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FINANCIAL HIGHLIGHTS (Tables)

6 Months Ended

Jun. 30, 2024


	For the six months ended

	June 30, 2024			June 30, 2023
	(unaudited)			(unaudited)
Per Share Data:⁽¹⁾
Net asset value at beginning of period	$	13.26		$	14.02
Net investment income		0.90			0.95
Change in unrealized appreciation (depreciation) on investments		0.73			(0.51)
Net realized loss		(0.75)			(0.02)
Benefit (provision) for taxes on net unrealized depreciation (appreciation) on investments		0.01			(0.01)
Total from operations	$	0.89		$	0.41
Sales load		(0.02)			(0.03)
Offering costs		(0.01)			(0.01)
Stockholder distributions from:
Net investment income		(0.81)			(0.81)
Accretive effect of stock offerings (issuing shares above net asset value per share)		0.02			0.07
Other⁽⁶⁾		0.03			0.02
Net asset value at end of period	$	13.36		$	13.67
Per share market value at end of period	$	13.73		$	14.07
Total return based on market value⁽²⁾		12.1	%		11.1	%
Weighted average shares outstanding for the period		24,429,804			20,509,995
Ratio/Supplemental Data:⁽¹⁾
Net assets at end of period	$	347,185,493		$	308,325,028
Weighted average net assets	$	325,868,428		$	286,407,662
Annualized ratio of gross operating expenses to net assets⁽⁵⁾		19.90	%		22.00	%
Annualized ratio of net operating expenses to net assets⁽⁵⁾⁽⁶⁾		18.77	%		22.00	%
Annualized ratio of interest expense and other fees to net assets		9.78	%		11.26	%
Annualized ratio of net investment income before fee waiver to net assets⁽⁵⁾		12.43	%		13.72	%
Annualized ratio of net investment income to net assets⁽⁵⁾		13.56	%		13.72	%
Portfolio turnover⁽³⁾		16.31	%		10.29	%
Notes payable	$	100,000,000		$	100,000,000
Credit Facility payable	$	169,438,912		$	171,455,223
SBA-guaranteed debentures	$	325,000,000		$	313,600,000
Asset coverage ratio⁽⁴⁾		2.29	x		2.14	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 benefit (provision) on net unrealized depreciation (appreciation) in Taxable Subsidiaries of $188,893 and ($144,113) for the six months ended June 30, 2024 and 2023, respectively, which are not reflected in total operating expenses or net investment income. The impact of the tax benefit (provision) on net unrealized depreciation (appreciation) to weighted average net assets for the six months ended June 30, 2024 and 2023 is 0.12% and (0.10%), 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.