The following table provides selected financial ratios and other data for the three months ended March 31, 2018 and September 30, 2017, and the nine months ended September 30, 2017 under Investment Company Accounting.


	Three Months Ended,						Nine Months Ended, September 30, 2017
(Dollars in thousands, except per share data)	March 31, 2018			September 30, 2017			Nine Months Ended, September 30, 2017
Net share data
Net asset value at the beginning of the period	$	11.80		$	11.65		$	11.91
Net investment loss		(0.15	)		(0.07	)		(0.26	)
Income tax benefit		0.03			0.26			0.63
Net realized gains (losses) on investments		(1.44	)		0.04			0.16
Net change in unrealized appreciation (depreciation) on investments		0.94			(0.20	)		(0.66	)

Net increase (decrease) in net assets resulting from operations		(0.62	)		0.03			(0.13	)
Issuance of common stock		(0.03	)		(0.00	)		(0.10	)
Repurchase of common stock		—			—			—
Net investment income		—			—			—
Return of capital		—			—			—
Net realized gains on investments		—			—			—

Total distributions		—			—			—

Total increase (decrease) in net asset value		(0.65	)		0.03			(0.23	)

Net asset value at the end of the period⁽¹⁾	$	11.15		$	11.68		$	11.68

Per share market value at beginning of period	$	3.53		$	2.39		$	3.02
Per share market value at end of period		4.65			2.17			2.17
Total return⁽²⁾		129	%		(37	%)		(38	%)

Ratios/supplemental data
Total shareholders’ equity (net assets)	$	272,437		$	283,580		$	283,580
Average net assets	$	284,021		$	284,151		$	285,673
Total expense ratio^(3) (4)		10.02	%		1.49	%		2.21	%
Operating expenses to average net assets⁽⁴⁾		5.87			5.13			4.49
Net investment loss after income taxes to average net assets⁽⁴⁾		(4.61	)		(3.48	)		(1.97	)

(1)	Includes $0 and $0 of undistributed net investment income per share and $0 and $0 of undistributed net realized gains per share as of March 31, 2018 and September 30, 2017.

(2)	Total return is calculated by dividing the change in market value of a share of common stock during the period, assuming the reinvestment of distributions on the payment date, by the per share market value at the beginning of the period.

(3)	Total expense ratio represents total expenses (interest expense, operating expenses, and income taxes) divided by average net assets.

(4)

MSC has assumed certain of the Company’s servicing obligations, and as a result, servicing fee income of $1,290 and $1,330, and operating expenses of $1,150 and $1,037, which formerly were the Company’s were now MSC’s for the three months ended March 31, 2018 and September 30, 2017, and were $3,938 of servicing fee income, and $3,129 of operating expenses for the nine months ended September 30, 2017. Excluding the impact of the MSC amounts, the total expense ratio, operating expense ratio, and net investment income ratio would have been 11.75%, 6.88%, and 7.51% in the March 31, 2018 quarter, 3.10%, 6.58%, and (3.23%) in the September 30, 2017 quarter, and 3.86%, 5.95%, and (1.97%) in the nine months ended September 30, 2017.