Condensed Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Detailed below is unaudited quarterly financial data for the year ended December 31, 2018.


	Three Month Period Ended
	March 31, 2018		June 30, 2018		September 30, 2018		December 31, 2018
(In thousands except per share amounts)
INVESTMENT INCOME
Interest income(1)	$	28,092	$	31,941	$	35,300	$	35,694
Other income	716		1,094		1,046		1,157
Total investment income	28,808		33,035		36,346		36,851
EXPENSES
Base management fee to affiliate(2)	1,978		2,021		1,830		1,744
Incentive fee to affiliate	—		291		424		—
Interest expense(1)	11,562		13,383		15,678		16,083
Other investment related expenses	2,952		3,771		4,384		4,201
Other operating expenses	2,074		2,578		2,352		4,609
Total expenses	18,566		22,044		24,668		26,637
NET INVESTMENT INCOME	10,242		10,991		11,678		10,214
NET REALIZED AND CHANGE IN NET UNREALIZED GAIN (LOSS) ON INVESTMENTS, OTHER SECURED BORROWINGS, FINANCIAL DERIVATIVES, AND FOREIGN CURRENCY TRANSACTIONS/TRANSLATION
Net realized gain (loss) on investments, financial derivatives, and foreign currency transactions	13,051		(1,343)		10,102		9,578
Change in net unrealized gain (loss) on investments, other secured borrowings, financial derivatives, and foreign currency translation	(1,969)		12,536		(14,306)		(20,862)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, OTHER SECURED BORROWINGS, FINANCIAL DERIVATIVES, AND FOREIGN CURRENCY	11,082		11,193		(4,204)		(11,284)
NET INCREASE (DECREASE) IN EQUITY RESULTING FROM OPERATIONS	21,324		22,184		7,474		(1,070)
LESS: NET INCREASE IN EQUITY RESULTING FROM OPERATIONS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	285		991		813		1,147
NET INCREASE (DECREASE) IN SHAREHOLDERS' EQUITY RESULTING FROM OPERATIONS	$	21,039	$	21,193	$	6,661	$	(2,217)
NET INCREASE (DECREASE) IN SHAREHOLDERS' EQUITY RESULTING FROM OPERATIONS PER SHARE:
Basic and Diluted (3)	$	0.67	$	0.69	$	0.22	$	(0.07)

(1)Includes interest income and interest expense of a consolidated securitization trust of $1.3 million and $0.9 million, respectively, for the three-month period ended March 31, 2018. Includes interest income and interest expense of a consolidated securitization trust of $1.3 million and $0.8 million, respectively, for the three-month period ended June 30, 2018. Includes interest income and interest expense of a consolidated securitization trust of $1.3 million and $0.7 million, respectively, for the three-month period ended September 30, 2018. Includes interest income and interest expense of a consolidated securitization trust of $2.1 million and $1.2 million, respectively, for the three-month period ended December 31, 2018. See Note 6 for further details on the Company's consolidated securitization trusts.

(2)Net of management fee rebate of $0.3 million, $0.3 million, $0.4 million, and $0.4 million, for the each of the three-month periods ended March 31, 2018, June 30, 2018, September 30, 2018, and December 31, 2018, respectively. See Note 9 for further details on management fee rebates.

(3)For the year ended December 31, 2018 the sum of EPS for the four quarters of the year does not equal EPS as calculated for the entire year (see Note 13) as a result of changes in shares during the year due to repurchases of common shares, as EPS is calculated using average shares outstanding during the period.