Selected Financial Ratios and Other Data (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Selected Financial Ratios and Other Data

The following table provides selected financial ratios and other data for the periods indicated.

	Three Months Ended March 31,			Year ended December 31,
(Dollars in thousands, except per share data)	2018			2017			2016			2015
Net share data
Net asset value at the beginning of the year	$	11.80		$	11.91		$	11.42		$	11.16
Net investment income (loss)		(0.15	)		(0.33	)		(0.41	)		0.69
Income tax provision (benefit)		0.03			1.51			(1.90	)		0.00
Net realized gains (losses) on investments		(1.44	)		(1.82	)		0.02			0.31
Net change in unrealized appreciation on investments		0.94			0.65			3.26			0.20
Net increase (decrease) in net assets resulting from operations		(0.62	)		0.01			0.97			1.20
Issuance of common stock		(0.03	)		(0.12	)		—			—
Repurchase of common stock		—			—			0.12			0.06
Distribution of net investment income		—			—			(0.60	)		(0.81	)
Return of capital		—			—			—			(0.18	)
Distribution of net realized gains on investments		—			—			—			—
Total distributions		—			—			(0.60	)		(0.99	)
Other		—			—			—			(0.01	)
Total increase (decrease) in net asset value		(0.65	)		(0.11	)		0.49			0.26
Net asset value at the end of the period/year ⁽¹⁾	$	11.15		$	11.80		$	11.91		$	11.42
Per share market value at beginning of year	$	3.53		$	3.02		$	7.04		$	10.01
Per share market value at end of period/year		4.65			3.53			3.02			7.04
Total return ⁽²⁾		(129	%)		17	%		(54	%)		(22	%)
Ratios/supplemental data
Total shareholders’ equity (net assets)	$	272,437		$	287,159		$	286,096		$	278,088
Average net assets		284,021			285,704			276,978			276,745
Total expense ratio ^{(3) (4) (5)}		10.02	%		(3.03	%)		29.36	%		9.45	%
Operating expenses to average net assets ^{(4) (5)}		5.87			4.83			8.23			6.04
Net investment income (loss) after income taxes to average net assets ^{(4) (5)}		(4.61	)		(2.49	)		0.04			6.08

(1)	Includes $0.00 of undistributed net investment income per share as of March 31, 2018 and December 31, 2017, 2016, and 2015, and $0.00 of undistributed net realized gains per share for all periods presented.

(2)	Total return is calculated by dividing the change in market value of a share of common stock during the year, assuming the reinvestment of distributions on the payment date, by the per share market value at the beginning of the year.

(3)	Total expense ratio represents total expenses (interest expense, operating expenses, and income taxes) divided by average net assets.

(4)

MSC has assumed certain of the Company’s servicing obligations, and as a result, servicing fee income of $1,290, $5,272, $5,421, and $5,658, and operating expenses of $1,150, $4,211, $5,249, and $6,044, which formerly were the Company’s, were now MSC’s for the three months ended March 31, 2018 and the years ended December 31, 2017, 2016, and 2015. Excluding the impact of the MSC amounts, the total expense ratio, operating expense ratio, and net investment income (loss) ratio would have been 11.75%, 6.88%, and 7.51% in the March 31, 2018 quarter, (1.37%), 6.31%, and (2.49%) in 2017, 29.42%, 8.28%, and 1.95% in 2016, and 11.63%, 8.23%, and 5.94% in 2015.

(5)	These ratios include the goodwill impairment writeoff of $5,099 in 2016. Excluding the writeoff, the total expense, operating expense, and net investment income ratios were 27.52%, 6.39%, and 1.88% in 2016.