CONSOLIDATED FINANCIAL HIGHLIGHTS (Tables)

3 Months Ended

Mar. 31, 2025

The following are the financial highlights (dollar amounts in thousands, except per share amounts):


	For the Three Months Ended
	March 31, 2025			March 31, 2024
Per Share Data:(1)
Net asset value, beginning of period	$	20.81		$	20.67
Net investment income (loss)	0.52			0.63
Net unrealized and realized gain (loss)(2)	(0.18)			(0.05)
Net increase (decrease) in net assets resulting from operations	0.34			0.58
Dividends declared	(0.50)			(0.50)

Issuance of common stock, net of underwriting and offering costs	—			(0.08)
Total increase (decrease) in net assets	(0.16)			—
Net asset value, end of period	$	20.65		$	20.67
Per share market value, end of period	19.96			21.55
Shares outstanding, end of period	88,019,757			88,894,490
Weighted average shares outstanding	88,413,652			87,358,527
Total return based on net asset value(3)	1.78		%	2.42		%
Total return based on market value(4)	(0.90)		%	6.78		%
Ratio/Supplemental Data (all amounts in thousands except ratios and shares):
Net assets, end of period(5)	$	1,817,807		$	1,837,027
Ratio of net expenses to average net assets(5)	10.52		%	8.10		%
Ratio of expenses before waivers to average net assets(5)	10.68		%	8.85		%
Ratio of net investment income to average net assets(5)	11.67		%	13.69		%


Asset coverage ratio(6)	190.00		%	223.00		%
Portfolio turnover rate	5.46		%	2.21		%

(1)The per share data was derived by using the weighted average shares outstanding during the period, except otherwise noted.

(2)The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.

(3)Total return (not annualized) is calculated assuming a purchase of Common Stock at the opening of the first day of the period and a sale on the closing of the last business day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s DRIP.

(4)Total return based on market value is calculated as the change in market value per share during the respective periods, taking into account distributions, if any, reinvested in accordance with the Company’s DRIP. For the three months ended March 31, 2024, the beginning market value per share is based on the initial public offering price of $20.67 per share and not annualized.

(5)Amounts are annualized except for incentive fees, organization and offering costs and other expenses for which expense support was provided, as applicable.

(6)Effective December 17, 2019, in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to December 17, 2019, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing.