XML 84 R66.htm IDEA: XBRL DOCUMENT v3.25.0.1
Note 14 - Financial Highlights - Financial Highlights (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Net asset value at beginning of period (in dollars per share) $ 9.71 $ 11.47 $ 11.56 $ 11.02 $ 11.83 $ 11.64 $ 11.72 $ 12.09 $ 13.85 $ 14.36
Net investment income (in dollars per share) 1.32 1.98 1.46 1.41 1.18 1.52 1.2 1.07 1.48 1.25
Realized (loss) gain (in dollars per share) (0.96) (0.97) (0.38) (0.18) (0.84) (0.31) 0.06 (1.84) (0.67) (0.15)
Unrealized (depreciation) appreciation on investments (in dollars per share) (0.52) (1.57) (0.22) 0.16 0.02 0.24 (0.13) 1.6 (1.24) (0.04)
Net (decrease) increase in net assets resulting from operations (in dollars per share) (0.16) (0.56) 0.86 1.39 0.36 1.45 1.13 0.83 (0.43) 1.06
Distributions declared (in dollars per share) [1] (1.37) (1.37) (1.28) (1.25) (1.25) (1.2) (1.2) (1.2) (1.34) (1.38)
From net investment income (in dollars per share) (1.37) (1.37) (1.28) (1.25) (1.25) (1.2) (1.2) (1.2) (1.34) (1.38)
From net realized gain on investments (in dollars per share) 0 0 0 0 0 0 0 0 0 0
Return of capital (in dollars per share) 0 0 0 0 0 0 0 0 0 0
Other (in dollars per share) [2] 0.25 0.17 0.33 0.4 0.08 (0.06) (0.01) 0 0 (0.03)
Net asset value at end of period (in dollars per share) 8.43 9.71 11.47 11.56 11.02 11.83 11.64 11.72 12.09 13.85
Per share market value, beginning of period (in dollars per share) 13.17 11.6 15.92 13.24 12.93 11.25 11.22 10.53 11.73 13.99
Per share market value, end of period (in dollars per share) $ 8.99 $ 13.17 $ 11.6 $ 15.92 $ 13.24 $ 12.93 $ 11.25 $ 11.22 $ 10.53 $ 11.73
Total return based on a market value [3] (21.30%) 25.30% (19.30%) 29.70% 12.10% 25.60% 11.00% 17.90% 1.50% (6.30%)
Shares outstanding at end of period (in shares) 39,875,847 33,367,389 27,753,373 21,217,460 19,286,356 15,563,290 11,535,129 11,520,406 11,510,424 11,535,212
Expenses without incentive fee 15.10% 14.10% 11.50% 10.50% 10.00% 10.80% [4] 10.40% [4] 8.60% [4] 9.20% [4] 8.60% [4]
Incentive fees 0.10% 0.90% 2.60% 3.10% 2.60% 3.20% [4] 2.40% [4] 1.20% [4] 1.40% [4] 2.20% [4]
Net expenses 15.20% 15.00% 14.10% 13.60% 12.60% 14.00% [4] 12.80% [4] 9.80% [4] 10.60% [4] 10.80% [4]
Net investment income with incentive fee 14.40% 18.20% 12.10% 12.20% 10.40% 12.80% [4] 10.30% [4] 9.00% [4] 11.40% [4] 8.90% [4]
Expenses without incentive value 15.10% 14.10% 11.50% 10.50% 10.00% 10.80% [4] 10.40% [4] 8.60% [4] 9.20% [4] 8.90% [4]
Incentive fees 0.10% 0.90% 2.60% 3.10% 2.60% 4.40% [4] 3.30% [4] 1.30% [4] 1.40% [4] 2.20% [4]
Net expenses 15.20% 15.00% 14.10% 13.60% 12.60% 15.20% [4] 13.70% [4] 9.90% [4] 10.60% [4] 11.10% [4]
Net investment income with incentive fees 14.40% 18.20% 12.10% 12.20% 10.40% 11.60% [4] 9.40% [4] 8.90% [4] 11.40% [4] 8.70% [4]
Net assets at the end of the period $ 336,183 $ 323,981 $ 318,448 $ 245,335 $ 212,597 $ 184,055 $ 134,257 $ 135,075 $ 139,192 $ 159,751
Average net asset value $ 332,719 $ 336,915 $ 299,182 $ 231,215 $ 199,302 $ 160,008 $ 134,364 $ 137,293 $ 150,612 $ 157,612
Average debt per share (in dollars per share) $ 12.42 $ 13.93 $ 13.7 $ 11.27 $ 9.97 $ 10.05 $ 8.62 $ 6.6 $ 8.91 $ 7.87
Portfolio turnover ratio 15.60% [5] 17.20% [5] 14.60% [5] 45.40% [5] 38.70% [5],[6] 82.00% [6] 50.40% [6] 79.40% [6] 27.10% [6] 56.10% [6]
Net dilution from issuance of common stock (in dollars per share)           $ 0 $ 0 $ 0 $ 0 $ (0.18)
Net accretion from repurchase of common stock (in dollars per share)           $ 0 $ 0 $ 0 $ 0.01 $ 0.02
[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] During the years ended December 31, 2019, 2018 and 2017, the Advisor waived $1.8 million, $1.2 million and $0.1 million, respectively, of incentive fee. During the year ended December 31, 2015, the Advisor waived $0.3 million of base management fee.
[5] Calculated by dividing (i) the lesser of purchases or sales of portfolio securities for the fiscal year by (ii) 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.
[6] Calculated by dividing net debt investment purchases by the monthly average debt investment balance.