FINANCIAL HIGHLIGHTS (Tables)

3 Months Ended

Mar. 31, 2023

The following is a schedule of financial highlights for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
($ in thousands, except share and per share amounts)	2023			2022
Per share data:
Net asset value at beginning of period	$	11.05		$	11.36
Net investment income (1)	0.25			0.23
Net realized gain (loss) on investments / foreign currency transactions (1)	(0.08)			(0.04)
Net unrealized appreciation (depreciation) on investments / CSAs / foreign currency transactions (1)	0.20			0.04
Total increase (decrease) from investment operations (1)	0.37			0.23
Dividends/distributions paid to stockholders from net investment income	(0.25)			(0.23)





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




Net asset value at end of period	$	11.17		$	11.86
Market value at end of period (3)	$	7.94		$	10.34
Shares outstanding at end of period	107,916,166			111,095,334
Net assets at end of period	$	1,205,001		$	1,317,556
Average net assets	$	1,205,207		$	929,432
Ratio of total expenses, including loss on extinguishment of debt and provision for taxes, to average net assets (annualized) (4)	13.20		%	10.65		%

Ratio of net investment income to average net assets (annualized)	9.13		%	8.18		%
Portfolio turnover ratio (annualized) (5)	2.56		%	8.81		%
Total return (6)	0.59		%	(4.16)		%

(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 the share issuance and deemed contribution from Barings LLC associated with the Sierra Merger.

(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.

(5)Portfolio turnover ratio as of March 31, 2022 excludes the impact of the Sierra Merger.

(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