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Financial Highlights

9 Months Ended

Sep. 30, 2024

Financial Highlights

Financial Highlights

11. Financial Highlights

The financial highlights below show the Company’s results of operations for the nine months ended September 30, 2024 and 2023:


		For the Nine Months Ended September 30, 2024				For the Nine Months Ended September 30, 2023
Per Share Data:
Per share NAV at beginning of period		$	12.75			$	13.48

Investment operations:
Net investment income ⁽¹⁾			1.42				1.59
Net realized and unrealized gain (loss)			(0.06)				(0.84)
Net increase (decrease) in net assets from operations ⁽²⁾			1.36				0.75
Distributions declared from net investment income			(1.14)				(1.14)
Issuance of shares and others ⁽²⁾			0.01				0.10
Total increase (decrease) in net assets			0.23				(0.29)
Per share NAV at end of period		$	12.98			$	13.19

Total return based on net asset value ⁽³⁾			10.67	%			5.56	%

Shares outstanding at end of period			16,703,634				14,439,103
Ratios to average net asset value: ⁽⁴⁾
Net investment income			14.76	%			15.71	%
Expenses before incentive fee ⁽⁵⁾			8.66	%			9.79	%
Expenses after incentive fee ⁽⁶⁾			10.51	%			10.34	%


Net assets at end of period (in thousands)		$	216,882			$	190,434
Ending net asset value		$	12.98			$	13.19
Portfolio turnover rate			47.31	%			21.33	%
Weighted-average debt outstanding		$	162,228			$	164,071
Weighted-average interest rate on debt			8.80	%			8.08	%
Weighted-average number of shares of common stock			16,604,755				13,325,684
Weighted-average debt per share		$	9.77			$	12.31
Asset coverage ratio ⁽⁷⁾			208.5	%			211.2	%

(1)	Per share changes in net asset value are computed based on the weighted average of shares outstanding during the time such activity occurred.

(2)	Includes the impact of different amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date.

(3)	Not annualized for periods less than one year. Total return based on net asset value equals the change in net asset value per share from investment operations during the period divided by the beginning net asset value per share at the beginning of the period.

(4)	Annualized for periods less than one year except for incentive fees and other certain non-recurring expenses and non-recurring income. Weighted average net assets were calculated based on considering the capital call activity during the period.

(5)	Includes all Company expenses, including interest and other debt costs prior to contractual expense reimbursement by the Investment Advisor.

(6)	Includes incentive fees and all Company expenses including interest and other debt costs prior to contractual expense reimbursement by the Investment Advisor.

(7)	In accordance with the 1940 Act, with certain limitations, 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.