FINANCIAL HIGHLIGHTS (Tables)

6 Months Ended

Jun. 30, 2023

FINANCIAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS

	For the six months ended
	June 30, 2023			June 30, 2022
	(unaudited)			(unaudited)
Per Share Data:(1)
Net asset value at beginning of period	$	14.02		$	14.61
Net investment income		0.95			0.60
Change in unrealized depreciation on investments		(0.51)			(0.41)
Net realized (loss) gain		(0.02)			0.16
Provision for taxes on net unrealized appreciation on investments		(0.01)			(0.01)
Total from operations	$	0.41		$	0.34
Sales load		(0.03)			—
Offering costs		(0.01)			(0.01)
Stockholder distributions from:
Net investment income		(0.81)			(0.62)
Accretive effect of stock offerings (issuing shares above net asset value per share)		0.07			—
Other(6)		0.02			—
Net asset value at end of period	$	13.67		$	14.32
Per share market value at end of period	$	14.07		$	11.13
Total return based on market value(2)		11.1	%		(11.2)	%
Weighted average shares outstanding for the period		20,509,995			19,530,509
Ratio/Supplemental Data:(1)
Net assets at end of period	$	308,325,028		$	279,866,118
Weighted average net assets	$	286,407,662		$	285,044,632
Annualized ratio of gross operating expenses to net assets(5)		22.00	%		14.15	%
Annualized ratio of interest expense and other fees to net assets		11.26	%		7.37	%
Annualized ratio of net investment income to net assets(5)		13.72	%		8.27	%
Portfolio turnover(3)		10.29	%		7.09	%
Notes payable	$	100,000,000		$	100,000,000
Credit Facility payable	$	171,455,223		$	203,592,986
SBA-guaranteed debentures	$	313,600,000		$	293,600,000
Asset coverage ratio(4)		2.14	x		1.92	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 appreciation in Taxable Subsidiaries of $144,113 and $21,157, 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 six months ended June 30, 2023 and 2022 is 0.10% and 0.03%, respectively.

(6) Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of the period end.