XML 35 R29.htm IDEA: XBRL DOCUMENT
v3.25.3

Financial Highlights (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Investment Company, Financial Highlights [Abstract] |
Schedule of Financial Highlights | The following is a schedule of financial highlights for the nine months ended September 30, 2025 and 2024:
|  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |
Per share data: |  |  |  |  |  |
Net asset value at beginning of period |  | $ | 19.33 |  |  | $ | 19.37 |
Net investment income (1) |  |  | 1.55 |  |  |  | 1.74 |
Net realized gain (loss) on investments, net of tax (provision) (1) |  |  | 0.07 |  |  |  | 0.34 |
Net unrealized appreciation (depreciation) on investments (1) |  |  | 0.23 |  |  |  | (0.17 | )
Realized losses on extinguishment of debt (1) |  |  | (0.02 | ) |  |  | (0.02 | )
Total increase from investment operations (1) |  |  | 1.83 |  |  |  | 1.89 |
Accretive (dilutive) effect of share issuances and repurchases |  |  | 0.08 |  |  | - |
Dividends declared to stockholders |  |  | (1.65 | ) |  |  | (1.81 | )
Other (11) |  |  | (0.03 | ) |  |  | (0.03 | )
Net asset value at end of period |  | $ | 19.56 |  |  | $ | 19.42 |
Market value at end of period |  | $ | 20.26 |  |  | $ | 19.60 |
Shares outstanding at end of period |  |  | 36,347,868 |  |  |  | 33,914,652 |
Weighted average shares outstanding during the period |  |  | 34,991,361 |  |  |  | 32,138,865 |
Net assets at end of period |  | $ | 711,034 |  |  | $ | 658,761 |
Average net assets (6) |  | $ | 684,232 |  |  | $ | 625,835 |
Ratios to average net assets: |  |  |  |  |  |
Total expenses (2)(4)(10) |  |  | 11.9 | % |  |  | 11.5 | %
Net investment income (5) |  |  | 10.6 | % |  |  | 11.9 | %
Total return based on market value (3) |  |  | 0.4 | % |  |  | 9.1 | %
Total return based on net asset value (8) |  |  | 9.5 | % |  |  | 9.8 | %
Portfolio turnover ratio (9) |  |  | 23.6 | % |  |  | 19.7 | %
Supplemental Data: |  |  |  |  |  |
Weighted average debt outstanding (7) |  | $ | 531,127 |  |  | $ | 462,275 |
Weighted average debt per share (1) |  | $ | 15.18 |  |  | $ | 14.38 |
(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) Weighted average debt outstanding is calculated based upon the number of days that the total outstanding debt balances, including secured borrowings, are outstanding during the nine months ended September 30, 2025 and 2024. (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: |  | 2025 |  |  | 2024 |
Expenses other than incentive fee (4) |  |  | 8.8 | % |  |  | 8.3 | %
Incentive fee, net of incentive fee waiver (4)(9) |  |  | 3.1 | % |  |  | 3.2 | %
Total expenses (4) |  |  | 11.9 | % |  |  | 11.5 | %
|  | Nine Months Ended September 30, |
Ratio to average net assets: |  | 2025 |  |  | 2024 |
Total expenses, before base management fee waiver (4) |  |  | 12.0 | % |  |  | 11.5 | %
Base management fee waiver (4)(9) |  |  | (0.1 | %) |  |  | 0.0 | %
Total expenses (4) |  |  | 11.9 | % |  |  | 11.5 | %
(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.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentCompanyFinancialHighlightsAbstract
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