FINANCIAL HIGHLIGHTS (Tables)

9 Months Ended

Sep. 30, 2022

FINANCIAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS

	For the			For the
	nine months ended			nine months ended
	September 30,			September 30,
	2022			2021
	(unaudited)			(unaudited)
Per Share Data:(1)
Net asset value at beginning of period	$	14.61		$	14.03
Net investment income		0.97			0.75
Change in unrealized (depreciation) appreciation on investments		(0.66)			0.20
Net realized gain		0.24			0.34
Loss on debt extinguishment		—			(0.03)
Provision for taxes on unrealized appreciation on investments		(0.01)			(0.03)
Provision for taxes on realized gain on investments		—			(0.03)
Total from operations	$	0.54		$	1.20
Sales load		(0.00)			—
Offering costs		(0.01)			—
Stockholder distributions from:
Net investment income		(0.96)			(1.08)
Net asset value at end of period	$	14.18		$	14.15
Per share market value at end of period	$	11.93		$	13.06
Total return based on market value(2)		(2.3)	%		25.9	%
Weighted average shares outstanding for the period		19,535,708			19,486,003

	For the			For the
	nine months ended			nine months ended
	September 30,			September 30,
	2022			2021
	(unaudited)			(unaudited)
Ratio/Supplemental Data:(1)
Net assets at end of period	$	277,177,984		$	275,644,969
Weighted average net assets	$	283,289,645		$	273,663,257
Annualized ratio of gross operating expenses to net assets(5)		15.57	%		15.59	%
Annualized ratio of interest expense and other fees to net assets		7.96	%		6.78	%
Annualized ratio of net investment income to net assets(5)		8.91	%		6.95	%
Portfolio turnover(3)		8.92	%		17.17	%
Notes payable	$	100,000,000		$	100,000,000
Credit Facility payable	$	199,033,419		$	189,800,000
SBA-guaranteed debentures	$	306,000,000		$	250,000
Asset coverage ratio(4)		1.93	x		1.95	x

(1) Based on weighted average shares of common stock outstanding for the period.

(2) Total return on market value is based on the change in market price per share since the end of the prior year and assumes enrollment in the Company’s DRIP. The total returns are not annualized.

(3) Portfolio turnover is calculated as the lesser of purchases or sales and repayments of investments divided by average portfolio balance and is not annualized.

(4) Asset coverage ratio is equal to total assets less all liabilities and indebtedness not represented by senior securities over the aggregate amount of the senior securities. SBA-guaranteed debentures are excluded from the numerator and denominator.

(5) These ratios include the impact of income tax provision on net unrealized depreciation in Taxable Subsidiaries of ($151,278) and ($586,640), respectively, which are not reflected in total operating expenses or net investment income. The impact of the tax provision on net unrealized appreciation to weighted average net assets for the nine months ended September 30, 2022 and 2021 is 0.07% and 0.29%, respectively.