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Financial Highlights (Tables)
 12 Months Ended
Dec. 31, 2025
Statement of Financial Position [Abstract]  
Schedule of Financial Highlights of the Company

The following table presents the schedule of financial highlights of the Company:

 

 

 

For the Years Ended December 31,

 

 

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

Per Share Data:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NAV, beginning of period

 

$

13.41

 

 

$

14.62

 

 

$

14.61

 

 

$

15.86

 

 

$

15.91

 

 

Net investment income

 

 

1.57

 

 

 

2.20

 

 

 

2.28

 

 

 

2.24

 

 

 

2.33

 

 

Net realized and unrealized gains (losses)(2)

 

 

(0.54

)

 

 

(1.64

)

 

 

(0.48

)

 

 

(1.70

)

 (3)

 

(0.43

)

 

(Provision) benefit for taxes on realized and unrealized gains (losses) on investments

 

 

—

 

 (4)

 

—

 

 (4)

 

(0.01

)

 

 

—

 

 (4)

 

—

 

 (4)

Net increase (decrease) in net assets from operations

 

 

1.03

 

 

 

0.56

 

 

 

1.79

 

 

 

0.54

 

 

 

1.90

 

 

Repurchases of common stock, including commissions and direct acquisition costs

 

 

0.08

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Issuance of common stock, net of underwriting and offering costs

 

 

—

 

 

 

0.03

 

 

 

0.02

 

 

 

0.01

 

 (3)

 

—

 

 

Distributions to common stockholders

 

 

(1.88

)

 

 

(1.80

)

 

 

(1.80

)

 

 

(1.80

)

 

 

(1.95

)

 

Total increase (decrease) in net assets

 

 

(0.77

)

 

 

(1.21

)

 

 

0.01

 

 

 

(1.25

)

 

 

(0.05

)

 

NAV, end of period

 

$

12.64

 

 

$

13.41

 

 

$

14.62

 

 

$

14.61

 

 

$

15.86

 

 

Market price, end of period

 

$

9.28

 

 

$

12.10

 

 

$

14.65

 

 

$

13.72

 

 

$

19.16

 

 

Shares outstanding, end of period

 

 

112,569,067

 

 

 

117,297,222

 

 

 

109,563,525

 

 

 

102,850,589

 

 

 

101,818,811

 

 

Weighted average shares outstanding

 

 

115,576,890

 

 

 

114,673,460

 

 

 

108,305,428

 

 

 

102,258,701

 

 

 

101,691,076

 

 

Total return based on NAV(5)

 

12.18%

 

 

 

4.12

%

 

 

13.35

%

 

 

2.80

%

 

 

10.67

%

 

Total return based on market value(6)

 

(8.73%)

 

 

 

(6.25

)%

 

 

20.95

%

 

 

(20.09

)%

 

 

11.26

%

 

Supplemental Data/Ratio:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period

 

$

1,423,019

 

 

$

1,572,700

 

 

$

1,601,825

 

 

$

1,502,394

 

 

$

1,614,400

 

 

Ratio of net expenses to average net assets

 

 

12.25

%

 

 

11.39

%

 

 

13.17

%

 

 

8.19

%

 

 

6.75

%

 

Ratio of net expenses before voluntary waivers to average net assets

 

 

12.25

%

 

 

11.39

%

 

 

13.29

%

 

 

8.93

%

 

 

8.42

%

 

Ratio of net expenses (without incentive fees and interest and other debt expenses) to average net assets

 

 

3.07

%

 

 

3.19

%

 

 

3.10

%

 

 

3.10

%

 

 

2.53

%

 

Ratio of interest and other debt expenses to average net assets

 

 

7.43

%

 

 

7.12

%

 

 

7.06

%

 

 

5.05

%

 

 

3.63

%

 

Ratio of net incentive fees to average net assets

 

 

1.75

%

 

 

1.08

%

 

 

3.01

%

 

 

0.04

%

 

 

0.59

%

 

Ratio of total expenses to average net assets

 

 

12.25

%

 

 

11.39

%

 

 

13.29

%

 

 

8.93

%

 

 

8.70

%

 

Ratio of net investment income to average net assets

 

 

12.09

%

 

 

15.82

%

 

 

15.68

%

 

 

14.52

%

 

 

14.62

%

 

Portfolio turnover

 

 

32

%

 

 

30

%

 

 

15

%

 

 

20

%

 

 

48

%

 

 

(1)
The per share data was derived by using the weighted average shares outstanding during the applicable period that the shares were outstanding, except for distributions recorded, which reflects the actual amount per share for the applicable period.
(2)
The amount shown may not correspond for the period as it includes the effect of the timing of the distribution, the issuance and the repurchase of common stock.
(3)
The table above reflects a reclassification between Net realized and unrealized gains (losses) and Issuance of common stock, net of underwriting and offering costs for the year ended December 31, 2022 as compared to previously reported amounts in order to conform with the methodology used to calculate such amounts for the year ended December 31, 2023. The effect of this reclassification was a change in Net realized and unrealized gains (losses) of $0.12, from $(1.82) to $(1.70), and an offsetting change in Issuance of common stock, net of underwriting and offering costs of $(0.12), from $0.13 to $0.01. This reclassification was not material to the Company’s consolidated financial statements, only impacted the lines noted above and had no impact on the Company’s financial condition, results of operations or cash flows.
(4)
Amount rounds to less than $0.01.
(5)
Calculated as the change in NAV per share during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Company’s DRIP.
(6)
Calculated as the change in market value per share during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Company’s DRIP.

 

 

For the Years Ended December 31,

 

 

 

2020*

 

 

2019*

 

 

2018*

 

 

2017*

 

 

2016*

 

Per Share Data:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NAV, beginning of period

 

$

16.75

 

 

$

17.65

 

 

$

18.09

 

 

$

18.31

 

 

$

18.97

 

Net investment income

 

 

2.04

 

 

 

1.98

 

 

 

2.06

 

 

 

2.07

 

 

 

2.10

 

Net realized and unrealized gains (losses)(2)

 

 

(0.20

)

 

 

(1.08

)

 

 

(0.70

)

 

 

(0.80

)

 

 

(0.98

)

(Provision) benefit for taxes on realized and unrealized gains (losses) on investments

 

 

—

 

(3)

 

—

 

(3)

 

(0.02

)

 

 

—

 

 

 

—

 

Net increase in net assets from operations

 

 

1.84

 

 

 

0.90

 

 

 

1.34

 

 

 

1.27

 

 

 

1.12

 

Issuance of common stock in connection with the Merger

 

 

(0.88

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Issuance of common stock, net of underwriting and offering costs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.31

 

 

 

—

 

Equity component of convertible notes

 

 

—

 

 

 

—

 

 

 

0.02

 

 

 

—

 

 

 

0.02

 

Distributions to common stockholders

 

 

(1.80

)

 

 

(1.80

)

 

 

(1.80

)

 

 

(1.80

)

 

 

(1.80

)

Total increase (decrease) in net assets

 

 

(0.84

)

 

 

(0.90

)

 

 

(0.44

)

 

 

(0.22

)

 

 

(0.66

)

NAV, end of period

 

$

15.91

 

 

$

16.75

 

 

$

17.65

 

 

$

18.09

 

 

$

18.31

 

Market price, end of period

 

$

19.12

 

 

$

21.28

 

 

$

18.38

 

 

$

22.18

 

 

$

23.52

 

Shares outstanding, end of period

 

 

101,534,370

 

 

 

40,367,071

 

 

 

40,227,625

 

 

 

40,130,665

 

 

 

36,331,662

 

Weighted average shares outstanding

 

 

53,940,573

 

 

 

40,313,662

 

 

 

40,184,715

 

 

 

38,633,652

 

 

 

36,317,131

 

Total return based on NAV(4)

 

 

6.78

%

 

 

4.08

%

 

 

6.96

%

 

 

7.17

%

 

 

5.42

%

Total return based on market value(5)

 

 

1.00

%

 

 

26.98

%

 

 

(9.16

)%

 

 

2.30

%

 

 

35.20

%

Supplemental Data/Ratio:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period

 

$

1,615,141

 

 

$

676,125

 

 

$

709,892

 

 

$

725,830

 

 

$

665,137

 

Ratio of net expenses to average net assets

 

 

7.62

%

 

 

9.77

%

 

 

8.81

%

 

 

8.07

%

 

 

7.25

%

Ratio of net expenses before voluntary waivers to average net assets

 

 

9.30

%

 

 

9.77

%

 

 

8.81

%

 

 

8.07

%

 

 

7.25

%

Ratio of net expenses (without incentive fees and interest and other debt expenses) to average net assets

 

 

2.48

%

 

 

3.24

%

 

 

3.26

%

 

 

3.47

%

 

 

3.58

%

Ratio of interest and other debt expenses to average net assets

 

 

4.82

%

 

 

5.25

%

 

 

3.62

%

 

 

2.79

%

 

 

2.12

%

Ratio of net incentive fees to average net assets

 

 

0.32

%

 

 

1.28

%

 

 

1.93

%

 

 

1.81

%

 

 

1.55

%

Ratio of total expenses to average net assets

 

 

12.09

%

 

 

9.82

%

 

 

8.81

%

 

 

8.07

%

 

 

7.25

%

Ratio of net investment income to average net assets

 

 

13.28

%

 

 

11.53

%

 

 

11.42

%

 

 

11.36

%

 

 

11.30

%

Portfolio turnover

 

 

24

%

 

 

45

%

 

 

26

%

 

 

45

%

 

 

17

%

* Not covered by the report of the independent registered public accounting firm.

(1)
The per share data was derived by using the weighted average shares outstanding during the applicable period, except for distributions recorded and issuance of common stock in connection with the Merger, which reflects the actual amount per share for the applicable period.
(2)
The amount shown may not correspond for the period as it includes the effect of the timing of the distribution, the issuance and the repurchase of common stock.
(3)
Amount rounds to less than $0.01.
(4)
Calculated as the change in NAV per share during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Company’s DRIP.
(5)
Calculated as the change in market value per share during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Company’s DRIP.