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Financial Highlights
 12 Months Ended
Dec. 31, 2022
Investment Company Financial Highlights [Abstract]  
Financial Highlights

Note 12. Financial Highlights

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the years ended,

 

 

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

2018

 

 

Per Share Data:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

21.12

 

 

$

19.88

 

 

$

19.50

 

 

$

19.43

 

 

$

20.10

 

 

Net investment income after tax

 

 

1.93

 

 

 

1.67

 

 

 

1.80

 

 

 

1.83

 

 

 

1.65

 

 

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

 

 

(1.43

)

 

 

1.27

 

 

 

0.18

 

 

 

(0.14

)

 

 

(0.89

)

 

Net increase (decrease) in net assets resulting from operations

 

 

0.50

 

 

 

2.94

 

 

 

1.98

 

 

 

1.69

 

 

 

0.76

 

 

Effect of equity issuances, net of share repurchases and rounding

 

 

—

 

 

 

0.01

 

 

 

0.04

 

 

 

0.03

 

 

 

0.06

 

 

Distributions declared from net investment income(2)

 

 

(1.79

)

 

 

(1.69

)

 

 

(1.64

)

 

 

(1.64

)

 

 

(1.47

)

 

Offering Costs

 

 

—

 

 

 

(0.02

)

 

 

—

 

 

 

(0.01

)

 

 

(0.02

)

 

Total increase (decrease) in net assets

 

 

(1.29

)

 

 

1.24

 

 

 

0.38

 

 

 

0.07

 

 

 

(0.67

)

 

Net asset value, end of period

 

$

19.83

 

 

$

21.12

 

 

$

19.88

 

 

$

19.50

 

 

$

19.43

 

 

Shares outstanding, end of period

 

 

30,887,360

 

 

 

30,887,360

 

 

 

20,862,314

 

 

 

13,358,289

 

 

 

8,597,116

 

 

Market value, end of period

 

$

12.78

 

 

 

17.60

 

 

 

14.57

 

 

 

—

 

 

—

 

 

Weighted average shares outstanding

 

 

30,887,360

 

 

 

28,477,771

 

 

 

27,681,757

 

 

 

17,344,640

 

 

 

10,719,485

 

 

Total return based on market value (3)

 

 

-18.45

%

 

 

32.46

%

 

 

1.47

%

 

—

 

 

—

 

 

Total return based on net asset value (4)

 

 

2.37

%

 

 

14.74

%

 

 

10.36

%

 

 

8.81

%

 

 

4.06

%

 

Ratio/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period

 

$

612,541

 

 

$

652,285

 

 

$

560,000

 

 

$

406,917

 

 

$

259,579

 

 

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

 

 

8.96

%

 

 

7.81

%

 

 

5.34

%

 

 

6.54

%

 

 

7.33

%

 

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

 

 

3.26

%

 

 

3.02

%

 

 

2.24

%

 

 

2.50

%

 

 

3.06

%

 

Ratio of net investment income before taxes to average net assets

 

 

9.41

%

 

 

8.40

%

 

 

10.10

%

 

 

9.61

%

 

 

8.48

%

 

Ratio of interest and credit facility expenses to average net assets

 

 

5.01

%

 

 

3.33

%

 

 

3.10

%

 

 

4.03

%

 

 

4.01

%

 

Ratio of net incentive fees to average net assets

 

 

0.68

%

 

 

1.46

%

 

 

—

 

 

 

—

 

 

 

0.26

%

 

Portfolio turnover

 

 

21.52

%

 

 

41.64

%

 

 

28.01

%

 

 

23.97

%

 

 

27.89

%

 

Asset coverage ratio

 

 

192

%

 

 

201

%

 

 

217

%

 

 

225

%

 

 

209

%

 

 

(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 and a voluntary waiver of income incentive fees to the extent net investment income, excluding the effect of the GAAP incentive fee, falls short of the regular declared dividend on a full dollar basis. Excluding the effects of the voluntary waivers, the ratio of total expenses to average net assets would have been 9.04%, 7.83%, 5.37%, 6.58% and 7.36% for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively.

Senior Securities

 

Information about our senior securities (including debt securities and other indebtedness) is shown in the following table as of the fiscal years ended December 31 for the years indicated below. We had no senior securities outstanding as of December 31 of any fiscal years prior to those indicated below.



 

Class and Year

 

Total Amount Outstanding Exclusive of Treasury Securities(1)

 

 

Asset Coverage Per Unit(2)

 

 

Involuntary Liquidating Preference Per Unit(3)

 

 

Average Market Value Per Unit(4)

SPV Asset Facility

 

 

 

 

 

 

 

 

 

 

 

Fiscal 2022

 

$

233,000

 

 

$

1,917

 

 

 

-

 

 

N/A

Fiscal 2021

 

$

249,500

 

 

$

2,014

 

 

 

-

 

 

N/A

Fiscal 2020

 

$

260,210

 

 

$

2,166

 

 

 

-

 

 

N/A

Fiscal 2019

 

$

220,687

 

 

$

2,250

 

 

 

-

 

 

N/A

Fiscal 2018

 

$

159,629

 

 

$

2,085

 

 

 

-

 

 

N/A

Fiscal 2017

 

$

86,629

 

 

$

2,135

 

 

 

-

 

 

N/A

Fiscal 2016

 

$

47,629

 

 

$

2,347

 

 

 

-

 

 

N/A

Fiscal 2015

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Revolving Credit Facility(5)

 

 

 

 

 

 

 

 

 

 

 

Fiscal 2022

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2021

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2020

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2019

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2018

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2017

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2016

 

$

47,810

 

 

$

2,347

 

 

 

-

 

 

N/A

Fiscal 2015

 

$

54,810

 

 

$

2,415

 

 

 

-

 

 

N/A

Revolving Credit Facility II(6)

 

 

 

 

 

 

 

 

 

 

 

Fiscal 2022

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2021

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2020

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2019

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2018

 

$

78,310

 

 

$

2,085

 

 

 

-

 

 

N/A

Fiscal 2017

 

$

65,310

 

 

$

2,135

 

 

 

-

 

 

N/A

Fiscal 2016

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2015

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Ally Corporate Revolving Facility(8)

 

 

 

 

 

 

 

 

 

 

 

Fiscal 2022

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2021

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2020

 

$

149,904

 

 

$

2,166

 

 

 

-

 

 

N/A

Fiscal 2019

 

$

104,754

 

 

$

2,250

 

 

 

-

 

 

N/A

Fiscal 2018

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2017

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2016

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2015

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

SMBC Corporate Revolving Facility

 

 

 

 

 

 

 

 

 

 

 

Fiscal 2022

 

$

241,836

 

 

$

1,917

 

 

 

-

 

 

N/A

Fiscal 2021

 

$

203,437

 

 

$

2,014

 

 

 

-

 

 

N/A

Fiscal 2020

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2019

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2018

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2017

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2016

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2015

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Class and Year

 

Total Amount Outstanding Exclusive of Treasury Securities(1)

 

 

Asset Coverage Per Unit(2)

 

 

Involuntary Liquidating Preference Per Unit(3)

 

 

Average Market Value Per Unit(4)

2023 Unsecured Notes

 

 

 

 

 

 

 

 

 

 

 

Fiscal 2022

 

$

50,000

 

 

$

1,917

 

 

 

-

 

 

N/A

Fiscal 2021

 

$

50,000

 

 

$

2,014

 

 

 

-

 

 

N/A

Fiscal 2020

 

$

50,000

 

 

$

2,166

 

 

 

-

 

 

N/A

Fiscal 2019

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2018

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2017

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2016

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2015

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

2026 Unsecured Notes

 

 

 

 

 

 

 

 

 

 

 

Fiscal 2022

 

$

135,000

 

 

$

1,917

 

 

 

-

 

 

N/A

Fiscal 2021

 

$

135,000

 

 

$

2,014

 

 

 

-

 

 

N/A

Fiscal 2020

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2019

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2018

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2017

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2016

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2015

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

InterNotes®(7)

 

 

 

 

 

 

 

 

 

 

 

Fiscal 2022

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2021

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2020

 

$

16,418

 

 

$

2,166

 

 

 

-

 

 

N/A

Fiscal 2019

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2018

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2017

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2016

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

Fiscal 2015

 

$

-

 

 

$

-

 

 

 

-

 

 

N/A

 

(1)
Total amount of each class of senior securities outstanding at principal value at the end of the period presented.
(2)
The asset coverage ratio for a class of senior securities representing indebtedness is calculated as (i) the sum of (A) total assets at end of period and (B) other liabilities excluding total debt outstanding and accrued borrowing expenses at end of period, divided by (ii) the sum of total debt outstanding and accrued borrowing expenses at the end of the period. This asset coverage ratio is multiplied by $1,000 to determine the “Asset Coverage Per Unit”.
(3)
The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it.
(4)
Not applicable.
(5)
Our $50 million revolving credit facility with Natixis, New York Branch, as administrative agent and certain of its affiliates as lenders, dated as of June 29, 2015, which has been paid down in full and was terminated on June 29, 2017.
(6)
Our $75 million revolving credit facility with Capital One, National Association, as Administrative Agent, Lead Arranger, Managing Agent and Committed Lender, dated as of June 29, 2017, which has been paid down in full and was terminated on August 20, 2019.
(7)
We redeemed or paid down the remaining $16.4 million of InterNotes® during the first quarter of 2021.
(8)
Our $200 million revolving credit facility with Ally Bank, as Administrative Agent and Arranger, dated as of August 20, 2019, which has been paid down in full and was terminated on October 27, 2021.