XML 54 R38.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Financial Highlights (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Investment Company [Abstract] |
Schedule of Financial Highlights |
|  | Year Ended December 31,
($ in thousands, except share and per share amounts) |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020
Per share data: |  |  |  |  |  |  |  |  |  |
Net asset value at beginning of period |  | $ | 11.28 |  |  | $ | 11.05 |  |  | $ | 11.36 |  |  | $ | 10.99 |  |  | $ | 11.66 |
Net investment income (1) |  | 1.24 |  |  | 1.19 |  |  | 1.12 |  |  | 0.90 |  |  | 0.64 |
Net realized gain (loss) on investments / foreign currency transactions / forward currency contracts (1) |  | (0.36) |  |  | (0.59) |  |  | 0.16 |  |  | (0.05) |  |  | (0.79) |
Net unrealized appreciation (depreciation) on investments / CSAs / foreign currency transactions / forward currency contracts (1) |  | 0.16 |  |  | 0.59 |  |  | (1.20) |  |  | 0.34 |  |  | 0.38 |
Total increase (decrease) from investment operations (1) |  | 1.04 |  |  | 1.19 |  |  | 0.08 |  |  | 1.19 |  |  | 0.23 |
Dividends / distributions paid to stockholders from net investment income |  | (1.04) |  |  | (1.02) |  |  | (0.95) |  |  | (0.79) |  |  | (0.65) |
Tax return of capital to stockholders |  | — |  |  | — |  |  | — |  |  | (0.03) |  |  | — |
Total dividends and distributions paid |  | (1.04) |  |  | (1.02) |  |  | (0.95) |  |  | (0.82) |  |  | (0.65) |
Common stock offerings |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.63) |
Sierra Merger (See Note 9) (2) |  | — |  |  | — |  |  | 0.10 |  |  | — |  |  | — |
Deemed contribution - CSAs (See Notes 6 and 9) |  | — |  |  | — |  |  | 0.40 |  |  | — |  |  | 0.28 |
Deemed contribution - Barings LLC |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.07 |
Purchases of shares in share repurchase plan |  | 0.01 |  |  | 0.06 |  |  | 0.06 |  |  | — |  |  | 0.05 |
Loss on extinguishment of debt (1) |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.06) |
Other |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.04 |
Net asset value at end of period |  | $ | 11.29 |  |  | $ | 11.28 |  |  | $ | 11.05 |  |  | $ | 11.36 |  |  | $ | 10.99 |
Market value at end of period (3) |  | $ | 9.57 |  |  | $ | 8.58 |  |  | $ | 8.15 |  |  | $ | 11.02 |  |  | $ | 9.20 |
Shares outstanding at end of period |  | 105,408,938 |  |  | 106,067,070 |  |  | 107,916,166 |  |  | 65,316,085 |  |  | 65,316,085 |
Net assets at end of period |  | $ | 1,190,354 |  |  | $ | 1,196,559 |  |  | $ | 1,192,329 |  |  | $ | 741,931 |  |  | $ | 717,805 |
Average net assets |  | $ | 1,210,693 |  |  | $ | 1,211,289 |  |  | $ | 1,184,591 |  |  | $ | 739,250 |  |  | $ | 517,740 |
Ratio of total expenses, including loss on extinguishment of debt and benefit from (provision for) taxes, to average net assets (4) |  | 12.80 | % |  | 13.30 | % |  | 8.80 | % |  | 10.33 | % |  | 8.33 | %
Ratio of net investment income to average net assets |  | 10.84 | % |  | 10.55 | % |  | 9.76 | % |  | 7.98 | % |  | 5.99 | %
Portfolio turnover ratio (5) |  | 25.83 | % |  | 22.93 | % |  | 43.07 | % |  | 68.63 | % |  | 67.80 | %
Total return (6) |  | 24.05 | % |  | 18.83 | % |  | (18.35) | % |  | 29.34 | % |  | (2.17) | %
(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 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 and short-term investments. (5)Portfolio turnover ratio as of December 31, 2021 and 2020 excludes the impact of short-term investments. Portfolio turnover ratio as of December 31, 2022 excludes the impact of the Sierra Merger. Portfolio turnover ratio as of December 31, 2020 excludes the impact of the MVC 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.
|  | Year Ended December 31,
($ in thousands, except share and per share amounts) |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | 2015
Per share data: |  |  |  |  |  |  |  |  |  |
Net asset value at beginning of period |  | $ | 10.98 |  |  | $ | 13.43 |  |  | $ | 15.13 |  |  | $ | 15.23 |  |  | $ | 16.11 |
Net investment income (1) |  | 0.61 |  |  | — |  |  | 1.55 |  |  | 1.62 |  |  | 2.16 |
Net realized gain (loss) on investments / foreign currency transactions / forward currency contracts (1) |  | (0.08) |  |  | (3.17) |  |  | (1.11) |  |  | 0.05 |  |  | (0.83) |
Net unrealized appreciation (depreciation) on investments / CSAs / foreign currency transactions / forward currency contracts (1) |  | 0.64 |  |  | 1.08 |  |  | (1.04) |  |  | (0.72) |  |  | 0.17 |
Total increase (decrease) from investment operations (1) |  | 1.17 |  |  | (2.09) |  |  | (0.60) |  |  | 0.95 |  |  | 1.50 |
Dividends / distributions paid to stockholders from net investment income |  | (0.54) |  |  | (0.41) |  |  | (1.65) |  |  | (1.89) |  |  | (2.11) |
Dividends paid to stockholders from realized gains |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.25) |
Tax return of capital to stockholders |  | — |  |  | (0.02) |  |  | — |  |  | — |  |  | — |
Total dividends and distributions paid |  | (0.54) |  |  | (0.43) |  |  | (1.65) |  |  | (1.89) |  |  | (2.36) |
Common stock offerings |  | — |  |  | — |  |  | 0.61 |  |  | 0.72 |  |  | — |
Purchase of shares in tender offer |  | — |  |  | 0.13 |  |  | — |  |  | — |  |  | — |
Purchases of shares in share repurchase plan |  | 0.07 |  |  | — |  |  | — |  |  | — |  |  | — |
Stock-based compensation (1) |  | — |  |  | 0.17 |  |  | (0.01) |  |  | 0.09 |  |  | 0.01 |
Shares issued pursuant to Dividend Reinvestment Plan |  | — |  |  | — |  |  | 0.01 |  |  | 0.04 |  |  | 0.03 |
Loss on extinguishment of debt (1) |  | (0.01) |  |  | (0.21) |  |  | — |  |  | — |  |  | (0.04) |
Benefit from (provision for) taxes (1) |  | (0.01) |  |  | 0.02 |  |  | (0.02) |  |  | (0.01) |  |  | (0.01) |
Other (2) |  | — |  |  | (0.04) |  |  | (0.04) |  |  | — |  |  | (0.01) |
Net asset value at end of period |  | $ | 11.66 |  |  | $ | 10.98 |  |  | $ | 13.43 |  |  | $ | 15.13 |  |  | $ | 15.23 |
Market value at end of period (3) |  | $ | 10.28 |  |  | $ | 9.01 |  |  | $ | 9.49 |  |  | $ | 18.34 |  |  | $ | 19.11 |
Shares outstanding at end of period |  | 48,950,803 |  |  | 51,284,064 |  |  | 47,740,832 |  |  | 40,401,292 |  |  | 33,375,126 |
Net assets at end of period |  | $ | 570,875 |  |  | $ | 562,967 |  |  | $ | 641,275 |  |  | $ | 611,156 |  |  | $ | 508,368 |
Average net assets |  | $ | 579,199 |  |  | $ | 628,155 |  |  | $ | 667,188 |  |  | $ | 556,549 |  |  | $ | 524,580 |
Ratio of total expenses, prior to waiver of base management fee, including loss on extinguishment of debt and benefit from (provision for) taxes, to average net assets (4) |  | 7.90 | % |  | 14.54 | % |  | 7.74 | % |  | 9.93 | % |  | 9.81 | %
Ratio of total expenses, net of base management fee waived, including loss on extinguishment of debt and benefit from (provision for) taxes, to average net assets (4) |  | 7.90 | % |  | 14.31 | % |  | 7.74 | % |  | 9.93 | % |  | 9.81 | %
Ratio of net investment income to average net assets |  | 5.27 | % |  | (0.01) | % |  | 10.83 | % |  | 10.58 | % |  | 13.65 | %
Portfolio turnover ratio |  | 113.99 | % |  | 228.49 | % |  | 37.02 | % |  | 24.61 | % |  | 37.62 | %
Total return (5) |  | 20.27 | % |  | 18.18 | % |  | (42.15) | % |  | 5.86 | % |  | 5.82 | %
(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)Represents the impact of the different share amounts used in calculating per share data as a result of calculating certain per share data based upon 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. (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)Total return is based on the 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.

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

X
- Definition Tabular disclosure of financial highlights. Includes, but is not limited to, per share information, income and expense ratios, total return, capital commitment and fee waiver. + References Reference 1: 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 + Details
Name: | us-gaap_InvestmentCompanyFinancialHighlightsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration