Quarterly report pursuant to Section 13 or 15(d)

Financial Highlights

v3.22.2.2
Financial Highlights
 9 Months Ended
Sep. 30, 2022
Investment Company Financial Highlights [Abstract]  
Financial Highlights

10. Financial Highlights

Following is a schedule of financial highlights for the nine months ended September 30, 2022 and 2021:

(in thousands, except per share data and ratios)

Nine Months Ended September 30,

 

 

2022

 

 

2021

 

Per share data (1):

 

 

 

 

 

Net asset value at beginning of period

$

11.22

 

 

$

11.26

 

Net investment income

 

1.01

 

 

 

0.95

 

Net realized gain (loss)

 

0.01

 

 

 

0.12

 

Net unrealized appreciation (depreciation)

 

(0.71

)

 

 

0.40

 

Total from investment operations

 

0.31

 

 

 

1.47

 

Net increase (decrease) in net assets from capital share transactions (1)

 

0.31

 

 

 

(0.11

)

Distributions of net investment income (6)

 

(1.11

)

 

 

(1.06

)

Distributions of capital gains (6)

 

(0.35

)

 

 

(0.09

)

Stock-based compensation expense included in investment income (2)

 

0.09

 

 

 

0.07

 

Net asset value at end of period

$

10.47

 

 

$

11.54

 

 

 

 

 

 

 

Ratios and supplemental data:

 

 

 

 

 

Per share market value at end of period

$

11.58

 

 

$

16.61

 

Total return (3)

 

(24.34

)%

 

 

23.05

%

Shares outstanding at end of period

 

130,191

 

 

 

115,925

 

Weighted average number of common shares outstanding

 

123,379

 

 

 

114,590

 

Net assets at end of period

$

1,362,718

 

 

$

1,337,532

 

Ratio of total expense to average net assets (4)

 

9.51

%

 

 

9.93

%

Ratio of net investment income before investment gains and losses to average net assets (4)

 

12.53

%

 

 

11.01

%

Portfolio turnover rate (5)

 

14.12

%

 

 

33.14

%

Weighted average debt outstanding

$

1,430,814

 

 

$

1,246,769

 

Weighted average debt per common share

$

11.60

 

 

$

10.88

 
(1)
All per share activity is calculated based on the weighted average 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)
Stock option expense is a non-cash expense that has no effect on net asset value. Pursuant to ASC Topic 718, net investment income includes the expense associated with the granting of stock options which is offset by a corresponding increase in paid-in capital.
(3)
The total return for the nine months ended September 30, 2022, and 2021, equals the change in the ending market value over the beginning of the period price per share plus distributions paid per share during the period, divided by the beginning price assuming the distribution is reinvested on the date of the distribution. As such, the total return is not annualized. The total return does not reflect any sales load that must be paid by investors.
(4)
The ratios are calculated based on weighted average net assets for the relevant period and are annualized.
(5)
The portfolio turnover rate for the nine months ended September 30, 2022, and 2021, equals the lesser of investment portfolio purchases or sales during the period, divided by the average investment portfolio value during the period. As such, portfolio turnover rate is not annualized.
(6)
Includes distributions on unvested restricted stock awards.