Financial Highlights

9 Months Ended

Sep. 30, 2022

The following is a schedule of financial highlights as of and for the nine months ended September 30, 2022 and 2021 and the year ended December 31, 2021:


	Nine Months Ended September 30,						Year Ended December 31,
	2022			2021			2021
Per share data:(1)
Net asset value at beginning of period	$	16.34		$	15.50		$	15.50
Results of operations:
Net investment income	1.13			0.98			1.31
Net realized (loss) gain and net change in unrealized (depreciation) appreciation on investments and (loss) gain on foreign currency(2)	(0.42)			0.83			0.79
Net increase in net assets resulting from operations(2)	0.71			1.81			2.10
Shareholder distributions:
Distributions from net investment income	(0.87)			(0.79)			(1.26)



Net decrease in net assets resulting from shareholders' distributions	(0.87)			(0.79)			(1.26)
Capital share transactions:
Issuance of common stock above net asset value(3)	—			—			—
Repurchases of common stock below net asset value(4)	0.08			—			—
Net increase in net assets resulting from capital share transactions	0.08			—			—
Net asset value at end of period	$	16.26		$	16.52		$	16.34
Shares of common stock outstanding at end of period	56,262,964			56,958,440			56,958,440
Total investment return-net asset value(5)	7.43		%	11.98		%	14.43		%
Total investment return-market value(6)	(29.81)		%	—			3.87		%
Net assets at beginning of period	$	930,512		$	878,256		$	878,256
Net assets at end of period	$	914,906		$	941,013		$	930,512
Average net assets	$	922,203		$	911,856		$	918,824
Ratio/Supplemental data:
Ratio of net investment income to average net assets	6.98		%	6.13		%	8.09		%
Ratio of gross operating expenses to average net assets(7)	8.14		%	6.69		%	9.04		%
Ratio of net operating expenses to average net assets	8.14		%	6.69		%	9.04		%
Portfolio turnover rate(8)	18.66		%	32.40		%	52.04		%
Total amount of senior securities outstanding	$	957,500		$	805,000		$	830,000
Asset coverage ratio(9)	1.96			2.17			2.12

(1)The per share data for the nine months ended September 30, 2022 and 2021 and the year ended December 31, 2021 was derived by using the weighted average shares of common stock outstanding during each period. The share information utilized to determine per share data in this table has been retroactively adjusted to reflect the reverse stock split discussed in Note 3.

(2)The amount shown for net realized (loss) gain, net change in unrealized (depreciation) appreciation on investments and (loss) gain on foreign currency is the balancing figure derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales and repurchases of the Company’s shares in relation to fluctuating market values for the portfolio. As a result, net increase in net assets resulting from operations in this schedule may vary from the consolidated statements of operations.

(3)The continuous issuance of shares of common stock may have caused an incremental increase in net asset value per share due to the sale of shares at the then prevailing public offering price and the receipt of net proceeds per share by the Company in excess of net asset value per share on each subscription closing date. The per share impact of the continuous issuance of shares of common stock was an increase to net asset value of less than $0.01 per share during the nine months ended September 30, 2022 and 2021 and the year ended December 31, 2021. The Company's follow-on continuous public offering ended on January 25, 2019.

(4)Repurchases of common stock may have caused an incremental decrease or increase in net asset value per share due to the repurchase of shares at a price in excess of or below net asset value per share, respectively, on each repurchase date. The per share impact of repurchases of common stock was a decrease to net asset value of less than $0.01 per share during the nine months ended September 30, 2021 and the year ended December 31, 2021.

(5)Total investment return-net asset value is a measure of the change in total value for shareholders who held the Company’s common stock at the beginning and end of the period, including distributions paid or payable during the period. Total investment return-net asset value is based on (i) the beginning period net asset value per share on the first day of the period, (ii) the net asset value per share on the last day of the period of (A) one share plus (B) any fractional shares issued in connection with the reinvestment of distributions, and (iii) the value of distributions payable, if any, on the last day of the period. The total investment return-net asset value calculation assumes that distributions are reinvested in accordance with the Company's distribution reinvestment plan then in effect as described in Note 5. The total investment return-net asset value does not consider the effect of the sales load from the sale of the Company’s common stock. The total investment return-net asset value includes the effect of the issuance of shares at a net offering price that is greater than net asset value per share, which causes an increase in net asset value per share. Total returns covering less than a full year are not annualized.

(6)Total investment return-market value for the nine months ended September 30, 2022 was calculated by taking the change in the market price of the Company's common stock since the first day of the period, and including the impact of distributions reinvested in accordance with the Company’s New DRP. Total investment return-market value does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of the Company’s common stock. The historical calculation of total investment return-market value in the table should not be considered a representation of the Company’s future total return based on market value, which may be greater or less than the return shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets, general economic conditions and fluctuations in per share market value. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods.

(7)Ratio of gross operating expenses to average net assets does not include expense support provided by CIM, if any.

(8)Portfolio turnover rate is calculated using the lesser of year-to-date sales or purchases over the average of the invested assets at fair value, excluding short term investments, and is not annualized.

(9)Asset coverage ratio is equal to (i) the sum of (a) net assets at the end of the period and (b) total senior securities outstanding at the end of the period (excluding unfunded commitments), divided by (ii) total senior securities outstanding at the end of the period.