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Financial Highlights (Tables)
 9 Months Ended
Sep. 30, 2022
Investment Company Financial Highlights [Abstract]  
Schedule of Financial Highlights

Below is the schedule of the Company’s financial highlights (in thousands, except share and per share data):

 

 

 

 

 

 

 

 

 

 

 

For the nine months ended September 30,

 

 

 

 

2022

 

 

2021

 

 

Per Share Data:(1)

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

21.12

 

 

$

19.88

 

 

Net investment income after tax

 

 

1.41

 

 

 

1.25

 

 

Net realized and unrealized gains (losses) on investments and forward contracts, net of taxes

 

 

(0.99

)

 

 

1.26

 

 

Net increase (decrease) in net assets resulting from operations

 

 

0.42

 

 

 

2.51

 

 

Distributions declared from net investment income(2)

 

 

(1.38

)

 

 

(1.23

)

 

Total increase (decrease) in net assets

 

 

(0.96

)

 

 

1.28

 

 

Net asset value, end of period

 

$

20.16

 

 

$

21.16

 

 

Shares outstanding, end of period

 

 

30,887,360

 

 

 

28,167,360

 

 

Market value, end of period

 

$

15.02

 

 

$

19.13

 

 

Weighted average shares outstanding

 

 

30,887,360

 

 

 

28,167,360

 

 

Total return based on market value (3)

 

 

-7.14

%

 

40.31%

 

 

Total return based on net asset value (4)

 

 

1.99

%

 

12.63%

 

 

Ratio/Supplemental Data:

 

 

 

 

 

 

 

Net assets, end of period

 

$

622,602

 

 

$

596,152

 

 

Ratio of total net expenses to average net assets(5)(6)

 

 

8.02

%

 

8.01%

 

 

Ratio of net expenses (without incentive fees and interest and other debt expenses) to average net assets (6)

 

 

3.23

%

 

2.85%

 

 

Ratio of net investment income before taxes to average net assets (6)

 

 

9.10

%

 

8.43%

 

 

Ratio of interest and credit facility expenses to average net assets(6)

 

 

4.31

%

 

3.34%

 

 

Ratio of net incentive fees to average net assets(6)

 

 

0.48

%

 

1.82%

 

 

Ratio of portfolio turnover to average investments at fair value(7)

 

 

15.98

%

 

28.50%

 

 

Asset coverage ratio

 

 

189

%

 

205%

 

 

 

(1)
Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.
(2)
The per share data for distributions per share reflects the actual amount of distributions declared per share for the applicable periods.
(3)
Total return based on market value is calculated as the change in market value per share during the period, taking into account dividends, if any, reinvested in accordance with the Company’s dividend reinvestment plan.
(4)
Total return based on net asset value is calculated as the change in net asset value per share during the period plus declared dividends per share during the period, divided by the beginning net asset value per share, and not annualized.
(5)
The ratio of total expenses to average net assets in the table above reflects the Adviser’s voluntary waivers of its right to receive a portion of the management fees and income incentive fees with respect to the Company’s ownership in GACP II LP and WhiteHawk III Onshore Fund LP. Excluding the effects of waivers, the ratio of total expenses to average net assets would have been 8.04% and 8.03% for the nine months ended September 30, 2022 and 2021, respectively.
(6)
Annualized.
Not annualized.