Financial Highlights

9 Months Ended

Sep. 30, 2023

The following is a schedule of financial highlights of the Company for the nine months ended September 30, 2023 and the year ended December 31, 2022:


	Nine Months Ended September 30, 2023 (Unaudited)			Year Ended December 31, 2022
Per Share Data:(1)
Net asset value, beginning of period	$	3.88		$	3.59
Results of operations(2)
Net investment income	0.12			0.16
Net realized gain (loss) and unrealized appreciation (depreciation)	(0.30)			0.25
Net increase (decrease) in net assets resulting from operations	(0.18)			0.41
Shareholder distributions(3)
Distributions from net investment income	(0.06)			(0.12)

Net decrease in net assets resulting from shareholder distributions	(0.06)			(0.12)
Capital share transactions
Issuance of common shares(4)	—			—

Net increase (decrease) in net assets resulting from capital share transactions	—			—
Net asset value, end of period	$	3.64		$	3.88
Shares outstanding, end of period	455,506,234			451,465,673
Total return(5)	(4.70)		%	11.39		%
Total return (without assuming reinvestment of distributions)(5)	(4.64)		%	11.29		%
Ratio/Supplemental Data:
Net assets, end of period	$	1,657,461		$	1,753,748
Ratio of net investment income to average net assets(6)(7)	4.30		%	4.02		%
Ratio of total operating expenses to average net assets(6)	4.60		%	6.78		%
Ratio of management fee offset to average net assets(6)	(0.02)		%	(0.15)		%
Ratio of net operating expenses to average net assets(6)	4.58		%	6.63		%
Ratio of interest expense to average net assets(6)	1.47		%	3.21		%
Ratio of federal and state taxes to average net assets(6)	0.17		%	0.13		%
Portfolio turnover(8)	14.79		%	16.15		%
Total amount of senior securities outstanding, exclusive of treasury securities	$	80,000		$	762,751
Asset coverage per unit(9)	21.72			3.30

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(1) Per share data may be rounded in order to recompute the ending net asset value per share.

(2) The per share data was derived by using the weighted average shares outstanding during the applicable period.

(3) The per share data for distributions reflects the actual amount of distributions paid per share during the applicable period.

(4) The issuance of common shares on a per share basis reflects the incremental net asset value changes as a result of the issuance of common shares pursuant to the Company’s distribution reinvestment plan. The issuance of common shares at a price that is greater than the net asset value per share results in an increase in net asset value per share.

(5) The total return for each period presented was calculated based on the change in net asset value during the applicable period, including the impact of distributions reinvested in accordance with the Company’s distribution reinvestment plan. Following the termination of the Company’s distribution reinvestment plan effective September 15, 2023, the total return for each period presented subsequent to the effective date was calculated based on the change in net asset value during the applicable period, assuming the reinvestment of all distributions at the Company’s net asset value per share as of the period end date. The total return (without assuming reinvestment of distributions) for each period presented was calculated by taking the net asset value per share as of the end of the applicable period, adding the cash distributions per share which were declared during the applicable period and dividing the total by the net asset value per share at the beginning of the applicable period. The total returns do not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of the Company’s common shares. The total returns include the effect of the issuance of common shares at a net offering price that is greater than net asset value per share, which causes an increase in net asset value per share. The historical calculations of total returns in the table should not be considered representations of the Company’s future total returns, which may be greater or less than the returns shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. The total return calculations set forth above represent the total returns on the Company’s investment portfolio during the applicable period and do not represent actual returns to shareholders.

(6) Weighted average net assets during the applicable period are used for this calculation. Ratios for the nine months ended September 30, 2023 are annualized. Annualized ratios for the nine months ended September 30, 2023 are not necessarily indicative of the ratios that may be expected for the year ending December 31, 2023.

(7) If FS/EIG Advisor had not agreed to offset the amount of any structuring, upfront or certain other fees it or its members received against the management fee payable by the Company, the ratio of net investment income to average net assets would have been 4.28% and 3.87% for the nine months ended September 30, 2023 and the year ended December 31, 2022, respectively. See Note 4 for a discussion of the management fee offset with FS/EIG Advisor.

(8) Portfolio turnover for the nine months ended September 30, 2023 is not annualized.

(9) Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness.