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Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2023

Investment Company, Financial Highlights [Abstract]

The following is a schedule of financial highlights for the nine months ended September 30, 2023 and 2022:


	Nine Months Ended September 30,
	2023			2022
Per share data:
Net asset value at beginning of period	$	19.43		$	19.96
Net investment income (1)		1.89			1.39
Net realized gain (loss) on investments, net of tax (provision) (1)		0.11			2.67
Net unrealized appreciation (depreciation) on investments (1)		(0.01	)		(2.78	)
Realized losses on extinguishment of debt (1)		-			(0.01	)
Total increase from investment operations (1)		1.99			1.27
Accretive (dilutive) effect of share issuances and repurchases		0.01			-
Dividends to stockholders		(2.08	)		(1.82	)
Other (11)		(0.07	)		-
Net asset value at end of period	$	19.28		$	19.41
Market value at end of period	$	19.20		$	17.18
Shares outstanding at end of period		28,453,469			24,437,400
Weighted average shares outstanding during the period		25,490,379			24,437,400
Net assets at end of period	$	548,625		$	474,387
Average net assets (6)	$	499,241		$	483,157
Ratios to average net assets:
Total expenses (2)(4)(10)		12.5	%		9.0	%
Net investment income (5)		12.9	%		9.4	%
Total return based on market value (3)		10.9	%		3.2	%
Total return based on net asset value (8)		10.2	%		6.4	%
Portfolio turnover ratio (9)		21.6	%		21.3	%
Supplemental Data:
Average debt outstanding (7)	$	449,846		$	391,585
Average debt per share (1)	$	17.65		$	16.02

(1)

Weighted average per share data.

(2)

Annualized with the exception of income tax (provision) benefit from realized gains on investments.

(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 base management waiver”, (ii) the “income tax provision (benefit)”, and (iii) the “income tax (provision) benefit from realized gains on investments” captions, as presented on the consolidated statements of operations.

(5)

The net investment income to average net assets ratio is annualized and 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)

Annualized.

(10)

The following are schedules of supplemental expense ratios to average net assets:


	Nine Months Ended September 30,
Ratio to average net assets:	2023			2022
Expenses other than incentive fee (2)		9.2	%		7.7	%
Incentive fee (9)		3.3	%		1.3	%
Total expenses (2)(4)		12.5	%		9.0	%


	Nine Months Ended September 30,
Ratio to average net assets:	2023			2022
Total expenses, before base management fee waiver (2)		12.6	%		9.1	%
Base management fee waiver (9)		(0.1	%)		(0.1	%)
Total expenses (2)(4)		12.5	%		9.0	%

(11)

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.