Financial Highlights

3 Months Ended

Mar. 31, 2025

The following table shows the financial highlights for the three months ended March 31, 2025 and 2024:


	For the Three Months ended March 31,
Financial Highlights (in thousands, except share and per share data)	2025			2024
Per Share Data(1)
Net asset value at beginning of period	$	11.11		$	12.24
Changes in net asset value due to:
Net investment income	0.22			0.41
Net realized gains/(losses) on investments	(0.13)			(0.15)
Net change in unrealized losses on investments	(0.47)			(0.10)

Net asset value at end of period	$	10.73		$	12.40

Net investment income per common share	0.22			$	0.41
Net increase (decrease) in net assets resulting from operations per common share	$	(0.38)		$	0.16
Weighted average shares of common stock outstanding for period	23,689,363			23,689,363
Shares of common stock outstanding at end of period	23,689,363			23,689,363

Ratios / Supplemental Data(2)
Net asset value at end of period	$	254,793		$	294,306
Average net asset value	$	262,610		$	292,963
Total return based on net asset value per share(3)	(3.4)		%	1.3		%
Net investment income to average net asset value(4)	8.0		%	13.2		%
Net increase (decrease) in net assets to average net asset value(4)	(13.9)		%	5.2		%
Ratio of expenses to average net asset value(4)	10.4		%	9.2		%
Operating expenses excluding incentive fees to average net asset value(4)	10.4		%	9.2		%

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(1)All per share activity is calculated based on the weighted average common shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date.

(2)NAV used in ratios represents NAV to common shareholders and excludes preferred shareholders’ equity.

(3)Total return based on NAV is the change in ending NAV per common share plus distributions per common share paid during the period by the beginning NAV per common share. Total return does not reflect sales charges that may be incurred by stockholders. The total return is for the period presented and is not annualized.

(4)Percentage is presented on an annualized basis.

The following table shows the weighted average portfolio yield on debt investments for the three months ended March 31, 2025 and 2024:


	For the Three Months ended March 31,
Ratios (Percentages, on an annualized basis)(1)	2025		2024
Weighted average portfolio yield on debt investments(2)	13.4	%	15.7	%
Coupon income	10.5	%	12.3	%
Accretion of discount	1.0	%	1.1	%
Accretion of end-of-term payments	1.5	%	1.8	%
Impact of prepayments during the period	0.4	%	0.5	%

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(1)Weighted average portfolio yields on debt investments for periods shown are the annualized rates of interest income recognized during the period divided by the average amortized cost of debt investments in the portfolio during the period. The calculation of weighted average portfolio yields on debt investments excludes any non-income producing debt investments, but includes debt investments on non-accrual status. The weighted average yields reported for these periods are annualized and reflect the weighted average yields to maturities.

(2)The weighted average portfolio yields on debt investments reflected above do not represent actual investment returns to the Company's shareholders.