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Financial Highlights (Tables)
 12 Months Ended
Dec. 31, 2023
Investment Company, Financial Highlights [Abstract]  
Summary Of Financial Highlights

The following per share data and ratios have been derived from information provided in the consolidated financial statements. The following are the financial highlights for one share of common stock outstanding during the years ended December 31, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, and 2014:

 

 

For the Years Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

2018

 

 

2017

 

 

2016

 

 

2015

 

 

2014

 

Per Share Data (7)(8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

16.48

 

 

$

16.84

 

 

$

17.16

 

 

$

16.83

 

 

$

16.25

 

 

$

16.09

 

 

$

15.95

 

 

$

15.15

 

 

$

15.53

 

 

$

15.52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income (1)

 

 

2.31

 

 

 

2.13

 

 

 

1.97

 

 

 

2.19

 

 

 

1.94

 

 

 

2.25

 

 

 

2.00

 

 

 

1.83

 

 

 

1.76

 

 

 

2.07

 

Net realized and unrealized gains
 (losses) (1)

 

 

0.30

 

 

 

(0.75

)

 

 

0.96

 

 

 

0.46

 

 

 

0.40

 

 

 

(0.39

)

 

 

(0.14

)

 

 

0.51

 

 

 

(0.58

)

 

 

(0.33

)

Total from operations

 

 

2.61

 

 

 

1.38

 

 

 

2.93

 

 

 

2.65

 

 

 

2.34

 

 

 

1.86

 

 

 

1.86

 

 

 

2.34

 

 

 

1.18

 

 

 

1.74

 

Issuance of common stock, net of offering costs (2)

 

 

0.05

 

 

 

0.04

 

 

 

0.31

 

 

 

0.01

 

 

 

0.04

 

 

 

0.08

 

 

 

0.03

 

 

 

0.03

 

 

 

—

 

 

 

(0.20

)

Settlement of 2022 Convertible Notes (2)

 

 

—

 

 

 

0.08

 

 

 

0.03

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Repurchase of common stock (2)

 

 

—

 

 

 

(0.02

)

 

 

—

 

 

 

0.01

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Repurchase of debt (2)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.01

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Dividends declared from net investment income (2)

 

 

(2.10

)

 

 

(1.59

)

 

 

(2.80

)

 

 

(2.07

)

 

 

(1.81

)

 

 

(1.77

)

 

 

(1.53

)

 

 

(1.39

)

 

 

(1.15

)

 

 

(1.51

)

Dividends declared from realized
 gains (2)

 

 

—

 

 

 

(0.25

)

 

 

(0.79

)

 

 

(0.23

)

 

 

—

 

 

 

(0.01

)

 

 

(0.22

)

 

 

(0.17

)

 

 

(0.41

)

 

 

(0.02

)

Total increase/(decrease) in net assets

 

 

0.56

 

 

 

(0.36

)

 

 

(0.32

)

 

 

0.33

 

 

 

0.58

 

 

 

0.16

 

 

 

0.14

 

 

 

0.81

 

 

 

(0.38

)

 

 

0.01

 

Net Asset Value, End of Period

 

$

17.04

 

 

$

16.48

 

 

$

16.84

 

 

$

17.16

 

 

$

16.83

 

 

$

16.25

 

 

$

16.09

 

 

$

15.95

 

 

$

15.15

 

 

$

15.53

 

Per share market value at end of period

 

$

21.60

 

 

$

17.80

 

 

$

23.39

 

 

$

20.75

 

 

$

21.47

 

 

$

18.09

 

 

$

19.80

 

 

$

18.68

 

 

$

16.22

 

 

$

16.82

 

Total return based on market value with reinvestment of dividends (3)

 

 

35.68

%

 

(15.78)%

 

 

 

32.80

%

 

 

11.24

%

 

 

30.57

%

 

 

4.24

%

 

 

15.75

%

 

 

26.74

%

 

 

5.75

%

 

 

12.28

%

Total return based on market value (4)

 

 

33.14

%

 

(16.03)%

 

 

 

30.02

%

 

 

7.36

%

 

 

28.69

%

 

 

0.35

%

 

 

15.36

%

 

 

24.78

%

 

 

5.71

%

 

 

14.69

%

Total return based on net asset value (5)

 

 

16.09

%

 

 

8.79

%

 

 

19.06

%

 

 

15.63

%

 

 

14.71

%

 

 

12.06

%

 

 

11.87

%

 

 

15.54

%

 

 

7.62

%

 

 

9.92

%

Shares Outstanding, End of Period

 

 

87,829,499

 

 

 

81,389,287

 

 

 

75,771,542

 

 

 

67,684,209

 

 

 

66,524,591

 

 

 

65,412,817

 

 

 

60,247,201

 

 

 

59,716,205

 

 

 

54,163,960

 

 

 

53,797,358

 

Ratios / Supplemental Data (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of net expenses to average net assets

 

 

16.92

%

 

 

11.05

%

 

 

11.17

%

 

 

11.10

%

 

 

11.27

%

 

 

11.32

%

 

 

9.41

%

 

 

9.39

%

 

 

9.31

%

 

 

7.56

%

Ratio of net investment income to average net assets

 

 

13.75

%

 

 

12.85

%

 

 

11.67

%

 

 

13.26

%

 

 

11.73

%

 

 

13.80

%

 

 

12.49

%

 

 

11.84

%

 

 

11.35

%

 

 

13.42

%

Portfolio turnover

 

 

16.92

%

 

 

26.67

%

 

 

44.23

%

 

 

41.88

%

 

 

30.89

%

 

 

44.57

%

 

 

58.08

%

 

 

37.40

%

 

 

34.51

%

 

 

53.16

%

Net assets, end of period

 

$

1,496,375

 

 

$

1,341,569

 

 

$

1,275,848

 

 

$

1,161,315

 

 

$

1,119,297

 

 

$

1,063,202

 

 

$

969,284

 

 

$

952,212

 

 

$

820,741

 

 

$

835,405

 

 

(1)
The per share data was derived by using the weighted average shares outstanding during the period.
(2)
The per share data was derived by using the actual shares outstanding at the date of the relevant transactions.
(3)
Total return based on market value with dividends reinvested is calculated as the change in market value per share during the period plus declared dividends per share, assuming reinvestment of dividends, divided by the beginning market value per share.
(4)
Total return based on market value is calculated as the change in market value per share during the period plus declared dividends per share, divided by the beginning market value per share.
(5)
Total return based on net asset value is calculated as the change in net asset value per share during the period plus declared dividends per share, divided by the beginning net asset value per share.
(6)
The ratios reflect an annualized amount.
(7)
The ratio of net expenses to average net assets in the table above reflects the Adviser’s waivers of its right to receive a portion of the Management Fee pursuant to the Leverage Waiver for the year ended December 31, 2023. Excluding the effects of the waivers, the ratio of net expenses to average net assets would have been 17.00% for the year ended December 31, 2023. The ratio of net expenses to average net assets in the table above reflects the Adviser’s waivers of its right to receive a portion of the Management Fee pursuant to the Leverage Waiver for the years ended December 31, 2022 and 2021 and the Adviser’s waivers of its right to receive a portion of the Management and Incentive Fees with respect to the Company’s ownership of shares of common stock of Oxford Square Capital Corp. and Triangle Capital Corp. for the year ended December 31, 2018. Excluding the effects of the waivers, the ratio of net expenses to average net assets would have been 11.08%, 11.19% and 11.33% for the years ended December 31, 2022, 2021 and 2018, respectively. The Adviser did not waive any Management Fees or Incentive Fees for the years ended December 31, 2020 and 2019. Excluding the effects of the waivers, the ratio of net expenses to average net assets would have been 9.42%, 9.43% and 9.33% for the years ended December 31, 2017, 2016 and 2015, respectively. For the year ended December 31, 2014 the Company did not own any shares of common stock of TICC Capital Corp. or Triangle Capital Corp. For the year ended December 31, 2014, the ratio of net expenses to average net assets in the table above reflects the Adviser’s waivers of its right to receive a portion of the Management Fee prior to the Company’s IPO. Excluding the effects of the waiver, the ratio of net expenses to average net assets would have been 7.88% for the year ended December 31, 2014.
(8)
Table may not sum due to rounding.