets

 

 

17.5

 

%

 

 

17.9

 

%

 

 

16.3

 

%

 

 

11.6

 

%

 

 

14.3

 

% (13)

Ratio of net investment income to average net assets

 

 

16.7

 

%

 

 

17.5

 

%

 

 

15.7

 

%

 

 

10.5

 

%

 

 

10.5

 

% (13)

Ratio of interest and credit facility expenses to average net assets

 

 

8.9

 

%

 

 

8.6

 

%

 

 

7.5

 

%

 

 

5.5

 

%

 

 

7.6

 

% (13)

Portfolio turnover rate (7)

 

 

53.8

 

%

 

 

41.7

 

%

 

 

33.7

 

%

 

 

47.9

 

%

 

 

36.5

 

% (11)

Asset coverage ratio (8)

 

 

192.7

 

%

 

 

194.7

 

%

 

 

174.1

 

%

 

 

195.8

 

%

 

 

177.0

 

%
(1)
Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.
(2)
Net realized and unrealized gains/(losses) on investments include rounding adjustments to reconcile the change in net asset value per share.
(3)
Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date. Also includes the impact of the issuance of shares related to the equity incentive plans, the accretive effect of DRIP issuance and stock offerings (issuing shares above NAV per share), and the impact of share repurchases under the 2022 Repurchase Program and 2024 Repurchase Program.
(4)
The per share data reflects the actual amount of distributions declared per share for the applicable period.
(5)
Total return based on net asset value is calculated as the change in net asset value per share during the period plus declared distributions per share during the period, divided by the beginning net asset value per share.
(6)
Total return based on market value is calculated as the change in market value per share during the period, taking into account dividends. For the year ended December 31, 2021, the beginning market value per share is based on the market price of $14.00 per share on January 29, 2021, the date of the Company’s listing on the Nasdaq Global Select Market.
(7)
Portfolio turnover rate is calculated using the lesser of year-to-date cash sales/repayments or year-to-date cash purchases over the average of the total investments at fair value.
(8)
Based on outstanding debt of $888.0 million, $645.5 million, $620.0 million, $466.0 million, and $310.0 million as of December 31, 2024, 2023, 2022, 2021, and 2020, respectively.
(9)
The net asset value as of January 16, 2020 (commencement of operations) is calculated based on the initial common stock purchase price of $15.00 per share less the accumulated loss of $0.03 per share from August 12, 2019 (the date of inception) through December 31, 2019.
(10)
Calculated based upon weighted average shares outstanding for the period from January 16, 2020 (commencement of operations) through December 31, 2020.
(11)
Not annualized.
(12)
Total return excluding costs related to acquisition of Trinity Capital Holdings and the Legacy Funds would have been (0.6%) for the year ended December 31, 2020.
(13)
Annualized.

Senior Securities

Information about the Company’s senior securities (including debt securities and other indebtedness) is shown in the following table as of December 2024, 2023, 2022, 2021, and 2020. No senior securities were outstanding as of December 31, 2019.
 

Class and Period

Total
Amount
Outstanding
Exclusive of
Treasury
Securities (1) (in thousands)

 

Asset
Coverage
per Unit (2)

 

 

Involuntary
Liquidating
Preference
per Unit (3)

 

 

Average
Market Value
per Unit (4)

 

Credit Suisse Credit Facility

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024(5)

 

$

—

 

 

 

—

 

 

 

—

 

 

$

—

 

December 31, 2023(5)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

December 31, 2022(5)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

December 31, 2021

 

 

10,000

 

 

 

1,958

 

 

 

—

 

 

 

—

 

December 31, 2020

 

 

135,000

 

 

 

1,770

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

KeyBank Credit Facility

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

$

113,000

 

 

 

1,927

 

 

 

—

 

 

$

—

 

December 31, 2023

 

 

213,000

 

 

 

1,947

 

 

 

—

 

 

 

—

 

December 31, 2022

 

 

187,500

 

 

 

1,741

 

 

 

—

 

 

 

—

 

December 31, 2021

 

 

81,000

 

 

 

1,958

 

 

 

—

 

 

 

—

 

December 31, 2020

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

2025 Notes

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

$

152,500

 

 

 

1,927

 

 

 

—

 

 

$

1,009

 

December 31, 2023

 

 

182,500

 

 

 

1,947

 

 

 

—

 

 

 

1,006

 

December 31, 2022

 

 

182,500

 

 

 

1,741

 

 

 

—

 

 

 

1,006

 

December 31, 2021

 

 

125,000

 

 

 

1,958

 

 

 

—

 

 

 

—

 

December 31, 2020

 

 

125,000

 

 

 

1,770

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Convertible Notes

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

$

50,000

 

 

 

1,927

 

 

 

—

 

 

$

—

 

December 31, 2023

 

 

50,000

 

 

 

1,947

 

 

 

—

 

 

 

—

 

December 31, 2022

 

 

50,000

 

 

 

1,741

 

 

 

—

 

 

 

—

 

December 31, 2021

 

 

50,000

 

 

 

1,958

 

 

 

—

 

 

 

—

 

December 31, 2020

 

 

50,000

 

 

 

1,770

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

August 2026 Notes

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

$

125,000

 

 

 

1,927

 

 

 

—

 

 

$

—

 

December 31, 2023

 

 

125,000

 

 

 

1,947

 

 

 

—

 

 

 

—

 

December 31, 2022

 

 

125,000

 

 

 

1,741

 

 

 

—

 

 

 

—

 

December 31, 2021

 

 

125,000

 

 

 

1,958

 

 

 

—

 

 

 

—

 

December 31, 2020

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

December 2026 Notes

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

$

75,000

 

 

 

1,927

 

 

 

—

 

 

$

—

 

December 31, 2023

 

 

75,000

 

 

 

1,947

 

 

 

—

 

 

 

—

 

December 31, 2022

 

 

75,000

 

 

 

1,741

 

 

 

—

 

 

 

—

 

December 31, 2021

 

 

75,000

 

 

 

1,958

 

 

 

—

 

 

 

—

 

December 31, 2020

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

Class and Period, Continued

Total
Amount
Outstanding
Exclusive of
Treasury
Securities (1) (in thousands)

 

Asset
Coverage
per Unit (2)

 

 

Involuntary
Liquidating
Preference
per Unit (3)

 

 

Average
Market Value
per Unit (4)

 

March 2029 Notes

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

$

115,000

 

 

 

1,927

 

 

 

—

 

 

$

1,012

 

December 31, 2023

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

December 31, 2022

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

December 31, 2021

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

December 31, 2020

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

September 2029 Notes

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

$

115,000

 

 

 

1,927

 

 

 

—

 

 

$

1,014

 

December 31, 2023

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

December 31, 2022

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

December 31, 2021

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

December 31, 2020

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A Notes

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

$

142,500

 

 

 

1,927

 

 

 

—

 

 

$

—

 

December 31, 2023

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

December 31, 2022

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

December 31, 2021

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

December 31, 2020

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

$

888,000

 

 

 

1,927

 

 

 

—

 

 

$

—

 

December 31, 2023

 

 

645,500

 

 

 

1,947

 

 

 

—

 

 

 

—

 

December 31, 2022

 

 

620,000

 

 

 

1,741

 

 

 

—

 

 

 

—

 

December 31, 2021

 

 

466,000

 

 

 

1,958

 

 

 

—

 

 

 

—

 

December 31, 2020

 

 

310,000

 

 

 

1,770

 

 

 

—

 

 

 

—

 

 

(1)
Total amount of each class of senior securities outstanding at the end of the period presented.
(2)
Asset coverage per unit is the ratio of the carrying value of total assets, less all liabilities excluding indebtedness represented by senior securities in this table to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.
(3)
The amount to which such class of senior security would be entitled upon the Company’s involuntary liquidation in preference to any security junior to it. The “—” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.
(4)
Not applicable because the senior securities are not registered for public trading, with the exception of the 2025 Notes, March 2029 Notes and September 2029 Notes. The average market value per unit calculated for the 2025 Notes, March 2029 Notes and September 2029 Notes are based on the average daily price of such notes and are expressed in terms of dollar amounts per $1,000 of indebtedness.
(5)
The Credit Suisse Credit Facility matured on January 8, 2022, in accordance with its terms, and all outstanding indebtedness thereunder was repaid.