FINANCIAL HIGHLIGHTS

9 Months Ended

Sep. 30, 2022

The following is a schedule of financial highlights for the nine months ended September 30, 2022 and 2021:


	Nine Months Ended September 30,
($ in thousands, except share and per share amounts)	2022			2021
Per share data:
Net asset value at beginning of period	$	11.36		$	10.99
Net investment income(1)	0.78			0.67
Net realized gain (loss) on investments / foreign currency transactions(1)	(0.02)			(0.02)
Net unrealized appreciation (depreciation) on investments / CSAs / foreign currency transactions(1)	(0.67)			0.36
Total increase (decrease) from investment operations(1)	0.09			1.01
Dividends/distributions paid to stockholders from net investment income	(0.71)			(0.60)



Sierra Acquisition (See Note 9)(2)	0.10			—
Deemed contribution - CSA (See Note 9)	0.40			—

Purchases of shares in share repurchase plan	0.04			—



Net asset value at end of period	$	11.28		$	11.40
Market value at end of period(3)	$	8.27		$	11.02
Shares outstanding at end of period	108,882,105			65,316,085
Net assets at end of period	$	1,228,061		$	744,822
Average net assets	$	1,167,772		$	737,203
Ratio of total expenses, including loss on extinguishment of debt and provision for taxes, to average net assets (annualized)(4)	8.98		%	10.01		%

Ratio of net investment income to average net assets (annualized)	8.99		%	7.98		%
Portfolio turnover ratio (annualized)(5)	38.41		%	46.17		%
Total return(6)	(19.45)		%	26.83		%

(1)Weighted average per share data—basic and diluted; per share data was derived by using the weighted average shares outstanding during the applicable period.

(2)Includes the impact of share issuance and deemed contribution from Barings LLC associated with the Sierra Acquisition

(3)Represents the closing price of the Company’s common stock on the last day of the period.

(4)Does not include expenses of underlying investment companies, including joint ventures and short-term investments.

(5)Portfolio turnover ratio as of September 30, 2022 and 2021 excludes the impact of short-term investments. Portfolio turnover ratio as of September 30, 2022 excludes the purchase of investment assets included in the Sierra Acquisition.

(6)Total return is based on purchase of stock at the current market price on the first day and a sale at the current market price on the last day of each period reported on the table and assumes reinvestment of dividends at prices obtained by the Company's dividend reinvestment plan during the period. Total return is not annualized.