XML 43 R29.htm IDEA: XBRL DOCUMENT

FINANCIAL HIGHLIGHTS (Tables)

12 Months Ended

Dec. 31, 2023


	For the years ended
	December 31,			December 31,			December 31,			December 31,			December 31,
	2023			2022			2021			2020			2019

Per Share Data:⁽¹⁾
Net asset value at beginning of period	$	14.02		$	14.61		$	14.03		$	14.14		$	14.09
Net investment income		1.92			1.46			1.01			1.13			1.23
Change in unrealized appreciation (depreciation) on investments		0.13			(0.90)			(0.36)			0.44			(0.85)
Net realized (loss) gain		(1.38)			0.19			1.22			(0.52)			1.07
Loss on debt extinguishment		—			—			(0.03)			—			—
Benefit (provision) for taxes on net realized losses (gains) on investments		0.14			—			(0.15)			—			—
(Provision) benefit for taxes on net unrealized (appreciation) depreciation on investments		(0.01)			(0.01)			0.03			(0.01)			—
Total from operations		0.80			0.74			1.72			1.04			1.45
Sales load		(0.04)			—			—			—			(0.06)
Offering costs		(0.01)			(0.03)			—			—			(0.03)
Stockholder distributions from:
Net investment income		(1.59)			(1.11)			(1.09)			(1.15)			(0.54)
Net realized capital gains		(0.02)			(0.19)			(0.05)			—			(0.82)
Accretive effect of stock offerings (issuing shares above net asset value per share)		0.09			—			—			—			0.05
Other⁽³⁾		0.01			—			—			—			—
Net asset value at end of period	$	13.26		$	14.02		$	14.61		$	14.03		$	14.14
Per share market value at end of period	$	12.85		$	13.26		$	13.02		$	10.88		$	14.23
Total return based on market value⁽²⁾		8.72	%		12.32	%		30.78	%		(13.73)	%		21.97	%
Weighted average shares outstanding for the period		22,004,648			19,552,931			19,489,750			19,471,500			18,275,696
Ratio/Supplemental Data:⁽¹⁾
Net assets at end of period	$	319,939,788		$	275,776,613		$	285,111,233		$	273,360,649		$	270,571,173
Weighted average net assets	$	301,285,626		$	281,745,332		$	274,188,692		$	253,034,571		$	259,020,507
Annualized ratio of gross operating expenses to net assets⁽⁵⁾		21.27	%		16.59	%		16.90	%		13.75	%		14.11	%
Annualized ratio of net operating expenses to net assets⁽⁵⁾⁽⁶⁾		21.16	%		16.59	%		16.90	%		13.75	%		14.11	%
Annualized ratio of interest expense and other fees to net assets		10.62	%		8.68	%		6.83	%		6.29	%		5.78	%
Annualized ratio of net investment income before fee waiver to net assets⁽⁵⁾		13.91	%		8.68	%		6.83	%		6.29	%		5.78	%
Annualized ratio of net investment income to net assets⁽⁵⁾		14.01	%		10.15	%		7.21	%		8.58	%		8.64	%
Portfolio turnover⁽³⁾		15	%		15	%		39	%		21	%		23	%
Notes payable	$	100,000,000		$	100,000,000		$	100,000,000		$	48,875,000		$	48,875,000
Credit Facility payable	$	160,085,705		$	199,200,425		$	177,340,000		$	174,000,000		$	161,550,000
SBA-guaranteed debentures	$	325,000,000		$	313,600,000		$	250,000,000		$	176,500,000		$	161,000,000
Asset coverage ratio⁽⁴⁾		2.23	x		1.92	x		2.03	x		2.23	x		2.29	x


	For the years ended
	December 31,			December 31,			December 31,			December 31,			December 31,
	2018			2017			2016			2015			2014

Per Share Data:⁽¹⁾
Net asset value at beginning of year/period	$	13.81		$	13.69		$	13.19		$	13.94		$	14.54
Net investment income		1.42			1.21			1.39			1.33			1.34
Change in unrealized appreciation on investments		(0.11)			—			1.49			(0.74)			(0.53)
Net realized gain		0.35			0.31			(1.05)			0.03			0.04
Benefit for taxes on net unrealized depreciation on investments		(0.02)			—			0.03			(0.01)			(0.02)
Total from investment operations		1.64			1.52			1.86			0.61			0.83
Issuance of common shares
Sales Load		—			(0.09)			—			—			(0.01)
Offering Costs		—			(0.02)			—			—			—
Stockholder distributions from:
Net investment income		(1.03)			(1.20)			(1.36)			(1.33)			(1.31)
Net realized capital gains		(0.33)			(0.16)			—			(0.03)			(0.12)
Other⁽³⁾		—			0.07			—			—			0.01
Net asset value at the end of year/period	$	14.09		$	13.81		$	13.69		$	13.19		$	13.94
Per share market value at end of year/period	$	12.95		$	13.14		$	12.06		$	9.64		$	11.78
Total return based on market value⁽²⁾		8.68	%		20.29	%		42.83	%		(7.76)	%		(13.09)	%
Weighted average shares outstanding at the end of period		15,953,571			14,870,981			12,479,959			12,479,961			12,281,178
Ratio/Supplemental Data:⁽¹⁾
Net assets at end of period	$	224,845,007		$	220,247,242		$	170,881,785		$	164,651,104		$	173,949,452
Weighted average net assets	$	223,750,302		$	195,211,550		$	165,189,142		$	173,453,813		$	176,458,141
Annualized ratio of gross operating expenses to net assets⁽⁷⁾⁽⁸⁾		13.72	%		11.10	%		13.20	%		11.16	%		9.92	%
Annualized ratio of net operating expenses to net assets⁽⁷⁾⁽⁸⁾		13.72	%		11.10	%		13.20	%		10.78	%		9.12	%
Annualized ratio of interest expense and other fees to net assets		5.51	%		4.02	%		4.84	%		3.56	%		3.01	%
Annualized ratio of net investment income before fee waiver to net assets⁽⁷⁾		10.09	%		9.21	%		10.71	%		9.11	%		8.40	%
Annualized ratio of net investment income to net assets⁽⁷⁾		10.09	%		9.21	%		10.71	%		9.49	%		9.19	%
Portfolio Turnover⁽⁵⁾		32	%		48	%		16	%		29	%		19	%
Notes Payable	$	48,875,000		$	48,875,000		$	25,000,000		$	25,000,000		$	25,000,000
Credit Facility Payable	$	99,550,000		$	40,750,000		$	116,000,000		$	109,500,000		$	106,500,000
SBA Debentures	$	150,000,000		$	90,000,000		$	65,000,000		$	65,000,000		$	16,250,000
Asset Coverage Ratio⁽⁶⁾		2.51	x		3.46	x		2.21	x		2.22	x		2.32	x

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

(2)	Excludes debt extinguishment costs of $539,250 and $416,725 for the years ended December 31, 2021 and 2017, respectively. Including these costs, this ratio would be 7.02% and 4.24% for the years ended December 31, 2021 and 2017, respectively.

(3)	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.

(4)	Total return on market value is based on the change in market price per share since the end of the prior quarter and includes dividends paid, which are assumed to be reinvested. The total returns are not annualized.

(5)	Calculated as the lesser of purchases or paydowns divided by average fair value of investments for the period and is not annualized.

(6)	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.

(7)

These ratios include the impact of the benefit (provision) for income taxes related to net unrealized depreciation (appreciation) on certain investments of ($126,957), ($213,214), $510,868, ($224,877), ($66,760), $373,131, ($93,601) and ($288,122) for the years ended December 31, 2023, 2022, 2021, 2020, 2019, 2016, 2015, and 2014, respectively, as well as $2,987,847 and ($2,957,220) of benefit (provision) for taxes on realized gains on investments for the year ended December 31, 2023 and 2021, respectively, which are not reflected in net investment income, gross operating expenses or net operating expenses. The provision for income taxes related to net realized gain (loss) or unrealized depreciation (appreciation) on investments at Taxable Subsidiaries to net assets for the years ended December 31, 2023, 2022, 2021, 2020, 2019, 2016, 2015, and 2014 is (0.04%), (0.08%), (0.89)%, (0.09)%, (0.03)%, (0.16)%, 0.05%, and 0.17%, respectively. These ratios excludes debt extinguishment costs of ($539,250) and ($416,275) for the years ended December 31, 2021 and 2017, respectively.

(8)	Deferred offering costs of $261,761 for the year ended December 31, 2016 are not annualized.