XML 67 R43.htm IDEA: XBRL DOCUMENT v3.25.4
Supplementary Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2025
Investment Company, Financial Highlights [Line Items]  
Schedule of Financial Highlights

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

Per Common Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share NAV at beginning of period

 

$

9.23

 

 

$

11.90

 

 

$

12.93

 

 

$

14.36

 

 

$

13.24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income before excise taxes

 

 

1.29

 

 

 

1.66

 

 

 

1.85

 

 

 

1.53

 

 

 

1.26

 

Excise taxes

 

 

(0.01

)

 

 

0.00

 

 

 

(0.01

)

 

 

—

 

 

 

—

 

Net investment income (1)

 

 

1.28

 

 

 

1.66

 

 

 

1.84

 

 

 

1.53

 

 

 

1.26

 

Net realized and unrealized gain (loss) (1)

 

 

(2.33

)

 

 

(2.60

)

 

 

(1.18

)

 

 

(1.69

)

 

 

1.17

 

Total from investment operations

 

 

(1.05

)

 

 

(0.94

)

 

 

0.66

 

 

 

(0.16

)

 

 

2.43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net decrease in net assets as a result of issuance of shares in connection with the Merger (2)

 

 

—

 

 

 

(0.28

)

 

 

—

 

 

 

—

 

 

 

—

 

Repurchase of common stock

 

 

0.01

 

 

 

0.01

 

 

 

—

 

 

 

—

 

 

 

—

 

Loss on extinguishment of debt

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.11

)

Cumulative effect adjustment for the adoption of ASU 2020-06 (3)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.00

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ordinary income dividends

 

 

(1.12

)

 

 

(1.46

)

 

 

(1.69

)

 

 

(1.27

)

 

 

(1.20

)

Tax basis returns of capital

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Dividends to common shareholders (4)

 

 

(1.12

)

 

 

(1.46

)

 

 

(1.69

)

 

 

(1.27

)

 

 

(1.20

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share NAV at end of period

 

$

7.07

 

 

$

9.23

 

 

$

11.90

 

 

$

12.93

 

 

$

14.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share market price at end of period

 

$

5.47

 

 

$

8.71

 

 

$

11.54

 

 

$

12.94

 

 

$

13.51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return based on market value (5)

 

 

(24.3

)%

 

 

(11.9

)%

 

 

2.2

%

 

 

5.2

%

 

 

30.9

%

Total return based on net asset value (6)

 

 

(11.3

)%

 

 

(10.2

)%

 

 

5.1

%

 

 

-1.1

%

 

 

17.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares outstanding at end of period

 

 

84,564,578

 

 

 

85,080,447

 

 

 

57,767,264

 

 

 

57,767,264

 

 

 

57,767,264

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to average common equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income (7)

 

 

14.5

%

 

 

15.6

%

 

 

14.2

%

 

 

10.8

%

 

 

9.0

%

Expenses, before incentive fee, and management fee waiver (8)

 

 

13.2

%

 

 

12.8

%

 

 

10.7

%

 

 

9.0

%

 

 

9.3

%

Expenses, net of incentive fee, before management fee waiver (9)

 

 

13.2

%

 

 

15.1

%

 

 

13.7

%

 

 

11.3

%

 

 

11.5

%

Management fee waiver

 

 

(1.0

)%

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Expenses, net of incentive fee, and management fee waiver (9)

 

 

12.2

%

 

 

15.1

%

 

 

13.7

%

 

 

11.3

%

 

 

11.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending common shareholder equity

 

$

598,013,197

 

 

$

785,123,667

 

 

$

687,601,546

 

 

$

746,753,790

 

 

$

829,456,636

 

Portfolio turnover rate

 

 

15.8

%

 

 

18.3

%

 

 

13.5

%

 

 

19.4

%

 

 

35.6

%

Weighted-average debt outstanding

 

$

1,115,102,969

 

 

$

1,234,022,372

 

 

$

1,001,667,440

 

 

$

1,023,880,532

 

 

$

985,506,056

 

Weighted-average interest rate on debt

 

 

5.3

%

 

 

5.4

%

 

 

4.4

%

 

 

3.5

%

 

 

3.6

%

Weighted-average number of common shares

 

 

84,988,524

 

 

 

79,670,868

 

 

 

57,767,264

 

 

 

57,767,264

 

 

 

57,767,264

 

Weighted-average debt per share

 

$

13.12

 

 

$

15.49

 

 

$

17.34

 

 

$

17.72

 

 

$

17.06

 

 

Asset Coverage:

 

As of December 31,

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt outstanding (10)

 

$

1,040,842,703

 

 

$

1,126,314,826

 

 

$

988,555,830

 

 

$

949,062,241

 

 

$

1,019,339,449

 

 

Asset coverage per $1,000 of debt outstanding (11)

 

$

1,642

 

 

$

1,789

 

 

$

1,643

 

 

$

1,929

 

 

$

1,948

 

 
(1)
Amounts shown reflect the impact of the purchase discount recorded in connection with the Merger and were computed based on the actual amounts earned or incurred by the Company divided by the actual shares outstanding in the respective accounting periods before and after the closing of the Merger on March 18, 2024.
(2)
Calculated as the number of shares issued by the Company in connection with the Merger times the discount per share based on the closing price per share and the NAV per share at the time of the closing of the Merger.
(3)
See Note 2 and 4 for further information related to the adoption of ASU 2020-06.

10. Financial Highlights — (continued)

(4)
Dividends to common shareholders include a tax return of capital of $0 ($0.00 per share), $0 ($0.00 per share), $0 ($0.00 per share), $0 ($0.00 per share) and $0 ($0.00 per share) for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively.
(5)
Total return based on market value is calculated as the change in ending market value per share during the period plus declared dividends per share during the period, divided by the market value per share at the beginning of the period.
(6)
Total return based on net asset value is calculated as the change in net asset value per share during the period plus declared dividends per share during the period, divided by the net asset value per share at the beginning of the period.
(7)
Net of incentive compensation and excise taxes.
(8)
Includes interest and other debt costs but excludes excise taxes.
(9)
Includes incentive compensation and all Company expenses including interest and other debt costs but excludes excise taxes.
(10)
Excludes unamortized debt issuance costs which are netted in the Consolidated Statements of Assets and Liabilities.
(11)
Excludes SBA Debentures.
Supplementary Data  
Investment Company, Financial Highlights [Line Items]  
Schedule of Financial Highlights

The following is a schedule of financial highlights as of and for the years ended December 31, 2020, 2019, 2018, 2017 and 2016:

 

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

 

2017

 

 

2016

 

Per Common Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share NAV at beginning of period

 

$

13.21

 

 

$

14.13

 

 

$

14.80

 

 

$

14.91

 

 

$

14.78

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income before excise taxes

 

 

1.43

 

 

 

1.61

 

 

 

1.59

 

 

 

1.99

 

 

 

1.88

 

Excise taxes

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.01

)

Net investment income

 

 

1.43

 

 

 

1.61

 

 

 

1.59

 

 

 

1.99

 

 

 

1.87

 

Net realized and unrealized gain (loss)

 

 

(0.16

)

 

 

(1.09

)

 

 

(0.82

)

 

 

(0.40

)

 

 

—

 

Incentive allocation reserve and distributions

 

N/A

 

 

N/A

 

 

N/A

 

 

 

(0.40

)

 

 

(0.37

)

Total from investment operations

 

 

1.27

 

 

 

0.52

 

 

 

0.77

 

 

 

1.19

 

 

 

1.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.14

 

 

 

0.01

 

Repurchase of common stock

 

 

0.12

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Issuance of convertible debt

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.06

 

Loss on extinguishment of debt

 

 

(0.04

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ordinary income dividends

 

 

(1.13

)

 

 

(1.44

)

 

 

(1.44

)

 

 

(1.44

)

 

 

(1.44

)

Tax basis returns of capital

 

 

(0.19

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Dividends to common shareholders (9)

 

 

(1.32

)

 

 

(1.44

)

 

 

(1.44

)

 

 

(1.44

)

 

 

(1.44

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share NAV at end of period

 

$

13.24

 

 

$

13.21

 

 

$

14.13

 

 

$

14.80

 

 

$

14.91

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share market price at end of period

 

$

11.24

 

 

$

14.05

 

 

$

13.04

 

 

$

15.28

 

 

$

16.90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return based on market value

 

 

(10.6

)%

 

 

18.8

%

 

 

(5.2

)%

 

 

(1.1

)%

 

 

31.7

%

Total return based on net asset value

 

 

10.2

%

 

 

3.7

%

 

 

5.2

%

 

 

8.9

%

 

 

10.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares outstanding at end of period

 

 

57,767,264

 

 

 

58,766,426

 

 

 

58,774,607

 

 

 

58,847,256

 

 

 

53,041,900

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to average common equity: (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income (2)

 

 

11.3

%

 

 

11.6

%

 

 

10.8

%

 

 

10.6

%

 

 

10.1

%

Expenses before incentive fee (3)

 

 

10.0

%

 

 

9.8

%

 

 

8.5

%

 

 

7.3

%

 

 

6.9

%

Expenses and incentive fee (4)

 

 

12.1

%

 

 

12.3

%

 

 

11.2

%

 

 

9.9

%

 

 

9.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending common shareholder equity

 

$

764,986,578

 

 

$

776,318,386

 

 

$

830,474,727

 

 

$

870,728,126

 

 

$

790,935,991

 

Portfolio turnover rate

 

 

28.3

%

 

 

35.9

%

 

 

32.3

%

 

 

45.9

%

 

 

37.9

%

Weighted-average debt outstanding (5)

 

$

936,157,021

 

 

$

902,977,493

 

 

$

769,065,775

 

 

$

623,666,655

 

 

$

542,421,190

 

Weighted-average interest rate on debt (6)

 

 

3.9

%

 

 

4.6

%

 

 

4.6

%

 

 

4.5

%

 

 

3.9

%

Weighted-average number of common shares

 

 

57,991,233

 

 

 

58,766,362

 

 

 

58,815,216

 

 

 

57,000,658

 

 

 

50,948,035

 

Weighted-average debt per share (5)

 

$

16.14

 

 

$

15.37

 

 

$

13.08

 

 

$

10.94

 

 

$

10.65

 

 

Asset Coverage:

 

As of December 31,

 

 

2020

 

 

2019

 

 

2018

 

 

2017

 

 

2016

 

Debt

 

 

 

 

 

 

 

 

 

 

 

 

Debt outstanding (7)

 

$

856,324,371

 

 

$

915,514,071

 

 

$

812,007,389

 

 

$

733,824,353

 

 

$

579,906,288

 

Asset coverage per $1,000 of debt outstanding

 

$

2,058

 

 

$

1,992

 

 

$

2,157

 

 

$

2,335

 

 

$

2,344

 

 

(1) These ratios include interest expense but do not reflect the effect of dividends on the preferred equity facility.

(2) Net of incentive allocation and excise taxes.

(3) Includes interest and other debt costs but excludes excise taxes and incentive compensation.

(4) Includes incentive compensation and all Company expenses including interest and other debt costs.

(5) Includes both debt and preferred equity leverage.

(6) Includes dividends on the preferred equity leverage facility.

(7) Excludes unamortized debt issuance costs which are netted in the Consolidated Statements of Assets and Liabilities.