Financial Highlights

6 Months Ended

Jun. 30, 2024

9. Financial Highlights

The financial highlights below show the Company's results of operations for the six months ended June 30, 2024 and 2023.


	For the Six Months Ended June 30,
	2024			2023
Per Common Share
Per share NAV at beginning of period	$	10.06		$	10.03

Investment operations: (1)
Net investment income		0.52			0.51
Net realized and unrealized gain (loss)		(0.25	)		(0.04	)
Total from investment operations		0.27			0.47
Dividends to common shareholders		(0.23	)		(0.27	)
Per share NAV at end of period	$	10.10		$	10.23

Total return based on net asset value: (2)		2.7	%		4.7	%

Shares outstanding at end of period		27,081,900			20,837,830
Ratios to average net asset value: (3)
Net investment income		10.8	%		11.0	%
Expenses before incentive fee (4)		2.3	%		3.3	%
Expenses and incentive fee (5)		3.1	%		4.7	%

Ending net asset value	$	273,458,587		$	213,137,545
Portfolio turnover rate		4.5	%		3.1	%
Weighted-average debt outstanding	$	20,423,187		$	41,366,906
Weighted-average interest rate on debt		7.8	%		7.0	%
Weighted-average number of shares of common stock		24,064,041			18,577,106
Weighted-average debt per share	$	0.85		$	2.23

(1)

Per share changes in net asset value are computed based on the actual number of shares outstanding during the time such activity occurred.

(2)

Not annualized for periods less than one year. Total return based on net asset value equals 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 at the beginning of the period.

(3)

Annualized for periods less than one year except for incentive fees and other certain non-recurring expenses.

(4)

Includes interest and other debt costs.

(5)

Includes incentive fees and all Company expenses including interest and other debt costs.