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Financial Highlights
 9 Months Ended
Sep. 30, 2024
Investment Company Financial Highlights [Abstract]  
Financial Highlights

Note 11. Financial Highlights

The following presents financial highlights (in thousands except share and per share information):

 

 

 

Nine Months Ended

 

 

 

Nine Months Ended

 

 

 

 

September 30, 2024

 

 

 

September 30, 2023

 

 

Per Share Data: (1)

 

 

 

 

 

 

Net asset value, beginning of period

 

$

13.19

 

 

 

$

13.15

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1.61

 

 

 

 

1.75

 

 

Net realized and unrealized gains/(losses) on investments (2)

 

 

(0.23

)

 

 

 

(0.15

)

 

Net increase/(decrease) in net assets resulting from operations

 

 

1.38

 

 

 

 

1.60

 

 

 

 

 

 

 

 

 

 

Offering costs

 

 

(0.04

)

 

 

 

(0.08

)

 

Effect of shares issued and repurchased (3)

 

 

0.13

 

 

 

 

0.04

 

 

Distributions (4)

 

 

(1.53

)

 

 

 

(1.54

)

 

Total increase/(decrease) in net assets

 

 

(0.06

)

 

 

 

0.02

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period

 

$

13.13

 

 

 

$

13.17

 

 

 

 

 

 

 

 

 

 

Shares outstanding, end of period

 

 

57,642,040

 

 

 

 

43,246,612

 

 

Weighted average shares outstanding

 

 

50,455,373

 

 

 

 

37,091,030

 

 

Total return based on net asset value (5)(9)

 

 

11.1

 

%

 

 

11.9

 

%

Total return based on market value (6)(9)

 

 

3.7

 

%

 

 

43.7

 

%

 

 

 

 

 

 

 

 

Ratio/Supplemental Data:

 

 

 

 

 

 

Per share market value at end of period

 

$

13.57

 

 

 

$

13.92

 

 

Net assets, end of period

 

$

756,795

 

 

 

$

569,463

 

 

Ratio of total expenses to average net assets (10)

 

 

17.2

 

%

 

 

18.9

 

%

Ratio of net investment income to average net assets (10)

 

 

16.3

 

%

 

 

17.7

 

%

Ratio of interest and credit facility expenses to average net assets (10)

 

 

8.6

 

%

 

 

9.3

 

%

Portfolio turnover rate (7)(9)

 

 

37.3

 

%

 

 

32.6

 

%

Asset coverage ratio (8)

 

 

182.0

 

%

 

 

206.9

 

%

 

(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)
Net realized and unrealized gains/(losses) on investments include rounding adjustments to reconcile the change in net asset value per share.
(3)
Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date. Also includes the impact of the issuance of shares related to the equity incentive plans, the accretive effect of DRIP issuance and stock offerings (issuing shares above NAV per share), and the impact of share repurchases under the Repurchase Program.
(4)
The per share data reflects the actual amount of distributions declared per share for the applicable period.
(5)
Total return based on net asset value is calculated as the change in net asset value per share during the period plus declared distributions per share during the period, divided by the beginning net asset value per share.
(6)
Total return based on market value is calculated as the change in market value per share during the period, taking into account distributions.
(7)
Portfolio turnover rate is calculated using the lesser of year-to-date cash sales/repayments or year-to-date cash purchases over the average of the total investments at fair value.
(8)
Based on outstanding debt of $922.5 million and $532.5 million as of September 30, 2024 and 2023, respectively.
(9)
Not annualized.
(10)
Annualized.

Senior Securities

Information about the Company’s senior securities (including debt securities and other indebtedness) is shown in the following table as of September 30, 2024, and December 2023, 2022, 2021 and 2020. No senior securities were outstanding as of December 31, 2019.

 

Class and Period

Total
Amount
Outstanding
Exclusive of
Treasury
Securities (1) (in thousands)

 

Asset
Coverage
per Unit (2)

 

 

Involuntary
Liquidating
Preference
per Unit (3)

 

 

Average
Market Value
per Unit (4)

 

Credit Suisse Credit Facility

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2024 (Unaudited)

 

$

—

 

 

 

—

 

 

 

—

 

 

 

—

 

December 31, 2023(5)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

December 31, 2022(5)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

December 31, 2021

 

 

10,000

 

 

 

1,958

 

 

 

—

 

 

 

—

 

December 31, 2020

 

 

135,000

 

 

 

1,770

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

KeyBank Credit Facility

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2024 (Unaudited)

 

$

290,000

 

 

 

1,820

 

 

 

—

 

 

 

—

 

December 31, 2023

 

 

213,000

 

 

 

1,947

 

 

 

—

 

 

 

—

 

December 31, 2022

 

 

187,500

 

 

 

1,741

 

 

 

—

 

 

 

—

 

December 31, 2021

 

 

81,000

 

 

 

1,958

 

 

 

—

 

 

 

—

 

December 31, 2020

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

2025 Notes

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2024 (Unaudited)

 

$

152,500

 

 

 

1,820

 

 

 

—

 

 

$

1,009

 

December 31, 2023

 

 

182,500

 

 

 

1,947

 

 

 

—

 

 

 

1,006

 

December 31, 2022

 

 

182,500

 

 

 

1,741

 

 

 

—

 

 

 

1,006

 

December 31, 2021

 

 

125,000

 

 

 

1,958

 

 

 

—

 

 

 

—

 

December 31, 2020

 

 

125,000

 

 

 

1,770

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Convertible Notes

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2024 (Unaudited)

 

$

50,000

 

 

 

1,820

 

 

 

—

 

 

 

—

 

December 31, 2023

 

 

50,000

 

 

 

1,947

 

 

 

—

 

 

 

—

 

December 31, 2022

 

 

50,000

 

 

 

1,741

 

 

 

—

 

 

 

—

 

December 31, 2021

 

 

50,000

 

 

 

1,958

 

 

 

—

 

 

 

—

 

December 31, 2020

 

 

50,000

 

 

 

1,770

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

August 2026 Notes

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2024 (Unaudited)

 

$

125,000

 

 

 

1,820

 

 

 

—

 

 

 

—

 

December 31, 2023

 

 

125,000

 

 

 

1,947

 

 

 

—

 

 

 

—

 

December 31, 2022

 

 

125,000

 

 

 

1,741

 

 

 

—

 

 

 

—

 

December 31, 2021

 

 

125,000

 

 

 

1,958

 

 

 

—

 

 

 

—

 

December 31, 2020

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

December 2026 Notes

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2024 (Unaudited)

 

$

75,000

 

 

 

1,820

 

 

 

—

 

 

 

—

 

December 31, 2023

 

 

75,000

 

 

 

1,947

 

 

 

—

 

 

 

—

 

December 31, 2022

 

 

75,000

 

 

 

1,741

 

 

 

—

 

 

 

—

 

December 31, 2021

 

 

75,000

 

 

 

1,958

 

 

 

—

 

 

 

—

 

December 31, 2020

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

Class and Period, Continued

Total
Amount
Outstanding
Exclusive of
Treasury
Securities (1) (in thousands)

 

Asset
Coverage
per Unit (2)

 

 

Involuntary
Liquidating
Preference
per Unit (3)

 

 

Average
Market Value
per Unit (4)

 

March 2029 Notes

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2024 (Unaudited)

 

$

115,000

 

 

 

1,820

 

 

 

—

 

 

$

1,012

 

December 31, 2023

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

December 31, 2022

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

December 31, 2021

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

December 31, 2020

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

September 2029 Notes

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2024 (Unaudited)

 

$

115,000

 

 

 

1,820

 

 

 

—

 

 

$

1,014

 

December 31, 2023

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

December 31, 2022

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

December 31, 2021

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

December 31, 2020

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2024 (Unaudited)

 

$

922,500

 

 

 

1,820

 

 

 

—

 

 

 

—

 

December 31, 2023

 

 

645,500

 

 

 

1,947

 

 

 

—

 

 

 

—

 

December 31, 2022

 

 

620,000

 

 

 

1,741

 

 

 

—

 

 

 

—

 

December 31, 2021

 

 

466,000

 

 

 

1,958

 

 

 

—

 

 

 

—

 

December 31, 2020

 

 

310,000

 

 

 

1,770

 

 

 

—

 

 

 

—

 

 

(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 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, with the exception of the 2025 Notes, March 2029 Notes and September 2029 Notes. The average market value per unit calculated for the 2025 Notes, March 2029 Notes and September 2029 Notes are based on the average daily price of such notes and are expressed in terms of dollar amounts per $1,000 of indebtedness.
(5)
The Credit Suisse Credit Facility matured on January 8, 2022, in accordance with its terms, and all outstanding indebtedness thereunder was repaid.