Financial Highlights

12 Months Ended

Sep. 30, 2022

Note 10. Financial Highlights

The financial highlights for the Company are as follows:


	Year ended September 30,
Per share data:(1)	2022				2021				2020			2019			2018
Net asset value at beginning of period	$	15.19			$	14.33			$	16.76		$	16.10		$	16.08
Net increase in net assets as a result of issuance of DRIP shares	0.00			(2)	0.00			(2)	0.01			0.01			0.01
Net increase (decrease) in net assets as a result of issuance of shares	—				—				(1.13)			3.17			—

Distributions declared:
From net investment income	(1.20)				(1.13)				(1.29)			(1.27)			(1.31)
From capital gains	—				(0.03)				(0.04)			(0.13)			(0.05)
From return of capital	—				—				(0.04)			—			—
Net investment income	1.15				0.99				0.94			1.36			1.27
Net realized gain (loss) on investment transactions	0.12				0.05				(0.12)			(0.07)			0.29
Net change in unrealized appreciation (depreciation) on investment transactions(3)	(0.37)				0.98				(0.76)			(2.41)			(0.19)
Net asset value at end of period	$	14.89			$	15.19			$	14.33		$	16.76		$	16.10
Per share market value at end of period	$	12.39			$	15.81			$	13.24		$	18.84		$	18.75
Total return based on market value(4)	(14.80)		%		28.90		%		(22.81)		%	8.80		%	7.65		%
Number of common shares outstanding	170,895,670				170,028,584				167,259,511			132,658,200			60,165,454


	Year ended September 30,
Listed below are supplemental data and ratios to the financial highlights:	2022	2021	2020	2019	2018
Ratio of net investment income to average net assets	7.53%	6.73%	6.22%	8.41%	7.88%
Ratio of total expenses (without waiver) to average net assets	7.43%	5.78%	7.15%	8.42%	7.89%
Ratio of management fee waiver to average net assets	(0.07)%	(0.16)%	—%	—%	—%
Ratio of incentive fees to average net assets	0.68%	0.13%	0.62%	0.87%	1.36%
Ratio of net expenses (without incentive fees) to average net assets	6.68%	5.49%	6.53%	7.55%	6.53%
Total return based on average net asset value(5)	5.89%	13.70%	2.45%	(1.81)%	8.50%
Net assets at end of period	$2,544,500	$2,582,692	$2,396,193	$2,222,854	$968,854
Average debt outstanding	$2,935,846	$2,184,010	$2,200,950	$1,050,155	$822,823
Average debt outstanding per share	$17.18	$12.84	$13.16	$7.92	$13.68
Portfolio turnover	23.56%	35.58%	14.87%	17.47%	31.91%
Asset coverage ratio(6)	181.70%	200.04%	232.15%	220.31%	269.51%
Asset coverage ratio per unit(7)	$1,817	$2,000	$2,321	$2,203	$2,695
Average market value per unit:(8)
2014 Debt Securitization	N/A	N/A	N/A	N/A	N/A
2018 Debt Securitization	N/A	N/A	N/A	N/A	N/A
GCIC 2018 Debt Securitization	N/A	N/A	N/A	N/A	N/A
2020 Debt Securitization	N/A	N/A	N/A	N/A	N/A
SBA Debentures	N/A	N/A	N/A	N/A	N/A

MS Credit Facility II	N/A	N/A	N/A	N/A	N/A
WF Credit Facility	N/A	N/A	N/A	N/A	N/A
DB Credit Facility	N/A	N/A	N/A	N/A	N/A
JPM Credit Facility	N/A	N/A	N/A	N/A	N/A
2024 Notes	$996	$1,034	N/A	N/A	N/A
2026 Notes	$917	$1,004	N/A	N/A	N/A
2027 Notes	$888	$990	N/A	N/A	N/A


SLF Credit Facility	N/A	N/A	N/A	N/A	N/A
GCIC SLF Credit Facility	N/A	N/A	N/A	N/A	N/A
Adviser Revolver	N/A	N/A	N/A	N/A	N/A

(1)Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.

(2)Represents an amount less than $0.01

(3)Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding as of the dividend record date.

(4)Total return based on market value assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.

(5)Total return based on average net asset value is calculated as (a) the net increase (decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.

(6)Effective February 6, 2019, in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing (excluding the Company's SBA debentures pursuant to exemptive relief received by the Company from the SEC). Prior to February 6, 2019, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing (excluding the Company's SBA debentures pursuant to exemptive relief received by the Company from the SEC).

(7)Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. These amounts exclude the SBA debentures pursuant to exemptive relief the Company received from the SEC on September 13, 2011.

(8)Not applicable since such senior securities are not registered for public trading, with the exception of the 2024 Notes, 2026 Notes and the 2027 Notes. The average market value per unit calculated for the 2024 Notes, 2026 Notes, and the 2027 Notes is based on the average monthly prices of such notes and is expressed in terms of dollar amounts per $1,000 of indebtedness.