XML 59 R49.htm IDEA: XBRL DOCUMENT v3.23.3
Note 11 - Financial Highlights - Financial Highlights (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Net asset value at beginning of period (in dollars per share)     $ 11.47 $ 11.56  
Net investment income (in dollars per share)     1.54 1.06  
Realized loss (in dollars per share)     (0.95) (0.40)  
Unrealized (depreciation) appreciation on investments (in dollars per share)     (0.81) 0.05  
Net increase in net assets resulting from operations (in dollars per share) $ (0.37) $ 0.23 (0.22) 0.71  
Distributions declared (in dollars per share) [1]     (0.99) (0.90)  
From net investment income (in dollars per share)     (0.99) (0.90)  
From net realized gain on investments (in dollars per share) 0 0 0 0  
Return of capital (in dollars per share)     0 0  
Other (in dollars per share) [2]     0.15 0.29  
Net asset value at end of period (in dollars per share) 10.41 11.66 10.41 11.66  
Per share market value, beginning of period (in dollars per share)     11.60 15.92  
Per share market value, end of period (in dollars per share) $ 11.88 $ 10.01 $ 11.88 $ 10.01  
Total return based on a market value [3]     10.90% (31.50%)  
Shares outstanding at end of period (in shares) 33,306,958 26,393,773 33,306,958 26,393,773 27,753,373
Expenses without incentive value [4]     14.00% 11.40%  
Incentive fees [4]     1.20% 3.00%  
Net expenses [4]     15.20% 14.40%  
Net investment income with incentive fees [4]     18.50% 12.10%  
Net assets at the end of the period $ 346,575 $ 307,687 $ 346,575 $ 307,687 $ 318,448
Average net asset value $ 335,531 $ 280,904 $ 335,531 $ 280,904  
Average debt per share (in dollars per share)     $ 14.29 $ 13.32  
Portfolio turnover ratio [5]     10.00% 14.90%  
[1] Distributions are determined based on taxable income calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of spillover income carried over from a given tax year for distribution in the following tax year. The final determination of taxable income for each tax year, as well as the tax attributes for distributions in such tax year, will be made after the close of the tax year.
[2] Includes the impact of the different share amounts as a result of calculating per share data based on the weighted average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date. The issuance of common stock on a per share basis reflects the incremental net asset value changes as a result of the issuance of common stock in the Company’s continuous public offering and pursuant to the Company’s distribution reinvestment plan. The issuance of common stock at an offering price, net of sales commissions and dealer manager fees, that is greater than the net asset value per share results in an increase in net asset value per share.
[3] The total return equals the change in the ending market value over the beginning of period price per share plus distributions paid per share during the period, divided by the beginning price.
[4] Annualized.
[5] Calculated by dividing the lesser of purchases or the sum of (1) principal prepayments and (2) maturities by the monthly average debt investment balance.