Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2023

Investment Company Financial Highlights [Abstract]

The following is a schedule of financial highlights for the three months ended March 31, 2023 and 2022.


		Three Months Ended March 31, 2023				Three Months Ended March 31, 2022
		(Unaudited)				(Unaudited)
Per Share Data*
Net asset value at beginning of period	$		15.10		$		16.08
Net investment income (1)			0.45				0.42
Net realized and change in unrealized gains (losses) (1)			0.01				(0.36	)
Net increase in net assets resulting from operations			0.46				0.07
Distribution of net investment income (2)			(0.38	)			(0.36	)
Distribution of return of capital (2)			—				—
Accretion due to share repurchases			—				0.00
Net asset value at end of period	$		15.18		$		15.79

Per share market value at end of period	$		11.40		$		13.22
Total return (3)			3.36	%			6.18	%
Shares outstanding at end of period			65,451,359				63,647,240
Weighted average shares outstanding			65,451,359				63,663,495

Ratio/Supplemental Data
Net assets at end of period (in millions)	$		993.4		$		1,004.8
Annualized ratio of operating expenses to average net assets (4)(5)			5.64	%			6.04	%
Annualized ratio of interest and other debt expenses to average net assets (5)			10.03	%			5.34	%
Annualized ratio of total expenses to average net assets (4)(5)			15.68	%			11.38	%
Annualized ratio of net investment income to average net assets (5)			12.07	%			9.32	%
Average debt outstanding (in millions)	$		1,451.5		$		1,601.9
Average debt per share	$		22.18		$		25.16
Annualized portfolio turnover rate (5)			25.61	%			42.41	%
Asset coverage per unit (6)	$		1,652		$		1,635

____________________

* Totals may not foot due to rounding.

(1)

Financial highlights are based on the weighted average number of shares outstanding for the period presented.

(2)

The tax character of distributions are determined based on taxable income calculated in accordance with income tax regulations which may differ from amounts determined under GAAP. Although the tax character of distributions paid to stockholders through March 31, 2023 may include return of capital, the exact amount cannot be determined at this point. Per share amounts are based on actual rate per share.

(3)

Total return is based on the change in market price per share during the respective periods. Total return also takes into account distributions, if any, reinvested in accordance with the Company’s dividend reinvestment plan. Total return does not reflect sales load.

(4)

The ratio of operating expenses to average net assets and the ratio of total expenses to average net assets are shown inclusive of all voluntary management and incentive fee waivers (See Note 3 to the financial statements). For the three months ended March 31, 2023, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be 5.79% and 15.93%, respectively, without the voluntary fee waivers. For the three months ended March 31, 2022, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be 6.10% and 11.44%, respectively, without the voluntary fee waivers.

(5)

Annualized for the three months ended March 31, 2023 and 2022.

(6)

The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. This asset coverage ratio is multiplied by one thousand to determine the asset coverage per unit.