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Financial Highlights
12 Months Ended
Dec. 31, 2022
Investment Company, Financial Highlights [Abstract]  
Financial Highlights

Note 10. Financial Highlights

The following is a schedule of financial highlights for the years ended December 31, 2022 to 2013:

 

 

 

Years Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

2018

 

Per share data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value at beginning of period

 

$

19.96

 

 

$

16.81

 

 

$

16.85

 

 

$

16.47

 

 

$

16.05

 

Net investment income (1)

 

 

1.90

 

 

 

1.03

 

 

 

1.62

 

 

 

1.31

 

 

 

1.43

 

Net realized gain (loss) on investments, net of tax (provision) (1)

 

 

2.61

 

 

 

2.19

 

 

 

(0.06

)

 

 

(0.05

)

 

 

(0.45

)

Taxes paid on deemed distributions(1)

 

 

(0.35

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net unrealized appreciation (depreciation) on investments (1)

 

 

(2.69

)

 

 

1.70

 

 

 

(0.27

)

 

 

0.74

 

 

 

1.05

 

Realized losses on extinguishment of debt (1)

 

 

(0.01

)

 

 

(0.17

)

 

 

(0.01

)

 

 

(0.02

)

 

 

(0.01

)

Total increase from investment operations (1)

 

 

1.46

 

 

 

4.75

 

 

 

1.28

 

 

 

1.98

 

 

 

2.02

 

Accretive (dilutive) effect of share issuances and repurchases

 

 

0.02

 

 

 

-

 

 

 

0.01

 

 

 

-

 

 

 

0.01

 

Dividends declared to stockholders

 

 

(1.19

)

 

 

(1.60

)

 

 

(1.33

)

 

 

(1.60

)

 

 

(1.60

)

Distributions from capital gains

 

 

(0.81

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Other (2)

 

 

(0.01

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(0.01

)

Net asset value at end of period

 

$

19.43

 

 

$

19.96

 

 

$

16.81

 

 

$

16.85

 

 

$

16.47

 

Market value at end of period

 

$

19.03

 

 

$

17.98

 

 

$

13.10

 

 

$

14.84

 

 

$

11.69

 

Shares outstanding at end of period

 

 

24,727,788

 

 

 

24,437,400

 

 

 

24,437,400

 

 

 

24,463,119

 

 

 

24,463,119

 

Weighted average shares outstanding during the period

 

 

24,468,172

 

 

 

24,437,400

 

 

 

24,442,431

 

 

 

24,463,119

 

 

 

24,471,730

 

Net assets at end of period

 

$

480,343

 

 

$

487,764

 

 

$

410,760

 

 

$

412,310

 

 

$

402,985

 

Average net assets (6)

 

$

482,594

 

 

$

437,690

 

 

$

392,866

 

 

$

404,284

 

 

$

398,440

 

Ratios to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses (4)(10)

 

 

12.0

%

 

 

15.4

%

 

 

11.8

%

 

 

11.2

%

 

 

10.7

%

Net investment income (5)

 

 

9.6

%

 

 

5.7

%

 

 

10.1

%

 

 

7.9

%

 

 

8.8

%

Total return based on market value (3)

 

 

17.7

%

 

 

53.9

%

 

 

1.0

%

 

 

37.6

%

 

 

(15.8

%)

Total return based on net asset value (8)

 

 

7.3

%

 

 

28.3

%

 

 

7.6

%

 

 

12.0

%

 

 

12.6

%

Portfolio turnover ratio

 

 

23.9

%

 

 

47.7

%

 

 

25.8

%

 

 

17.2

%

 

 

29.5

%

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average debt outstanding (7)

 

$

397,244

 

 

$

380,997

 

 

$

385,350

 

 

$

319,050

 

 

$

271,560

 

Average debt per share (1)

 

$

16.24

 

 

$

15.59

 

 

$

15.77

 

 

$

13.04

 

 

$

11.10

 

 

 

 

Years Ended December 31,

 

 

 

2017

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

Per share data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value at beginning of period

 

$

15.76

 

 

$

15.17

 

 

$

15.16

 

 

$

15.35

 

 

$

15.32

 

Net investment income (1)

 

 

1.44

 

 

 

1.45

 

 

 

1.64

 

 

 

1.62

 

 

 

1.43

 

Net realized gain (loss) on investments, net of tax (provision) (1)

 

 

0.67

 

 

 

(0.77

)

 

 

0.58

 

 

 

(1.18

)

 

 

2.22

 

Net unrealized appreciation (depreciation) on investments (1)

 

 

(0.23

)

 

 

1.59

 

 

 

(0.62

)

 

 

0.92

 

 

 

(1.64

)

Realized losses on extinguishment of debt (1)

 

 

(0.01

)

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Total increase from investment operations (1)

 

 

1.87

 

 

 

2.27

 

 

 

1.60

 

 

 

1.36

 

 

 

2.01

 

Accretive (dilutive) effect of share issuances and repurchases

 

 

0.02

 

 

 

(0.05

)

 

 

0.02

 

 

 

0.19

 

 

 

0.18

 

Dividends to stockholders

 

 

(1.60

)

 

 

(1.60

)

 

 

(1.60

)

 

 

(0.97

)

 

 

(1.21

)

Distributions from capital gains

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(0.75

)

 

 

(0.73

)

Taxes paid on deemed distributions

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(0.21

)

Other (2)

 

 

-

 

 

 

(0.03

)

 

 

(0.01

)

 

 

(0.02

)

 

 

(0.01

)

Net asset value at end of period

 

$

16.05

 

 

$

15.76

 

 

$

15.17

 

 

$

15.16

 

 

$

15.35

 

Market value at end of period

 

$

15.18

 

 

$

15.73

 

 

$

13.69

 

 

$

14.85

 

 

$

21.74

 

Shares outstanding at end of period

 

 

24,507,940

 

 

 

22,446,076

 

 

 

16,300,732

 

 

 

16,051,037

 

 

 

13,755,232

 

Weighted average shares outstanding during the period

 

 

23,527,188

 

 

 

18,283,715

 

 

 

16,201,449

 

 

 

14,346,438

 

 

 

13,524,368

 

Net assets at end of period

 

$

393,273

 

 

$

353,785

 

 

$

247,362

 

 

$

243,263

 

 

$

211,125

 

Average net assets (6)

 

$

376,292

 

 

$

289,453

 

 

$

245,706

 

 

$

222,737

 

 

$

209,136

 

Ratios to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses (4)(10)

 

 

9.8

%

 

 

11.7

%

 

 

11.3

%

 

 

10.3

%

 

 

11.0

%

Net investment income (5)

 

 

9.0

%

 

 

9.2

%

 

 

10.8

%

 

 

10.5

%

 

 

9.2

%

Total return based on market value (3)

 

 

3.2

%

 

 

23.8

%

 

 

2.4

%

 

 

(23.8

%)

 

 

44.0

%

Total return based on net asset value (8)

 

 

11.9

%

 

 

15.0

%

 

 

10.6

%

 

 

8.9

%

 

 

13.1

%

Portfolio turnover ratio

 

 

29.5

%

 

 

29.3

%

 

 

22.5

%

 

 

18.9

%

 

 

44.9

%

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average debt outstanding (7)

 

$

219,920

 

 

$

221,200

 

 

$

199,340

 

 

$

152,700

 

 

$

144,500

 

Average debt per share (1)

 

$

9.35

 

 

$

12.10

 

 

$

12.30

 

 

$

10.64

 

 

$

10.68

 

________________________________________________________

(1)

Weighted average per share data.

(2)

Represents the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date, or other rounding.

(3)

Total return based on market value equals the change in the market value of the Company’s common stock per share during the period divided by the market value per share at the beginning of the period, and assumes reinvestment of dividends at prices obtained by our dividend reinvestment plan during the period. The return does not reflect any sales load that may be paid by an investor.

(4)

The total expenses to average net assets ratio is calculated using i) the "total expenses, net of income incentive fee and base management fee waiver", ii) the "income tax (provision) benefit", iii) the "income tax (provision) benefit from realized gains on investments, and iv) income tax (provision) from deemed distribution of long term capital gains" captions as presented on the consolidated statements of operations.

(5)

The net investment income to average net assets ratio is calculated using the net investment income caption as presented on the consolidated statements of operations, which includes incentive fee.

(6)

Average net assets is calculated as the average of the net asset balances as of each quarter end during the fiscal year and the prior year end.

(7)

Average debt outstanding is calculated as the average of the outstanding debt balances, including secured borrowings, as of each quarter end during the fiscal year and the prior year end.

(8)

Total return based on net asset value per share equals the change in net asset value per share during the period, plus dividends paid per share during the period, less other non-operating changes during the period, and divided by beginning net asset value per share for the period. Non-operating changes include any items that affect net asset value per share other than increase from investment operations, such as the effects of share issuances and repurchases and other miscellaneous items.

(9)

There was no incentive fee waived for the years ended December 31, 2022, and 2021, The ratio of waived incentive fees to average net assets was (0.11)% for the year ended December 31, 2020. There was no incentive fee waived for the years ended December 31, 2019 through 2013.

(10)

The following is a schedule of supplemental expense ratios to average net assets:

 

 

 

Years Ended December 31,

 

Ratio to average net assets:

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

2018

 

Expenses other than incentive fee (4)

 

 

10.4

%

 

 

8.9

%

 

 

10.1

%

 

 

8.5

%

 

 

7.6

%

Incentive fee (4)(9)

 

 

1.6

%

 

 

6.5

%

 

 

1.7

%

 

 

2.7

%

 

 

3.1

%

Total expenses (4)

 

 

12.0

%

 

 

15.4

%

 

 

11.8

%

 

 

11.2

%

 

 

10.7

%

 

 

 

Years Ended December 31,

 

Ratio to average net assets:

 

2017

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

Expenses other than incentive fee (4)

 

 

6.9

%

 

 

8.1

%

 

 

8.7

%

 

 

8.1

%

 

 

7.8

%

Incentive fee, net of incentive fee waiver (4)(9)

 

 

2.9

%

 

 

3.6

%

 

 

2.6

%

 

 

2.2

%

 

 

3.2

%

Total expenses (4)

 

 

9.8

%

 

 

11.7

%

 

 

11.3

%

 

 

10.3

%

 

 

11.0

%

 

 

 

 

Years Ended December 31,

 

Ratio to average net assets:

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

2018

 

Total expenses, before base management fee waiver (4)

 

 

12.1

%

 

 

15.4

%

 

 

11.8

%

 

 

11.2

%

 

 

10.7

%

Base management fee waiver (4)(9)

 

 

(0.1

%)

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

Total expenses (4)

 

 

12.0

%

 

 

15.4

%

 

 

11.8

%

 

 

11.2

%

 

 

10.7

%

 

 

 

Years Ended December 31,

 

Ratio to average net assets:

 

2017

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

Total expenses, before base management fee waiver (4)

 

 

9.8

%

 

 

11.7

%

 

 

11.3

%

 

 

10.3

%

 

 

11.0

%

Base management fee waiver (4)(9)

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

Total expenses (4)

 

 

9.8

%

 

 

11.7

%

 

 

11.3

%

 

 

10.3

%

 

 

11.0

%