| Summary of Selected Financial Ratios and Other Data |
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 |
|
|
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.
|
|