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Financial Highlights (Tables)
 12 Months Ended
Dec. 31, 2022
Investment Company [Abstract]  
Schedule of Financial Highlights

The following per share data and ratios have been derived from information provided in the consolidated financial statements. The following is a schedule of financial highlights for a common share outstanding for the each of the five years in the period ended December 31, 2022:

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

2018

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

4.73

 

 

$

4.23

 

 

$

6.33

 

 

$

7.07

 

 

$

7.83

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income, before incentive fees

 

 

0.43

 

 

 

0.29

 

 

 

0.49

 

 

 

0.64

 

 

 

0.66

 

Incentive fees(1)

 

 

(0.03

)

 

 

(0.02

)

 

 

—

 

 

 

(0.03

)

 

 

—

 

Net investment income(1)

 

 

0.40

 

 

 

0.27

 

 

 

0.49

 

 

 

0.61

 

 

 

0.66

 

Net realized and unrealized gain (loss)

 

 

(0.35

)

 

 

0.63

 

 

 

(1.98

)

 

 

(0.71

)

 

 

(0.79

)

Total from investment operations

 

 

0.05

 

 

 

0.90

 

 

 

(1.49

)

 

 

(0.10

)

 

 

(0.13

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative effect of adjustment for the adoption of ASU 2020-06(2)

 

 

(0.01

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Issuance/reinvestment of stock at prices (below) net asset value

 

 

—

 

 

 

—

 

 

 

(0.20

)

 

 

—

 

 

 

—

 

Repurchase of common stock

 

 

0.02

 

 

 

—

 

 

 

0.03

 

 

 

—

 

 

 

0.09

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends to stockholders, excluding tax return of capital(3)

 

 

(0.38

)

 

 

(0.30

)

 

 

(0.32

)

 

 

(0.63

)

 

 

(0.70

)

Tax return of capital

 

 

(0.02

)

 

 

(0.10

)

 

 

(0.12

)

 

 

(0.01

)

 

 

(0.02

)

Total distributions

 

 

(0.40

)

 

 

(0.40

)

 

 

(0.44

)

 

 

(0.64

)

 

 

(0.72

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period

 

$

4.39

 

 

$

4.73

 

 

$

4.23

 

 

$

6.33

 

 

$

7.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market price at end of period

 

$

3.62

 

 

$

4.00

 

 

$

2.69

 

 

$

4.97

 

 

$

5.29

 

Total return based on market price(4)

 

 

0.22

%

 

 

64.33

%

 

 

(35.70

)%

 

 

5.32

%

 

 

(4.44

)%

Total return based on net asset value(5)

 

 

2.78

%

 

 

23.57

%

 

 

(20.61

)%

 

 

0.36

%

 

 

1.61

%

Shares outstanding at end of period

 

 

72,571,907

 

 

 

73,876,987

 

 

 

74,466,665

 

 

 

68,836,255

 

 

 

68,921,798

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to average net assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses, before incentive fees

 

 

4.01

%

 

 

3.89

%

 

 

4.84

%

 

 

4.00

%

 

 

3.90

%

Interest and other debt related expenses

 

 

3.89

%

 

 

3.47

%

 

 

4.35

%

 

 

3.31

%

 

 

2.80

%

Total expenses, before incentive fees

 

 

7.90

%

 

 

7.36

%

 

 

9.19

%

 

 

7.31

%

 

 

6.70

%

Incentive fees(1)

 

 

0.56

%

 

 

0.51

%

 

 

—

 

 

 

0.39

%

 

 

—

 

Total expenses, after incentive fees

 

 

8.46

%

 

 

7.87

%

 

 

9.19

%

 

 

7.70

%

 

 

6.70

%

Net investment income

 

 

8.70

%

 

 

5.93

%

 

 

9.56

%

 

 

8.91

%

 

 

8.72

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets at end of period

 

$

318,522,353

 

 

$

349,651,973

 

 

$

315,010,277

 

 

$

435,608,981

 

 

$

487,020,154

 

Portfolio turnover rate

 

 

35

%

 

 

49

%

 

 

21

%

 

 

25

%

 

 

40

%

Weighted average interest rate on debt(6)

 

 

5.36

%

 

 

5.82

%

 

 

4.80

%

 

 

5.80

%

 

 

5.79

%

Weighted average debt outstanding

 

$

232,532,610

 

 

$

181,797,885

 

 

$

310,955,762

 

 

$

249,099,570

 

 

$

241,446,017

 

Weighted average shares outstanding

 

 

73,314,124

 

 

 

74,153,145

 

 

 

69,801,849

 

 

 

68,836,590

 

 

 

71,373,570

 

Weighted average debt per share(7)

 

$

3.17

 

 

$

2.45

 

 

$

4.45

 

 

$

3.62

 

 

$

3.38

 

 

(1)
For the year ended December 31, 2022, net investment income per share amount displayed above is net of incentive fees based on income of $0.05 per share or 1.01% of average net assets, and is also net of a reversal of hypothetical liquidation basis GAAP incentive fees on capital gains of $(0.02) per share or (0.46)% of average net assets. For the year ended December 31, 2021, net investment income per share amount displayed above is net of an accrual of hypothetical liquidation basis GAAP incentive fees on capital gains of $0.02 per share, or 0.46% of average net assets, and is also net of incentive fees based on income (net of waiver). For the year ended December 31, 2019, net investment income per share amount displayed above is net of incentive fees based on income (net of waiver) of $0.03 per share.
(2)
The Company adopted ASU 2020-06 under the modified retrospective basis as of January 1, 2022 (see Notes 2 and 4).
(3)
Dividends for annual periods are determined in accordance with federal income tax regulations and there may be differences between book and tax amounts (see Note 2).
(4)
Total return based on market value is calculated by determining the percentage change in market value per share during the period and assuming that the dividends are reinvested in accordance with the Company’s dividend reinvestment plan.
(5)
Total return based on net asset value is calculated by determining the percentage change in net asset value per share during the period and assuming that the dividends are reinvested in accordance with the Company’s dividend reinvestment plan.
(6)
Weighted average interest rate on debt includes contractual interest, amortization of debt issuance costs (see Note 4), and original issue discount for periods prior to January 1, 2022 (refer to the adoption of ASU 2020-06 in Note 2).
(7)
Weighted average debt per share is calculated as weighted average debt outstanding divided by the weighted average shares outstanding during the applicable period.