Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2020

The following is a schedule of financial highlights of the Company for the six months ended June 30, 2020 and 2019:

	Six months ended
	June 30,			June 30,
	2020			2019
Per unit data (1):
Net asset value at beginning of period	$	8.01		$	8.20
Net investment income	$	0.26		$	0.25
Net change in unrealized depreciation on investments	$	(0.21	)	$	(0.04	)
Net (decrease) increase in net assets resulting from operations	$	0.05		$	0.21
Distributions	$	(0.31	)	$	(0.30	)
Net change in accrued distribution and other fees	$	0.01		$	0.01
Net decrease in net assets	$	(0.25	)	$	(0.08	)
Net asset value at end of period (2)	$	7.76		$	8.12
Total return based on net asset value (3)		0.62	%		2.57	%
Net assets at end of period	$	360,501,166		$	353,770,077
Units Outstanding at end of period		46,464,609			43,602,953
Ratio/Supplemental data (annualized) (3):
Ratio of net investment income to average net assets		6.09	%		6.31	%
Ratio of net operating expenses to average net assets		4.90	%		6.33	%

1	The per unit data was derived by using the weighted average units outstanding during the six months ended June 30, 2020 and 2019, which were 46,463,428 and 43,920,005, respectively.

For financial statement reporting purposes under GAAP, as of June 30, 2020 and 2019, the Company recorded a liability in the amount of $489,000 and $911,000, respectively, for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees payable. This liability is reflected in this table, which is consistent with the financial statements. While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value.

3	The Company’s net investment income has been annualized assuming consistent results over a full fiscal year, however, this may not be indicative of actual results over a full fiscal year.