| |
Year Ended October 31, | |
| |
2024 | | |
2023 | | |
2022 | | |
2021 | | |
2020 | |
Net asset value - Beginning of year (Common shares) | |
$ | 12.77 | | |
$ | 12.28 | | |
$ | 14.30 | | |
$ | 13.50 | | |
$ | 14.51 | |
Income (Loss) From Operations | |
| | | |
| | | |
| | | |
| | | |
| | |
Net investment income(1) | |
$ | 1.50 | | |
$ | 1.45 | | |
$ | 0.92 | | |
$ | 0.72 | | |
$ | 0.81 | |
Net realized and unrealized gain (loss) | |
| 0.27 | | |
| 0.44 | | |
| (1.93 | ) | |
| 0.91 | | |
| (0.87 | ) |
Distributions to preferred shareholders From net investment income(1) | |
| (0.22 | ) | |
| (0.20 | ) | |
| (0.05 | ) | |
| — | | |
| (0.03 | ) |
Total income (loss) from operations | |
$ | 1.55 | | |
$ | 1.69 | | |
$ | (1.06 | ) | |
$ | 1.63 | | |
$ | (0.09 | ) |
Less Distributions to Common Shareholders | |
| | | |
| | | |
| | | |
| | | |
| | |
From net investment income | |
$ | (1.38 | ) | |
$ | (1.20 | ) | |
$ | (0.88 | ) | |
$ | (0.81 | ) | |
$ | (0.92 | ) |
Tax return on capital | |
| (0.03 | ) | |
| — | | |
| (0.10 | ) | |
| (0.05 | ) | |
| — | |
Total distributions to common shareholders | |
$ | (1.41 | ) | |
$ | (1.20 | ) | |
$ | (0.98 | ) | |
$ | (0.86 | ) | |
$ | (0.92 | ) |
Premium from common shares sold through shelf offering(1) | |
$ | 0.00 | (2) | |
$ | — | | |
$ | 0.02 | | |
$ | 0.00 | (2) | |
$ | — | |
Discount on tender offer(1) | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | 0.03 | | |
$ | — | |
Net asset value — End of year (Common shares) | |
$ | 12.91 | | |
$ | 12.77 | | |
$ | 12.28 | | |
$ | 14.30 | | |
$ | 13.50 | |
Market value — End of year (Common shares) | |
$ | 12.77 | | |
$ | 11.64 | | |
$ | 11.17 | | |
$ | 14.90 | | |
$ | 11.90 | |
Total Investment Return on Net Asset Value(3) | |
| 12.62 | % | |
| 15.09 | % | |
| (7.26 | )% | |
| 12.69 | % | |
| 0.42 | % |
Total Investment Return on Market Value(3) | |
| 22.31 | % | |
| 15.34 | % | |
| (19.10 | )% | |
| 33.21 | % | |
| (0.52 | )% |
Ratios/Supplemental Data | |
| | | |
| | | |
| | | |
| | | |
| | |
Net assets applicable to common shares, end of year (000’s omitted) | |
$ | 378,631 | | |
$ | 372,481 | | |
$ | 358,405 | | |
$ | 403,589 | | |
$ | 497,341 | |
Ratios (as a percentage of average daily net assets applicable to common shares): (4)(5)† | |
| | | |
| | | |
| | | |
| | | |
| | |
Expenses excluding interest and fees | |
| 1.29 | % | |
| 1.34 | % | |
| 1.37 | % | |
| 1.33 | % | |
| 1.32 | % |
Interest and fee expense(6) | |
| 2.10 | % | |
| 1.95 | % | |
| 0.81 | % | |
| 0.46 | % | |
| 0.78 | % |
Total expenses | |
| 3.39 | % | |
| 3.29 | % | |
| 2.18 | % | |
| 1.79 | % | |
| 2.10 | % |
Net expenses | |
| 3.39 | %(7) | |
| 3.29 | %(7) | |
| 2.18 | %(7) | |
| 1.79 | % | |
| 2.10 | % |
Net investment income | |
| 11.59 | % | |
| 11.37 | % | |
| 6.83 | % | |
| 5.05 | % | |
| 6.03 | % |
Portfolio Turnover | |
| 28 | % | |
| 24 | % | |
| 12 | % | |
| 66 | % | |
| 30 | % |
Senior Securities: | |
| | | |
| | | |
| | | |
| | | |
| | |
Total notes payable outstanding (in 000’s) | |
$ | 133,000 | | |
$ | 110,000 | | |
$ | 133,000 | | |
$ | 120,000 | | |
$ | 223,000 | |
Asset coverage per $1,000 of notes payable(8) | |
$ | 4,418 | | |
$ | 5,076 | | |
$ | 4,265 | | |
$ | 4,995 | | |
$ | 3,570 | |
Total preferred shares outstanding | |
| 3,032 | | |
| 3,032 | | |
| 3,032 | | |
| 3,032 | | |
| 3,032 | |
Asset coverage per preferred share(9) | |
$ | 70,350 | | |
$ | 75,134 | | |
$ | 67,924 | | |
$ | 76,531 | | |
$ | 66,612 | |
Involuntary liquidation preference per preferred share(10) | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | |
Approximate market value per preferred share(10) | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | |
| |
Year Ended October 31, | |
| |
2019 | | |
2018 | | |
2017 | | |
2016 | | |
2015 | |
Net asset value - Beginning of year (Common shares) | |
$ | 15.37 | | |
$ | 15.21 | | |
$ | 14.86 | | |
$ | 14.35 | | |
$ | 15.33 | |
Income (Loss) From Operations | |
| | | |
| | | |
| | | |
| | | |
| | |
Net investment income(1) | |
$ | 0.99 | | |
$ | 0.89 | | |
$ | 0.89 | | |
$ | 0.96 | | |
$ | 0.94 | |
Net realized and unrealized gain (loss) | |
| (0.80 | ) | |
| 0.15 | | |
| 0.36 | | |
| 0.46 | | |
| (0.97 | ) |
Distributions to preferred shareholders From net investment income(1) | |
| (0.07 | ) | |
| (0.06 | ) | |
| (0.03 | ) | |
| (0.02 | ) | |
| (0.01 | ) |
Discount on redemption and repurchase of auction preferred shares(1) | |
| — | | |
| 0.04 | | |
| — | | |
| 0.05 | | |
| — | |
Total income (loss) from operations | |
$ | 0.12 | | |
$ | 1.02 | | |
$ | 1.22 | | |
$ | 1.45 | | |
$ | (0.04 | ) |
Less Distributions to Common Shareholders | |
| | | |
| | | |
| | | |
| | | |
| | |
From net investment income | |
$ | (0.98 | ) | |
$ | (0.86 | ) | |
$ | (0.87 | ) | |
$ | (0.94 | ) | |
$ | (0.94 | ) |
Total distributions to common shareholders | |
$ | (0.98 | ) | |
$ | (0.86 | ) | |
$ | (0.87 | ) | |
$ | (0.94 | ) | |
$ | (0.94 | ) |
Net asset value — End of year (Common shares) | |
$ | 14.51 | | |
$ | 15.37 | | |
$ | 15.21 | | |
$ | 14.86 | | |
$ | 14.35 | |
Market value — End of year (Common shares) | |
$ | 12.91 | | |
$ | 13.43 | | |
$ | 14.55 | | |
$ | 14.15 | | |
$ | 12.97 | |
Total Investment Return on Net Asset Value(3) | |
| 1.69 | % | |
| 7.25 | %(11) | |
| 8.54 | % | |
| 11.31 | %(12) | |
| 0.15 | % |
Total Investment Return on Market Value(3) | |
| 3.55 | % | |
| (2.04 | )% | |
| 9.04 | % | |
| 17.27 | % | |
| (1.24 | )% |
Ratios/Supplemental Data | |
| | | |
| | | |
| | | |
| | | |
| | |
Net assets applicable to common shares, end of year (000’s omitted) | |
$ | 534,714 | | |
$ | 566,490 | | |
$ | 560,431 | | |
$ | 547,620 | | |
$ | 528,561 | |
Ratios (as a percentage of average daily net assets applicable to common shares):(4)(5)† | |
| | | |
| | | |
| | | |
| | | |
| | |
Expenses excluding interest and fees(13) | |
| 1.28 | % | |
| 1.31 | % | |
| 1.34 | % | |
| 1.38 | % | |
| 1.39 | % |
Interest and fee expense(6) | |
| 1.40 | % | |
| 1.06 | % | |
| 0.75 | % | |
| 0.49 | % | |
| 0.42 | % |
Total expenses | |
| 2.68 | % | |
| 2.37 | % | |
| 2.09 | % | |
| 1.87 | % | |
| 1.81 | % |
Net investment income | |
| 6.64 | % | |
| 5.78 | % | |
| 5.93 | % | |
| 6.84 | % | |
| 6.27 | % |
Portfolio Turnover | |
| 28 | % | |
| 32 | % | |
| 42 | % | |
| 35 | % | |
| 32 | % |
Senior Securities: | |
| | | |
| | | |
| | | |
| | | |
| | |
Total notes payable outstanding (in 000’s) | |
$ | 218,000 | | |
$ | 222,000 | | |
$ | 199,000 | | |
$ | 198,000 | | |
$ | 208,000 | |
Asset coverage per $1,000 of notes payable(8) | |
$ | 3,801 | | |
$ | 3,893 | | |
$ | 4,298 | | |
$ | 4,250 | | |
$ | 4,172 | |
Total preferred shares outstanding | |
| 3,032 | | |
| 3,032 | | |
| 3,836 | | |
| 3,836 | | |
| 5,252 | |
Asset coverage per preferred share(9) | |
$ | 70,501 | | |
$ | 72,558 | | |
$ | 72,511 | | |
$ | 71,584 | | |
$ | 63,946 | |
Involuntary liquidation preference per preferred share(10) | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | |
Approximate market value per preferred share(10) | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | | |
$ | 25,000 | |
| (9) | Calculated by subtracting the Trust’s total liabilities (not including the notes payable and preferred shares) from the Trust’s
total assets, dividing the result by the sum of the value of the notes payable and liquidation value of preferred shares, and multiplying
the result by the liquidation value of one preferred share. Such amount equates to 281%, 301%, 272%, 306%, 266%, 282%, 290%, 290%, 286%
and 256% at October 31, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016 and 2015, respectively. |