Financial Highlights

6 Months Ended

Jun. 30, 2024

Investment Company, Financial Highlights [Abstract]

Financial Highlights

Financial Highlights

The following is a schedule of financial highlights for the six months ended June 30, 2024 and 2023:

	June 30, 2024			June 30, 2023
Per share data:
Net asset value at beginning of period	$	9.40		$	10.39
Net investment income (1)	0.56			0.58
Net gain (loss) (1)	(0.26)			(0.63)
Net increase (decrease) in net assets resulting from operations (1)	0.30			(0.05)
Stockholder distributions - income (2)	(0.50)			(0.50)
Net asset value at end of period	$	9.20		$	9.84
Net assets at end of period	$	199,344		$	213,208
Shares outstanding at end of period	21,666,340			21,666,340
Per share market value at end of period	$	7.61		$	8.18
Total return based on market value (3)	14.97		%	1.90		%
Total return based on average net asset value (4)	3.20		%	(0.44)		%
Ratio/Supplemental data:
Ratio of net investment income to average net assets (5)	12.87		%	12.93		%
Ratio of total expenses to average net assets (5) (6)	17.88		%	17.40		%
Portfolio turnover (7)	9.33		%	7.46		%

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(1)The per share data was derived by using the weighted average shares outstanding during the periods presented.

(2)Management monitors available taxable earnings, including net investment income and realized capital gains, to determine if a tax return of capital may occur for the year. To the extent the Company’s taxable earnings fall below the total amount of the Company’s distributions for that fiscal year, a portion of those distributions may be deemed a tax return of capital to the Company’s stockholders. The tax character of distributions will be determined at the end of the fiscal year. However, if the character of such distributions were determined as of June 30, 2024 and 2023, none of the distributions would have been characterized as a tax return of capital to the Company’s stockholders; this tax return of capital may differ from the return of capital calculated with reference to net investment income for financial reporting purposes.

(3)Total return based on market value is calculated assuming a purchase of common shares at the market value on the first day and a sale at the market value on the last day of the periods reported. Distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Company’s DRIP. Total return based on market value does not reflect brokerage commissions. Return calculations are not annualized.

(4)Total return based on average net asset value is calculated by dividing the net increase (decrease) in net assets resulting from operations by the average net asset value. Return calculations are not annualized.

(5)Ratios are annualized. Incentive fees included within the ratio are not annualized.

(6)The following is a schedule of supplemental ratios for the six months ended June 30, 2024 and 2023. These ratios have been annualized unless otherwise noted.

	June 30, 2024		June 30, 2023
Ratio of total investment income to average net assets	30.74	%	30.33	%
Ratio of interest and other debt financing expenses to average net assets	11.26	%	10.34	%
Ratio of total expenses (excluding incentive fees) to average net assets	17.02	%	15.98	%
Ratio of incentive fees to average net assets (7)	0.85	%	1.42	%

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(7)Ratios are not annualized.