0001293613

N-CSR

General Description of Registrant [Abstract]

4. Risk Considerations

The Company’s investments are concentrated in the energy sector. A downturn in one or more industries within the energy sector, material declines in energy-related commodity prices, adverse political, legislative or regulatory developments or environmental, catastrophic or other events could have a larger impact on the Company than on an investment company that does not concentrate in the energy sector. The performance of companies in the energy sector may lag the performance of other sectors or the broader market as a whole. The Company also invests in securities of foreign issuers, predominantly those located in Canada and, to a lesser extent, Europe. The value of those investments will fluctuate with market conditions, currency exchange rates and the economic and political climates of the foreign countries in which the issuers operate or are domiciled. Additionally, to the extent that the Company invests a relatively high percentage of its assets in the securities of a limited number of issuers, the Company may be more susceptible than a more widely diversified investment company to any single economic, political or regulatory occurrence.

At November 30, 2023, the Company had the following investment concentrations:

Category		Percent of Long-Term Investments
Energy Companies		100.0%
Equity securities		100.0%
Energy Infrastructure Companies		97.0%
Largest single issuer		10.9%
Restricted securities		8.0%

For more information about the principal risks of investing in the Company, see Investment Objective, Policies and Risks.

Long Term Debt [Table Text Block]

The table below sets forth a summary of the issuances, redemptions and key terms of each series of Notes outstanding during the year ended November 30, 2023.

Series	Principal Outstanding November 30, 2022		Principal Issued		Principal Redeemed			Principal Outstanding November 30, 2023		Unamortized Issuance Costs		Estimated Fair Value November 30, 2023		Fixed/Floating Interest Rate	Maturity
FF	$	16,571	$	—	$	(16,571	)	$	—	$	—	$	—	3.57%	4/16/23
GG		21,419		—		—			21,419		30		21,000	3.67%	4/16/25
KK		32,247		—		—			32,247		27		32,200	3.93%	7/30/24
NN		15,774		—		(15,774	)		—		—		—	3.37%	10/29/23
OO		14,778		—		—			14,778		16		14,600	3.46%	10/29/24
PP		50,000		—		—			50,000		222		50,900	3-month SOFR + 151 bps	6/19/26
QQ		20,000		—		—			20,000		66		18,900	1.81%	6/19/25
RR		45,000		—		—			45,000		325		42,400	4.57%	5/18/32
SS		45,000		—		—			45,000		351		41,500	4.67%	8/2/34
TT		—		18,235		—			18,235		33		17,800	3.82%	8/8/25
UU		—		40,000		—			40,000		355		38,600	5.18%	3/29/33
	$	260,789	$	58,235	$	(32,345	)	$	286,679	$	1,425	$	277,900

Long Term Debt, Structuring [Text Block]

11. Notes

At November 30, 2023, the Company had $286,679 aggregate principal amount of Notes outstanding. During the fiscal year ended November 30, 2023, the Company redeemed $32,345 of Notes at par upon their maturity. In its merger with KMF, the Company assumed and reissued all of KMF’s unsecured notes outstanding immediately prior to the closing of the merger ($58,235 aggregate principal amount). See Note 1 — Organization.

The table below sets forth a summary of the issuances, redemptions and key terms of each series of Notes outstanding during the year ended November 30, 2023.

Series	Principal Outstanding November 30, 2022		Principal Issued		Principal Redeemed			Principal Outstanding November 30, 2023		Unamortized Issuance Costs		Estimated Fair Value November 30, 2023		Fixed/Floating Interest Rate	Maturity
FF	$	16,571	$	—	$	(16,571	)	$	—	$	—	$	—	3.57%	4/16/23
GG		21,419		—		—			21,419		30		21,000	3.67%	4/16/25
KK		32,247		—		—			32,247		27		32,200	3.93%	7/30/24
NN		15,774		—		(15,774	)		—		—		—	3.37%	10/29/23
OO		14,778		—		—			14,778		16		14,600	3.46%	10/29/24
PP		50,000		—		—			50,000		222		50,900	3-month SOFR + 151 bps	6/19/26
QQ		20,000		—		—			20,000		66		18,900	1.81%	6/19/25
RR		45,000		—		—			45,000		325		42,400	4.57%	5/18/32
SS		45,000		—		—			45,000		351		41,500	4.67%	8/2/34
TT		—		18,235		—			18,235		33		17,800	3.82%	8/8/25
UU		—		40,000		—			40,000		355		38,600	5.18%	3/29/33
	$	260,789	$	58,235	$	(32,345	)	$	286,679	$	1,425	$	277,900

Holders of the fixed rate Series GG, KK, and OO through SS Notes are entitled to receive cash interest payments semi-annually (on June 19 and December 19) at the fixed rate. Holders of the floating rate Notes are entitled to receive cash interest payments quarterly (on March 19, June 19, September 19 and December 19) at the floating rate. Holders of the fixed rate Series TT and UU Notes are entitled to receive cash interest payments semi-annually (on February 13 and August 13) at the fixed rate. As of November 30, 2023, the weighted average interest rate on the outstanding Notes was 4.64%.

As of November 30, 2023, each series of Notes was rated “AAA” by Kroll Bond Rating Agency (“KBRA”). In the event the credit rating on any series of Notes falls below “A-”, the interest rate on such series will increase by 1% during the period of time such series is rated below “A-”. The Company is required to maintain a current rating from one rating agency with respect to each series of Notes and is prohibited from having any rating of less than investment grade (“BBB-”) with respect to each series of Notes.

The Notes were issued in private placement offerings to institutional investors and are not listed on any exchange or automated quotation system. The Notes contain various covenants related to other indebtedness, liens and limits on the Company’s overall leverage. Under the 1940 Act and the terms of the Notes, the Company may not declare dividends or make other distributions on shares of its common stock or make purchases of such shares if, at any time of the declaration, distribution or purchase, asset coverage with respect to senior securities representing indebtedness (including the Notes) would be less than 300%.

The Notes are redeemable in certain circumstances at the option of the Company. The Notes are also subject to a mandatory redemption to the extent needed to satisfy certain requirements if the Company fails to meet an asset coverage ratio required by law and is not able to cure the coverage deficiency by the applicable deadline.

The Notes are unsecured obligations of the Company and, upon liquidation, dissolution or winding up of the Company, will rank: (1) senior to all of the Company’s outstanding preferred shares; (2) senior to all of the Company’s outstanding common shares; (3) on parity with any unsecured creditors of the Company and any unsecured senior securities representing indebtedness of the Company; and (4) junior to any secured creditors of the Company.

At November 30, 2023, the Company was in compliance with all covenants under the Notes agreements.

Outstanding Security, Title [Text Block]

Common stock

Outstanding Security, Held [Shares]

169,126,038

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Security Dividends [Text Block]

Under the terms of the MRP Shares, the Company may not declare dividends or pay other distributions on shares of its common stock or make purchases of such shares if, at any time of the declaration, distribution or purchase, asset coverage with respect to total leverage would be less than 225%.

Security Preemptive and Other Rights [Text Block]

The MRP Shares rank senior to all of the Company’s outstanding common shares and on parity with any other preferred stock. The MRP Shares are redeemable in certain circumstances at the option of the Company and are also subject to a mandatory redemption if the Company fails to meet a total leverage (debt and preferred stock) asset coverage ratio of 225%.

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Security Title [Text Block]

common stock