| Financial Highlights |
Note 12. Financial Highlights
The following is a schedule of financial highlights
for the six months ended March 31, 2026 and 2025:
| |
|
For the Six Months Ended
March 31, |
|
| |
|
2026 |
|
|
2025 |
|
| Per share data |
|
|
|
|
|
|
| Net Asset Value per share at Beginning of Period |
|
$ |
80.24 |
|
|
$ |
79.37 |
|
| |
|
|
|
|
|
|
|
|
| Results of Operations: |
|
|
|
|
|
|
|
|
| Net
Investment Income/(Loss)(1) |
|
|
1.45 |
|
|
|
1.28 |
|
| Net Realized Gain/(Loss) on Investments |
|
|
(0.21 |
) |
|
|
0.05 |
|
| Net Unrealized Gain/(Loss) on Investments |
|
|
(2.76 |
) |
|
|
(0.39 |
) |
| Net loss on extinguishment of debt |
|
|
(0.01 |
) |
|
|
- |
|
| Deferred tax benefit (expense) |
|
|
(0.30 |
) |
|
|
(0.16 |
) |
| Net Increase (Decrease) in Net Assets Resulting from Operations |
|
|
(1.83 |
) |
|
|
0.78 |
|
| |
|
|
|
|
|
|
|
|
| Capital Share Transactions |
|
|
|
|
|
|
|
|
| Distributions declared |
|
|
- |
|
|
|
(1.43 |
) |
| Repurchase
of common stock under stock repurchase program(2) |
|
|
1.15 |
|
|
|
- |
|
| Net Increase (Decrease) Resulting from Capital
Share Transactions |
|
|
1.15 |
|
|
|
(1.43 |
) |
| Net Asset Value per share at End of Period |
|
$ |
79.56 |
|
|
$ |
78.72 |
|
| |
|
|
|
|
|
|
|
|
| Net Assets at End of Period |
|
$ |
153,811,704 |
|
|
$ |
158,987,514 |
|
| Shares Outstanding at End of Period |
|
|
1,933,238 |
|
|
|
2,019,778 |
|
| |
|
|
|
|
|
|
|
|
| Per share market value at end of period |
|
$ |
39.06 |
|
|
$ |
54.00 |
|
| Total
return based on market value(3) |
|
|
(17.99 |
)% |
|
|
16.45 |
% |
| Total
return based on net asset value(4) |
|
|
(4.33 |
)% |
|
|
0.98 |
% |
| Portfolio turnover rate |
|
|
9.61 |
% |
|
|
29.19 |
% |
| Ratios: |
|
|
|
|
|
|
|
|
| Ratio of net investment/(loss) income
to average net assets after waivers, discounts and reimbursements(5) |
|
|
3.68 |
% |
|
|
3.27 |
% |
| Ratio of total expenses to average net assets |
|
|
11.49 |
% |
|
|
12.16 |
% |
| |
|
|
|
|
|
|
|
|
| Supplemental Data: |
|
|
|
|
|
|
|
|
| Percentage of non-recurring fee income(6) |
|
|
2.97 |
% |
|
|
0.33 |
% |
| Average debt outstanding(7) |
|
$ |
148,112,398 |
|
|
$ |
139,253,604 |
|
| Average debt outstanding per weighted average common share |
|
$ |
74.53 |
|
|
$ |
68.95 |
|
| Asset coverage ratio per unit(8) |
|
$ |
2,043 |
|
|
$ |
2,146 |
|
| Senior Securities Outstanding(9) |
|
|
|
|
|
|
|
|
| 2023 Notes |
|
$ |
- |
|
|
$ |
- |
|
| 2028 Notes |
|
$ |
57,500,000 |
|
|
$ |
57,500,000 |
|
| 2028 Promissory Note |
|
$ |
- |
|
|
$ |
1,661,498 |
|
| Credit Facility |
|
$ |
89,991,619 |
|
|
$ |
79,600,000 |
|
| Average market value per unit: |
|
|
|
|
|
|
|
|
| 2028 Notes |
|
$ |
22.85 |
|
|
$ |
22.57 |
|
| |
|
|
|
|
|
|
|
|
| (1) |
Net investment income/(loss)
excluding management and incentive fee waivers, discounts and reimbursements based on total weighted average common stock outstanding
equals $1.45
and $1.28
per share for the six months ended March 31, 2026 and 2025, respectively. |
| (2) |
The amount shown at this caption
is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout
the period may not agree with the repurchase of common stock because of the timing of repurchase of the Company’s shares. |
| (3) |
Total return is historical
and assumes changes in share price, reinvestments of all dividends and distributions at prices obtained under the Company’s dividend
reinvestment plan, and no sales charge for the period. Calculation is not annualized. |
| (4) |
Total return is historical
and assumes changes in NAV, reinvestments of all dividends at prices obtained under the Company’s dividend reinvestment plan, and
no sales charges for the period. Calculation is not annualized. |
| (5) |
Ratios are annualized during
interim periods. |
| (6) |
Represents the impact of the
non-recurring fees as a percentage of total investment income. |
| (7) |
Based on daily weighted average carrying value of debt outstanding during the period.
|
| (8) |
Asset coverage per unit is the ratio of the carrying value of our total consolidated assets, less all
liabilities and indebtedness not represented by senior securities, 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. As of March 31, 2026, the Company’s asset coverage was 204.3%
after giving effect to leverage and therefore the Company’s asset coverage was above 200%,
the minimum asset coverage requirement under the 1940 Act. |
| (9) |
Total amount of each class
of senior securities outstanding at the end of the period excluding debt issuance costs. |
|