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Note 11 - Financial Highlights

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Investment Company, Financial Highlights [Text Block]

Note 11. Financial highlights

The following table shows financial highlights for the Company:

		Six months ended June 30,
		2024					2023
		(In thousands, except share and per share data)
Per share data:
Net asset value at beginning of period		$	9.71				$	11.47
Net investment income			0.74					1.00
Realized gain (loss)			0.07					(0.58	)
Unrealized depreciation on investments			(0.82	)				(0.23	)
Net increase in net assets resulting from operations			(0.01	)				0.19
Distributions declared⁽¹⁾			(0.71	)				(0.66	)
From net investment income			(0.71	)				(0.66	)
From net realized gain on investments			—					—
Return of capital			—					—
Other⁽²⁾			0.13					0.07
Net asset value at end of period		$	9.12				$	11.07
Per share market value, beginning of period		$	13.17				$	11.60
Per share market value, end of period		$	12.04				$	12.08
Total return based on a market value ⁽³⁾			(3.2	)%				9.8	%
Shares outstanding at end of period			36,043,815					32,096,259
Ratios to average net assets:
Expenses without incentive fee⁽⁴⁾			15.6	%				14.2	%
Incentive fees ⁽⁴⁾			—					1.9	%
Net expenses ⁽⁴⁾			15.6	%				16.1	%
Net investment income with incentive fee ⁽⁴⁾			15.5	%				17.5	%
Net assets at the end of the period		$	328,778				$	355,419
Average net asset value		$	328,293				$	331,850
Average debt per share		$	13.03				$	15.11
Portfolio turnover ratio			5.4	%	⁽⁵⁾			7.6	%	⁽⁵⁾

(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 (A) the lesser of purchases or sales of portfolio securities for the fiscal year by (B) the monthly average of the value of portfolio securities owned by the Company during the fiscal year, with certain securities excluded from the numerator and denominator pursuant to applicable federal securities laws.