Annual report pursuant to Section 13 and 15(d)

Financial Highlights

v3.22.4
Financial Highlights
 12 Months Ended
Dec. 31, 2022
Investment Company Financial Highlights [Abstract]  
Financial Highlights

Following is a schedule of financial highlights for the five years ended December 31, 2022, 2021, 2020, 2019, and 2018:

(in thousands, except per share data)

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

2018

 

Per share data (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value at beginning of period

 

$

11.22

 

 

$

11.26

 

 

$

10.55

 

 

$

9.90

 

 

$

9.96

 

Net investment income

 

 

1.50

 

 

 

1.29

 

 

 

1.39

 

 

 

1.41

 

 

 

1.20

 

Net realized gain (loss)

 

 

(0.01

)

 

 

0.18

 

 

 

(0.50

)

 

 

0.16

 

 

 

(0.12

)

Net unrealized appreciation (depreciation)

 

 

(0.68

)

 

 

0.03

 

 

 

1.13

 

 

 

0.14

 

 

 

(0.23

)

Total from investment operations

 

 

0.81

 

 

 

1.50

 

 

 

2.02

 

 

 

1.71

 

 

 

0.85

 

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

 

 

0.34

 

 

 

(0.08

)

 

 

0.01

 

 

 

0.20

 

 

 

0.23

 

Distributions of net investment income (6)

 

 

(1.63

)

 

 

(1.06

)

 

 

(1.03

)

 

 

(1.15

)

 

 

(1.26

)

Distributions of capital gains (6)

 

 

(0.36

)

 

 

(0.49

)

 

 

(0.36

)

 

 

(0.18

)

 

 

—

 

Stock-based compensation expense included in net investment income and other movements (2)

 

 

0.15

 

 

 

0.09

 

 

 

0.07

 

 

 

0.07

 

 

 

0.12

 

Net asset value at end of period

 

$

10.53

 

 

$

11.22

 

 

$

11.26

 

 

$

10.55

 

 

$

9.90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios and supplemental data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share market value at end of period

 

$

13.22

 

 

$

16.59

 

 

$

14.42

 

 

$

14.02

 

 

$

11.05

 

Total return (3)

 

 

(10.14

)%

 

 

25.62

%

 

 

14.31

%

 

 

39.36

%

 

 

(7.56

)%

Shares outstanding at end of period

 

 

133,045

 

 

 

116,619

 

 

 

114,726

 

 

 

107,364

 

 

 

96,501

 

Weighted average number of common shares outstanding

 

 

125,189

 

 

 

114,742

 

 

 

111,985

 

 

 

101,132

 

 

 

90,929

 

Net assets at end of period

 

$

1,401,459

 

 

$

1,308,547

 

 

$

1,291,704

 

 

$

1,133,049

 

 

$

955,444

 

Ratio of total expense to average net assets (4)

 

 

9.92

%

 

 

9.86

%

 

 

11.30

%

 

 

11.95

%

 

 

10.73

%

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

 

 

13.96

%

 

 

11.28

%

 

 

13.64

%

 

 

13.74

%

 

 

11.78

%

Portfolio turnover rate (5)

 

 

19.29

%

 

 

51.58

%

 

 

32.38

%

 

 

31.30

%

 

 

38.76

%

Weighted average debt outstanding

 

$

1,468,335

 

 

$

1,248,177

 

 

$

1,309,903

 

 

$

1,177,379

 

 

$

826,931

 

Weighted average debt per common share

 

$

11.73

 

 

$

10.88

 

 

$

11.70

 

 

$

11.64

 

 

$

9.09

 

 

(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)
Adjusts for the impact of stock-based compensation expense, which is a non-cash expense and has no net impact to net asset value. Pursuant to ASC Topic 718, the expense is offset by a corresponding increase in paid-in capital. Additionally, adjusts for other items attributed to the difference between certain per share data based on the weighted-average basic shares outstanding and those calculated using the shares outstanding as of a period end or transaction date.
(3)
The total return for the years ended December 31, 2022, 2021, 2020, 2019, and 2018 equals to 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 years ended December 31, 2022, 2021, 2020, 2019, and 2018 equals to 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.
Includes distributions on unvested restricted stock awards.