
	Six Months Ended June 30,
	2025			2024
Per Common Share
Per share NAV at beginning of period	$	9.23		$	11.90

Investment operations:
Net investment income (1)		0.70			0.87
Net realized and unrealized gain (loss) (1)		(0.64	)		(1.61	)
Total from investment operations		0.06			(0.74	)

Net decrease in net assets as a result of issuance of shares in connection with the Merger (2)		—			(0.28	)
Repurchase of common stock		0.00			—

Dividends to common shareholders		(0.58	)		(0.68	)

Per share NAV at end of period	$	8.71		$	10.20

Per share market price at end of period	$	7.70		$	10.80

Total return based on market value (3) (4)		(4.9	)%		(0.5	)%
Total return based on net asset value (3) (5)		0.7	%		(8.6	)%

Shares outstanding at end of period		85,036,467			85,591,134

Ratios to average common equity: (6)
Net investment income		15.4	%		17.0	%
Expenses, before incentive fee and management fee waiver		13.1	%		12.2	%
Expenses, net of incentive fee, before management fee waiver		13.1	%		13.7	%
Expenses, net of incentive fee and management fee waiver		12.2	%		13.7	%

Ending common shareholder equity	$	740,476,938		$	873,104,924
Portfolio turnover rate		7.4	%		8.1	%
Weighted-average debt outstanding	$	1,145,193,596		$	1,211,640,358
Weighted-average interest rate on debt		5.4	%		5.0	%
Weighted-average number of common shares		85,060,179			73,819,497
Weighted-average debt per share	$	13.46		$	16.41

(1)

Amounts shown reflect the impact of the purchase discount recorded in connection with the Merger and were computed based on the actual amounts earned or incurred by the Company divided by the actual shares outstanding in the respective accounting periods before and after the closing of the Merger on March 18, 2024.

(2)

Calculated as the number of shares issued by the Company in connection with the Merger times the discount per share based on the closing price per share and the NAV per share at the time of the closing of the Merger.

(3)

Not annualized.

(4)

Total return based on market value equals the change in ending market value per share during the period plus declared dividends per share during the period, divided by the market value per share at the beginning of the period.

(5)

Total return based on net asset value equals the change in net asset value per share during the period plus declared dividends per share during the period, divided by the beginning net asset value per share.

(6)

Annualized, except for incentive compensation.