Financial Highlights (Tables)

12 Months Ended

Dec. 31, 2025

The following is a schedule of financial highlights for each year in the five-year period ended December 31, 2025:


	Year Ended December 31,
	2025			2024			2023			2022			2021
Per share operating performance:
Net asset value per share at beginning of year	$	12.85		$	12.09		$	13.47		$	15.18		$	11.85
Net investment income(1)	0.92			1.25			1.50			1.37			1.00



Net realized loss on investments, net of taxes(1)	(0.91)			(1.28)			(0.85)			(0.13)			(1.54)



Net unrealized appreciation (depreciation) on investments, net of deferred taxes(1)	(2.44)			2.15			(0.67)			(1.79)			5.12
Loss on extinguishment of debt(1)	(0.04)			—			(0.02)			(0.01)			(0.34)

Total from operations	(2.47)			2.12			(0.04)			(0.56)			4.24
Distributions declared:
Distributions from net investment income	(0.39)			(1.36)			(1.34)			(1.16)			(0.91)

Distributions from tax return of capital	(0.80)			—			—			—			—
Issuance/repurchase of common stock(2)	—			—			—			0.01			—

Net asset value per share at end of year	$	9.19		$	12.85		$	12.09		$	13.47		$	15.18

Per share market value, end of period	$	4.76		$	8.07		$	11.70		$	10.15		$	10.90
Total return based on market value(3)	(31.3)		%	(19.7)		%	30.2		%	4.4		%	66.8		%
Total return based on net asset value(4)	(16.7)		%	23.7		%	1.4		%	(0.6)		%	40.2		%
Shares outstanding at end of period	13,398,078			13,398,078			13,398,078			13,398,078			13,422,413
Weighted-average shares outstanding	13,398,078			13,398,078			13,398,078			13,417,410			13,413,861
Ratio/Supplemental Data (in thousands except ratios)
Average net asset value(5)	$	147,661		$	157,621		$	173,265		$	194,068		$	178,628
Net asset value at end of year	$	123,188		$	172,225		$	162,004		$	180,423		$	203,744
Net investment income	$	12,384		$	16,712		$	20,160		$	18,352		$	13,450
Ratio of total expenses to average net assets	19.2		%	19.8		%	21.2		%	15.7		%	19.2		%
Ratio of total expenses and loss on extinguishment of debt to average net assets	19.5		%	19.8		%	21.4		%	15.7		%	21.8		%
Ratio of net investment income to average net assets	8.4		%	10.6		%	11.6		%	9.5		%	7.5		%

Ratio of loss on extinguishment of debt to average net assets	0.3		%	—		%	0.1		%	0.1		%	2.6		%
Portfolio turnover(6)	13.2		%	23.1		%	8.8		%	28.0		%	54.9		%

(1)Calculated on the average share method.

(2)The issuance/repurchase of common stock on a per share basis reflects the net asset value change as a result of DRIP share issuances, shares repurchased pursuant to the Stock Repurchase Program, the anti-dilutive (dilutive) impact from changes in weighted-average shares outstanding during the period, and the difference between the per share amount distributed to common stockholders of record and the per share amount distributed based on the weighted-average shares of common stock outstanding during the applicable period.

(3)Calculated as ending market value less beginning market value, adjusted for distributions reinvested at prices based on the Company’s DRIP for the respective distributions.

(4)Calculated as ending net asset value less beginning net asset value, adjusted for distributions reinvested at the Company’s DRIP for the respective distributions.

(5)Based on the average of the net asset value at the beginning of the indicated period and the end of each calendar quarter within the period indicated.

(6)Portfolio turnover rate is calculated using the lesser of year-to-date sales, Structured Finance Security distributions and principal payments or year-to-date purchases over the average of portfolio investments at fair value at the beginning of the indicated period and the end of each calendar quarter within the period indicated.