Financial Highlights |
10. Financial Highlights
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Year Ended December 31, |
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2023 |
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2022 |
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2021 |
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2020 |
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2019 |
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Per Common Share |
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Per share NAV at beginning of period |
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$ |
12.93 |
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$ |
14.36 |
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$ |
13.24 |
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$ |
13.21 |
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$ |
14.13 |
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Investment operations: |
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Net investment income before excise taxes |
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1.85 |
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1.53 |
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1.26 |
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1.43 |
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1.61 |
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Excise taxes |
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(0.01 |
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— |
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— |
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— |
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— |
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Net investment income |
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1.84 |
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1.53 |
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1.26 |
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1.43 |
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1.61 |
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Net realized and unrealized gain (loss) |
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(1.18 |
) |
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(1.69 |
) |
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1.17 |
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(0.16 |
) |
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(1.09 |
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Total from investment operations |
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0.66 |
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(0.16 |
) |
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2.43 |
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1.27 |
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0.52 |
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Repurchase of common stock |
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— |
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— |
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0.00 |
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0.12 |
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0.00 |
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Loss on extinguishment of debt |
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— |
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— |
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(0.11 |
) |
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(0.04 |
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— |
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Cumulative effect adjustment for the adoption of ASU 2020-06 (7) |
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— |
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0.00 |
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— |
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— |
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— |
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Ordinary income dividends |
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(1.69 |
) |
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(1.27 |
) |
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(1.20 |
) |
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(1.13 |
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(1.40 |
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Tax basis returns of capital |
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— |
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— |
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— |
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(0.19 |
) |
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(0.04 |
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Dividends to common shareholders (9) |
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(1.69 |
) |
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(1.27 |
) |
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(1.20 |
) |
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(1.32 |
) |
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(1.44 |
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Per share NAV at end of period |
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$ |
11.90 |
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$ |
12.93 |
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$ |
14.36 |
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$ |
13.24 |
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$ |
13.21 |
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Per share market price at end of period |
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$ |
11.54 |
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$ |
12.94 |
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$ |
13.51 |
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$ |
11.24 |
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$ |
14.05 |
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Total return based on market value (1) |
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2.2 |
% |
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5.2 |
% |
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30.9 |
% |
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(10.6 |
)% |
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18.8 |
% |
Total return based on net asset value (2) |
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5.1 |
% |
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-1.1 |
% |
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17.5 |
% |
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10.2 |
% |
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3.7 |
% |
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Shares outstanding at end of period |
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57,767,264 |
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57,767,264 |
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57,767,264 |
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57,767,264 |
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58,766,426 |
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Ratios to average common equity: |
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Net investment income (3) |
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14.2 |
% |
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10.8 |
% |
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9.0 |
% |
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11.3 |
% |
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11.6 |
% |
Expenses before incentive fee (4) |
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10.7 |
% |
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9.0 |
% |
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9.3 |
% |
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10.0 |
% |
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9.8 |
% |
Expenses and incentive fee (5) |
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13.7 |
% |
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11.3 |
% |
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11.5 |
% |
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12.1 |
% |
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12.3 |
% |
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Ending common shareholder equity |
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$ |
687,601,546 |
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$ |
746,753,790 |
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$ |
829,456,636 |
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$ |
764,986,578 |
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$ |
776,318,386 |
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Portfolio turnover rate |
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13.5 |
% |
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19.4 |
% |
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35.6 |
% |
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28.3 |
% |
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35.9 |
% |
Weighted-average debt outstanding |
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$ |
1,001,667,440 |
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$ |
1,023,880,532 |
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$ |
985,506,056 |
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$ |
936,157,021 |
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$ |
902,977,493 |
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Weighted-average interest rate on debt |
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4.4 |
% |
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3.5 |
% |
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3.6 |
% |
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3.9 |
% |
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4.6 |
% |
Weighted-average number of common shares |
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57,767,264 |
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57,767,264 |
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57,767,264 |
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57,991,233 |
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58,766,362 |
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Weighted-average debt per share |
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$ |
17.34 |
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$ |
17.72 |
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$ |
17.06 |
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$ |
16.14 |
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$ |
15.37 |
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Asset Coverage: |
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As of December 31, |
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2023 |
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2022 |
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2021 |
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2020 |
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2019 |
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Debt |
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Debt outstanding (6) |
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$ |
988,555,830 |
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$ |
949,062,241 |
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$ |
1,019,339,449 |
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$ |
856,324,371 |
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$ |
915,514,071 |
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Asset coverage per $1,000 of debt outstanding (8) |
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$ |
1,643 |
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$ |
1,929 |
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$ |
1,948 |
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$ |
2,058 |
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$ |
1,992 |
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(1)Total return based on market value is calculated by determining the percentage change in market value per share during the period. (2)Total return based on net asset value is calculated by determining the percentage change in net asset value per share during the period, including incentive compensation and all Company expenses including interest and other debt costs. (3)Net of incentive compensation and excise taxes. (4)Includes interest and other debt costs but excludes excise taxes. (5)Includes incentive compensation and all Company expenses including interest and other debt costs. (6)Excludes unamortized debt issuance costs which are netted in the Consolidated Statements of Assets and Liabilities. (7)See Note 2 and 4 for further information related to the adoption of ASU 2020-06. (8)Excludes SBA Debentures. (9)Dividends to common shareholders include a tax return of capital of $0 ($0.00 per share), $0 ($0.00 per share), $13,563,291 ($0.23 per share), $11,313,222 ($0.19 per share) and $2,486,618 ($0.04 per share) for the years ended December 31, 2023, 2022, 2021, 2020 and 2019, respectively.
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