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CONSOLIDATED FINANCIAL HIGHLIGHTS
 12 Months Ended
Dec. 31, 2022
Investment Company [Abstract]  
CONSOLIDATED FINANCIAL HIGHLIGHTS
11. CONSOLIDATED FINANCIAL HIGHLIGHTS
The following is a schedule of consolidated financial highlights for the years ended December 31, 2022, 2021, 2020, 2019 and 2018:
 For the years ended December 31,
 20222021202020192018
Per Common Share Data:
Net asset value per common share, beginning of year$16.91 $15.39 $16.56 $17.09 $18.12 
Net investment income (loss)(1)
1.93 1.53 1.54 1.79 1.73 
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities(0.35)1.36 (1.46)(0.75)(1.10)
Net increase (decrease) in net assets resulting from operations1.58 2.89 0.08 1.04 0.63 
Dividends declared(2)
(1.64)(1.50)(1.47)(1.74)(1.68)
Other(3)
0.01 0.03 — — — 
Accretion due to share repurchases0.13 0.10 0.22 0.17 0.02 
Net asset value per common share, end of year$16.99 $16.91 $15.39 $16.56 $17.09 
Market price per common share, end of year$14.31 $13.73 $10.26 $13.38 $12.40 
Number of shares of common stock outstanding, end of year51,060,136 53,142,454 55,320,309 57,763,811 62,230,251 
Total return based on net asset value(4)
13.00 %19.62 %1.81 %7.08 %3.59 %
Total return based on market price(5)
17.22 %48.44 %(12.33)%21.94 %(29.74)%
Net assets attributable to Common Stockholders, end of year$867,423 $898,804 $851,363 $956,471 $1,063,218 
Ratio to average net assets attributable to Common Stockholders:
Expenses net of waiver, before incentive fees9.23 %7.62 %8.48 %8.79 %6.77 %
Expenses net of waiver, after incentive fees11.65 %9.63 %10.59 %11.05 %8.81 %
Expenses gross of waiver, after incentive fees11.65 %9.63 %10.59 %11.05 %8.81 %
Net investment income (loss)(6)
11.75 %9.91 %10.08 %10.47 %9.64 %
Interest expense and credit facility fees4.96 %3.51 %4.49 %5.22 %3.57 %
Ratios/Supplemental Data:
Asset coverage, end of period176.79 %181.94 %182.09 %181.01 %210.31 %
Portfolio turnover30.00 %45.44 %33.06 %38.97 %45.88 %
Weighted-average shares of common shares outstanding
52,112,420 54,244,432 56,421,137 60,189,502 62,533,614 
(1)Net investment income (loss) per share was calculated as net investment income (loss) less the preferred dividend for the year divided by the weighted-average number of shares of common stock outstanding for the year.
(2)Dividends declared per common share was calculated as the sum of dividends on common stock declared during the year divided by the number of shares of common stock outstanding at each respective quarter-end date (refer to Note 10 to these consolidated financial statements).
(3)Includes the impact of different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding and certain per share data based on the shares outstanding as of a period end or transaction date
(4)Total return is based on the change in net asset value per common share during the year plus the declared dividends on common stock, assuming reinvestment of dividends in accordance with the dividend reinvestment plan, divided by the beginning net asset value for the year.
(5)Total return based on market value (not annualized) is calculated as the change in market value per common share during the period plus the declared dividends on common stock, assuming reinvestment of dividends in accordance with the dividend reinvestment plan, divided by the beginning market price for the period.
(6)The net investment income ratio is net of the waiver of base management fees.
Senior Securities
Information about the Company’s senior securities is shown in the following table as of the end of each fiscal year ended December 31 since the Company commenced operations on May 2, 2013.
Class and Year/Period
Total Amount Outstanding
Exclusive of Treasury
Securities(1) ($ in millions)
Asset Coverage
Per Unit(2)
Involuntary
Liquidating
Preference Per Unit(3)
Average
Market Value
Per Unit(4)
Total Senior Securities
December 31, 2022$1,129.6 $1,768.0 — N/A
December 31, 2021$1,096.9 $1,819.0 — N/A
December 31, 2020$1,037.1 $1,821.0 — N/A
December 31, 2019$1,180.8 $1,810.0 — N/A
December 31, 2018$963.8 $2,103.0 — N/A
December 31, 2017$835.9 $2,349.0 — N/A
December 31, 2016$694.9 $2,100.0 — N/A
December 31, 2015$507.3 $2,127.0 — N/A
December 31, 2014$308.4 $2,097.0 — N/A
December 31, 2013$66.8 $3,784.0 — N/A
SPV Credit Facility(5)
December 31, 2020$— $— — N/A
December 31, 2019$232.5 $356.0 — N/A
December 31, 2018$224.1 $489.0 — N/A
December 31, 2017$287.4 $808.0 — N/A
December 31, 2016$252.9 $764.0 — N/A
December 31, 2015$170.3 $714.0 — N/A
December 31, 2014$246.4 $1,675.0 — N/A
December 31, 2013$66.8 $3,784.0 — N/A
Credit Facility(6)
December 31, 2022$440.4 $689.0 — N/A
December 31, 2021$407.7 $676.0 — N/A
December 31, 2020$347.9 $611.0 — N/A
December 31, 2019$384.1 $589.0 — N/A
December 31, 2018$290.5 $634.0 — N/A
December 31, 2017$275.5 $774.0 — N/A
December 31, 2016$169.0 $511.0 — N/A
December 31, 2015$64.0 $268.0 — N/A
December 31, 2014$62.0 $421.0 — N/A
2015-1 Notes(7)
December 31, 2017$273.0 $767.0 — N/A
December 31, 2016$273.0 $825.0 — N/A
December 31, 2015$273.0 $1,145.0 — N/A
2015-1R Notes(7)
December 31, 2022$449.2 $703.0 — N/A
December 31, 2021$449.2 $745.0 — N/A
December 31, 2020$449.2 $789.0 — N/A
December 31, 2019$449.2 $689.0 — N/A
December 31, 2018$449.2 $980.0 — N/A
2019 Notes(8)
December 31, 2022$115.0 $180.0 — N/A
December 31, 2021$115.0 $191.0 — N/A
December 31, 2020$115.0 $202.0 — N/A
December 31, 2019$115.0 $176.0 — N/A
2020 Notes(9)
December 31, 2022$75.0 $117.0 — N/A
December 31, 2021$75.0 $124.0 — N/A
December 31, 2020$75.0 $132.0 — N/A
Class and Year/Period
Total Amount Outstanding
Exclusive of Treasury
Securities(1) ($ in millions)
Asset Coverage
Per Unit(2)
Involuntary
Liquidating
Preference Per Unit(3)
Average
Market Value
Per Unit(4)
Preferred Stock(10)
December 31, 2022$50.0 $78.0 — N/A
December 31, 2021$50.0 $83.0 — N/A
December 31, 2020$50.0 $88.0 — N/A
(1)    Total amount of each class of senior securities outstanding at the end of the period presented.
(2)    Asset coverage per unit is the ratio of the carrying value of the Company’s total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.
(3)    The amount to which such class of senior security would be entitled upon the Company’s involuntary liquidation in preference to any security junior to it. The “—” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.
(4)    Not applicable because the senior securities are not registered for public trading.
(5)    On May 24, 2013, the SPV closed on a senior secured credit facility (the “SPV Credit Facility”). On December 11, 2020, the SPV repaid all outstanding amounts under the SPV Credit Facility and the facility was terminated.
(6)    On March 21, 2014, the Company closed on the Credit Facility.
(7)    On June 26, 2015, the Company completed a $400 million term debt securitization (the “2015-1 Debt Securitization”). The notes offered in the 2015-1 Debt Securitization (the “2015-1 Notes”) were issued by the 2015-1 Issuer. On August 30, 2018, the 2015-1 Issuer refinanced the 2015-1 Debt Securitization (the “2015-1 Debt Securitization Refinancing”) by redeeming in full the 2015-1 Notes and issuing the 2015-1R Notes.
(8)    On December 30, 2019, the Company closed a private offering of the 2019 Notes.
(9)    On December 11, 2020, the Company closed a private offering of the 2020 Notes.
(10)    On May 5, 2020, the Company issued the Preferred Stock.