Financial Highlights

9 Months Ended

Sep. 30, 2022

Investment Company, Financial Highlights [Abstract]

Financial Highlights

Note 12. Financial Highlights

The following is a schedule of financial highlights for the nine months ended September 30, 2022 and 2021:

	Nine Months Ended September 30,
	2022			2021
Per share data:
Net asset value at beginning of period	$	9.11		$	9.07
Results of operations (1):
Net investment income	0.20			0.19
Net change in unrealized (depreciation) appreciation on investments	(0.43)			0.05
Net realized gain on investments	0.01			0.03
Net change in unrealized depreciation on obligations under participation    agreements (2)	0.01			—
Net (decrease) increase in net assets resulting from operations	(0.21)			0.27
Stockholder distributions (3):
Distributions from return of capital	(0.1)			(0.07)
Distributions from net investment income	(0.24)			(0.27)
Net decrease in net assets resulting from stockholder distributions	(0.34)			(0.34)
Net asset value, end of period	$	8.56		$	9.00
Shares outstanding at end of period	8,149,311			8,262,960
Total return (4)	(2.51)		%	3.00		%

Ratio/Supplemental data:
Net assets, end of period	$	69,754,081		$	74,360,438
Ratio of net investment income to average net assets (5)	3.63		%	2.88		%
Ratio of operating expenses to average net assets (5)(6)(7)	17.90		%	14.13		%
Portfolio turnover	35.68		%	101.65		%

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(1)The per share data was derived by using the weighted average shares outstanding during the applicable period.

(2)The impact on net asset value was approximately $0.001 for the nine months ended September 30, 2021.

(3)The per share data for distributions reflects the actual amount of distributions declared per share during the period.

(4)Total return is calculated assuming a purchase of shares of common stock at the current net asset value on the first day and a sale at the current net asset value on the last day of the periods reported. Distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. The total return does not consider the effect of any selling commissions or charges that may have been incurred in connection with the sale of shares of our common stock.

(5)These ratios are calculated using annualized net investment income and operating expenses.

(6)Excluding the (reversal on incentive fees) incentive fees on capital gains and transaction costs for the nine months ended September 30, 2022 and 2021, the ratio of operating expenses to average net assets was 16.03% and 13.91%, respectively.

(7)Excluding accrued incentive fees on capital gains, transaction costs and interest expense on debt, the ratio of operating expenses to average net assets was 8.98% and 7.68%, respectively.