The following table presents the schedule of financial highlights of the Company:
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For the Year Ended December 31, |
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For the Year Ended December 31, |
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For the Year Ended December 31, |
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2025 |
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2024 |
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2023 |
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Per Common Share Data(1): |
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NAV, beginning of period |
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$ |
25.22 |
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$ |
25.20 |
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$ |
25.00 |
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Net investment income |
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2.32 |
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2.54 |
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1.80 |
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Net realized and unrealized gains (losses)(2) |
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(0.26 |
) |
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— |
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(3) |
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0.25 |
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Net increase in net assets from operations(2) |
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$ |
2.06 |
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$ |
2.54 |
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$ |
2.05 |
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Distributions recorded: |
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From distributable earnings to common stockholders |
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(2.29 |
) |
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(2.52 |
) |
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(1.85 |
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From distributable earnings to preferred stockholders |
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— |
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— |
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— |
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(3) |
Total increase (decrease) in net assets |
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$ |
(0.23 |
) |
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$ |
0.02 |
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$ |
0.20 |
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NAV, end of period |
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$ |
24.99 |
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$ |
25.22 |
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$ |
25.20 |
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Shares outstanding, end of period |
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345,702,942 |
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194,480,997 |
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63,140,236 |
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Weighted average shares outstanding |
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289,833,453 |
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129,477,228 |
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35,380,606 |
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Total return based on NAV(4) |
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8.51 |
% |
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10.53 |
% |
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8.47 |
% |
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Supplemental Data/Ratio(5): |
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Net assets, end of period |
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$ |
8,640,506 |
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$ |
4,905,704 |
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$ |
1,590,837 |
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Ratio of net expenses to average net assets |
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4.29 |
% |
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3.99 |
% |
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3.43 |
% |
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Ratio of net expenses before voluntary waivers to average net assets |
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5.44 |
% |
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4.75 |
% |
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3.43 |
% |
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Ratio of net expenses (without net incentive fees and interest and other debt expenses) to average net assets |
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0.61 |
% |
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0.70 |
% |
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1.10 |
% |
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Ratio of interest and other debt expenses to average net assets |
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3.16 |
% |
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2.48 |
% |
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1.51 |
% |
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Ratio of net incentive fees to average net assets |
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0.52 |
% |
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0.81 |
% |
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0.82 |
% |
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Ratio of total expenses to average net assets |
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5.80 |
% |
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5.30 |
% |
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4.97 |
% |
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Ratio of net investment income to average net assets |
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9.24 |
% |
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10.05 |
% |
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9.24 |
% |
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Portfolio turnover |
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22 |
% |
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20 |
% |
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21 |
% |
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(1)The per share data was derived by using the weighted average Shares outstanding during the applicable period that the Shares were outstanding, except for distributions recorded, which reflects the actual amount per Share for the applicable period. (2)The amount shown may not correspond for the period as it includes the effect of the timing of Share issuances and distributions. (3)Amount rounds to less than $0.01 (4)Calculated as the change in NAV per share during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Company’s DRIP. (5)Ratios are annualized, except for, as applicable, fee waivers, expense support, reimbursable expenses previously borne by Investment Adviser, unvested Incentive Fees, organization costs and Series A Preferred Stock redemption premium. NAV used in ratios represents NAV to common stockholders and excludes preferred stockholders’ equity.
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