Investor Contact:
|
Press Contact:
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|
Nik Singhal
|
Christopher Beattie
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212.810.5427
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646.231.8518
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•
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GAAP Net Investment Income (“NII”) was $9.5 million, or $0.13 per share, in the third quarter, a 7% increase from the second quarter, and a 24% year-over-year increase from the third quarter
of 2022. Third quarter NII provided dividend coverage of 131% on a GAAP basis, an increase from prior quarter dividend coverage of 123% and up from 105% coverage in the third quarter of 2022.
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•
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Net Asset Value (“NAV”) increased to $317.6 million as of September 30, 2023, up 1% from $314.0 million as of June 30, 2023, driven by $2.3 million of NII in excess of the declared dividend
and $1.3 million of net realized and unrealized gains on the portfolio during the quarter. NAV per share increased to $4.38 per share from $4.33 per share as of June 30, 2023.
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•
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Gross deployments during the third quarter totaled $40.3 million, substantially all of which were in first lien loans. The weighted average yield on gross deployments during the quarter was
13.4%, up from 12.1% in the prior quarter. Gross repayments during the quarter were $43.6 million. The Company held 120 total portfolio companies at quarter-end.
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•
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The Company’s weighted-average portfolio yield as of September 30, 2023 was 12.8% based on total portfolio fair value, consistent with the second quarter.
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•
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Net leverage was 0.84x as of September 30, 2023, down slightly from 0.86x as of June 30, 2023, driven by net repayments of our credit facility during the quarter. Total available liquidity at
quarter-end, including borrowing capacity and cash on hand, was $89.8 million, subject to leverage and borrowing base restrictions.
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•
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On September 6, 2023, the Company amended its credit facility which, among other terms, (i) extended the maturity of the loans made under the credit facility to September 2028 and (ii) reduced
the applicable interest rate margin by 25 basis points per annum.
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•
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As previously disclosed, on September 6, 2023, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with BlackRock TCP Capital Corp. (“TCPC”), pursuant to which
the Company will merge with and into a wholly owned, indirect subsidiary of TCPC (“Merger Sub”), subject to stockholder approval, customary regulatory approvals and other closing conditions. Following the merger, TCPC will continue to trade
on the Nasdaq Global Select Market under the ticker symbol “TCPC” and Merger Sub will continue as a subsidiary of TCPC.
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September 30, 2023
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December 31, 2022
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December 31, 2021
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December 31, 2020
|
|
Portfolio Composition
|
||||
First Lien Debt
|
85%
|
79%
|
74%
|
50%
|
Second Lien Debt
|
11%
|
16%
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19%
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27%
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Junior Capital1
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4%
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5%
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7%
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23%
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Portfolio Company Count
|
120
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116
|
86
|
55
|
Non-Core Assets
|
||||
Portfolio Company Count2
|
1
|
3
|
5
|
6
|
Fair Market Value (“FMV”, in Millions)3
|
—
|
9
|
26
|
42
|
% of investments, at FMV3
|
—
|
2%
|
5%
|
9%
|
1.
|
Includes unsecured/subordinated debt and equity investments.
|
2.
|
Excludes portfolio companies with zero FMV.
|
3.
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As of September 30, 2023, the fair market value of non-core assets is less than $0.1 million, therefore the FMV and the % of investments at FMV of non-core assets have been
rounded to zero.
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Q3 2023
|
Q2 2023
|
Q3 2022
|
||||
($’s in millions, except per share data)2
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Total Amount
|
Per Share
|
Total Amount
|
Per Share
|
Total Amount
|
Per Share
|
Net Investment Income/(loss)
|
$9.5
|
$0.13
|
$8.9
|
$0.12
|
$7.7
|
$0.10
|
Net realized and unrealized gains/(losses)
|
$1.3
|
$0.02
|
$(7.4)
|
$(0.10)
|
$(2.1)
|
$(0.03)
|
Basic earnings/(losses)
|
$10.8
|
$0.15
|
$1.5
|
$0.02
|
$5.6
|
$0.08
|
Dividends declared
|
$7.3
|
$0.10
|
$7.3
|
$0.10
|
$7.3
|
$0.10
|
Net Investment Income/(loss), as adjusted1
|
$9.8
|
$0.13
|
$8.9
|
$0.12
|
$7.7
|
$0.10
|
Basic earnings/(losses), as adjusted1
|
$11.1
|
$0.15
|
$1.5
|
$0.02
|
$5.6
|
$0.08
|
1.
|
Non-GAAP basis financial measure, excluding the hypothetical liquidation basis capital gain incentive fee accrual (reversal), if any, under GAAP. See Supplemental Information.
|
2.
|
Totals may not foot due to rounding.
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($’s in millions, except per share data)
|
September 30, 2023
|
June 30, 2023
|
December 31, 2022
|
September 30, 2022
|
Total assets
|
$618.0
|
$619.0
|
$589.1
|
$612.0
|
Investment portfolio, at FMV
|
$595.3
|
$595.8
|
$570.5
|
$574.6
|
Debt outstanding
|
$275.3
|
$283.2
|
$253.0
|
$260.9
|
Total net assets
|
$317.6
|
$314.0
|
$318.5
|
$332.0
|
Net asset value per share
|
$4.38
|
$4.33
|
$4.39
|
$4.56
|
Net leverage ratio1
|
0.84x
|
0.86x
|
0.77x
|
0.71x
|
1.
|
Calculated as the ratio between (a) debt, excluding unamortized debt issuance costs, less available cash and receivable for investments sold, plus payables for investments
purchased, and (b) NAV.
|
•
|
Merger Agreement: As previously disclosed, on September 6, 2023, the Company entered into a Merger Agreement with TCPC, a Delaware corporation,
BCIC Merger Sub, LLC, a Delaware limited liability company and indirect wholly-owned subsidiary of TCPC (formerly known as Project Spurs Merger Sub, LLC, “Merger Sub”), and, solely for the limited purposes set forth therein, (x) Tennenbaum
Capital Partners, LLC (“TCP”), a Delaware limited liability company and investment advisor to TCPC, and (y) BlackRock Capital Investment Advisors, LLC, the investment advisor to the Company. The Company’s Board of Directors and TCPC’s Board
of Directors, including all of the independent directors of each board, on the recommendation of a special committee comprised solely of the independent directors of each respective board, have approved the Merger Agreement and the terms
and transactions contemplated thereby. For more information, please refer to the Form 8-K as filed with the Securities and Exchange Commission (the “SEC”) on September 6, 2023.
|
On October 6, 2023, TCPC filed a preliminary registration statement on Form N-14, which included a joint proxy statement of TCPC and BCIC, and TCPC’s prospectus. The registration statement on
Form N-14 is subject to review by the SEC. Once the registration statement on Form N-14 is declared effective, TCPC will file its final joint proxy statement/prospectus with the SEC and TCPC and the Company will begin mailing proxies to
their respective stockholders. The transaction is subject to approval by TCPC’s and BCIC’s stockholders, customary regulatory approvals and other closing conditions. Assuming these conditions are satisfied, the transaction is expected to
close in the first calendar quarter of 2024. For more information, please refer to the Form 8-K as filed with the SEC on September 6, 2023 and the joint proxy statement on Form N-14, filed by TCPC with the SEC on October 6, 2023.
|
In connection with entry into the Merger Agreement and subject to closing of the merger, TCP has agreed to reduce its base management fee rate for the combined company from 1.50% to 1.25% on
assets equal to or below 200% of the net asset value of the combined company (for the avoidance of doubt, the base management fee rate on assets that exceed 200% of the net asset value of the combined company would remain 1.00%) with no
change to the basis of calculation.
|
•
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Credit Facility Amendment: As previously disclosed, on September 6, 2023, the Company entered into its eighth amendment under its credit facility
which (i) extended the maturity date of the loans made under the credit facility to September 6, 2028, (ii) extended the termination date of the commitments available under the credit facility to September 6, 2027, (iii) reduced the
applicable margin to be applied to interest on the loans by 25 basis points per annum to either 1.75% or 2.00% for SOFR based borrowings depending on the ratio of the borrowing base to certain committed indebtedness, (iv) reduced the
commitment fee on unused commitments from 40 basis points per annum to 37.5 basis points per annum, and (v) subject to certain closing conditions being met, permits the Company to merge with and into Merger Sub, with Merger Sub continuing
as the surviving company and as a wholly-owned subsidiary of Special Value Continuation Partners LLC, a Delaware limited liability company and a wholly owned subsidiary of TCPC. For more information, please refer to the Form 8-K as filed
with the SEC on September 6, 2023.
|
•
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Non-Core Legacy Portfolio and Other Junior Capital Exposure: As of September 30, 2023, the Company’s
non-core assets represented just 0.01% of the entire portfolio at fair value, down from 9% at the end of 2020. As of September 30, 2023, the Company’s other junior capital (including
unsecured/subordinated debt and equity) exposure, excluding non-core assets, remained low at 4% of the portfolio, down from 6% at December 31, 2021 and 21% at December 31, 2020.
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•
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Share Repurchase Program: No shares were repurchased under our existing share repurchase program, during
the third quarter of 2023. Cumulative repurchases since BlackRock entered into the investment management agreement with the Company in early 2015 total approximately 10.2 million shares for $61.1 million. Since the inception of the share
repurchase program through September 30, 2023, the Company has purchased over 11.9 million shares at an average price of $6.16 per share, including brokerage commissions, for a total of $73.4 million. As of September 30, 2023, 8,000,000
shares remained authorized for repurchase. Upon expiration of the current share repurchase program on November 6, 2023, the Company’s Board of Directors reapproved the authorization for the Company to purchase up to a total of 8,000,000
shares, commencing on November 7, 2023 and effective until the earlier of (i) November 6, 2024 or (ii) such time that all the authorized shares have been repurchased, subject to the terms of the share repurchase program.
|
•
|
NII was $9.5 million, or approximately $0.13 per share, for the three months ended September 30, 2023, up from $8.9 million in the prior quarter. The increase was due largely to additional
income earned on $11.0 million of net deployments into portfolio company investments over the last two quarters as well as $1.0 million in fee and other one-time income from investment exits during the third quarter, partially offset by a
$0.8 million increase in operating expenses during the quarter. Relative to our declared dividend of $0.10 per share, dividend coverage was 131% on a GAAP basis, up from 123% in the prior quarter and from 105% in the third quarter of 2022.
As compared to the third quarter of 2022, NII for the quarter increased $1.9 million, representing a 24% year-over-year increase.
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•
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NAV increased to $317.6 million at September 30, 2023, up from $314.0 million at June 30, 2023, driven by $2.3 million of NII in excess of the declared dividend and $1.3 million of net
realized and unrealized gains during the quarter. NAV per share increased to $4.38 per share from $4.33 per share as of June 30, 2023.
|
($’s in millions)
|
Three Months Ended
|
||
September 30, 2023
|
June 30, 2023
|
September 30, 2022
|
|
Investment deployments
|
$40.3
|
$20.8
|
$78.0
|
Investment exits
|
$43.6
|
$6.5
|
$60.8
|
Number of portfolio company investments at end of period
|
120
|
121
|
111
|
Weighted average yield of debt and income producing equity securities, at FMV
|
12.9%
|
12.9%
|
10.6%
|
% of Portfolio invested in Secured debt, at FMV
|
96%
|
96%
|
94%
|
% of Portfolio invested in Unsecured/subordinated debt, at FMV
|
3%
|
3%
|
4%
|
% of Portfolio invested in Equity, at FMV
|
1%
|
1%
|
2%
|
Average investment by portfolio company, at amortized cost
|
$5.7
|
$5.7
|
$5.8
|
*
|
Balance sheet amounts and yield information above are as of period end.
|
•
|
We deployed $40.3 million during the quarter while exits and repayments totaled $43.6 million, resulting in a $3.3 million net decrease in our portfolio.
|
◾
|
Deployments consisted of investments/fundings into three new portfolio companies and primarily six existing portfolio companies, which are outlined as follows:
|
•
|
$4.5 million S + 9.00% first lien term loan to Nephron Pharmaceuticals Corp. et al, a pharmaceutical company specializing in manufacturing generic respiratory medications;
|
•
|
$2.0 million S + 6.50% first lien term loan and $0.2 million partially funded revolver to Trintech, Inc., a software provider of cloud-based reconciliation and financial close solutions; and
|
•
|
$0.3 million S + 6.00% first lien term loan, $0.3 million partially funded DDTL and $0.1 million partially funded revolver to Vortex Companies, LLC, a solutions provider of water and
wastewater infrastructure rehabilitation.
|
•
|
$14.2 million SOFR (“S”) + 9.00% first lien term loans and $1.9 million unfunded delayed draw term loan (“DDTL”) to SellerX Germany GmbH, a consolidator of small to medium sized brands that
sell through Amazon’s third-party platform. This investment was made following the combination of two prior portfolio companies, SellerX and Elevate, which effectively consolidated the prior financings to these portfolio companies into a
single new credit facility. On a net basis, the Company’s funded exposure to SellerX and Elevate did not change during the quarter. The prior financings are treated as exits as described below;
|
•
|
$6.8 million S + 7.25% first lien term loan and $0.7 million unfunded revolver to Bluefin Holding, LLC (Allvue), a provider of enterprise software solutions to alternative investment managers.
This investment was made following a refinancing of our prior investment in Bluefin which is treated as an exit as described below;
|
•
|
$4.7 million S + 6.75% first lien term loan to Calceus Acquisition, Inc. (Cole Haan), a lifestyle retailer of apparel, footwear and accessories. This investment was made following a
refinancing of our prior investment in Cole Haan which is treated as an exit as described below;
|
•
|
$4.6 million S + 6.50% first lien term loan and $0.4 million unfunded revolver to e-Discovery Acquireco, LLC (Reveal), an electronic discovery software provider. This investment was made
following a refinancing of our prior investment in Reveal which is treated as an exit as described below;
|
•
|
$2.3 million S + 6.00% unfunded DDTL and $0.4 million partially funded revolver to Modigent, LLC (fka Pueblo Mechanical and Controls, LLC); and
|
•
|
$0.8 million S + 8.00% first lien term loan to Bonterra LLC (fka Cybergrants Holdings, LLC).
|
◾
|
Exits and repayments were primarily concentrated in eleven portfolio companies, including three partial paydowns, with a total of $1.0 million in fee and other one-time income generated on
these transactions:
|
•
|
$7.7 million full repayment at par of first lien DDTL in Elevate Brands OpCo LLC;
|
•
|
$7.6 million full repayment at par of first lien term loans in Syntellis Parent, LLC (Axiom Software);
|
•
|
$6.4 million full repayment at par of first lien DDTL in SellerX Germany GmbH & Co. Kg;
|
•
|
$5.1 million partial repayment at par of first lien term loan in PVHC Holding Corp.;
|
•
|
$4.8 million full repayment at par of second lien term loan in Bluefin Holding, LLC (BlackMountain);
|
•
|
$4.6 million full repayment at par of first lien term loan and senior secured notes in Calceus Acquisition, Inc. (Cole Haan);
|
•
|
$2.8 million full repayment at par of first lien term loans in Reveal Data Corporation et al;
|
•
|
$1.1 million full repayment at par of second lien term loan in VT TopCo, Inc. (Veritext);
|
•
|
$0.7 million partial repayment at par of first lien term loans and revolver in Backoffice Associates Holdings, LLC (Syniti);
|
•
|
$0.6 million partial repayment of first lien term loan, DDTL, and revolver in Accordion Partners LLC; and
|
•
|
$0.2 million of proceeds from the exit of warrants in FinancialForce.com, Inc.
|
•
|
As of September 30, 2023, our first lien term loan in Whele LLC (Perch) was designated as a non-accrual investment position, due to a continued decline in operating performance. At
quarter-end, the Company had three non-accrual investment positions, representing approximately 3.4% and 12.0% of total debt and preferred stock investments, at fair value and cost, respectively.
|
•
|
The weighted average internal investment rating of the portfolio at FMV was 1.45 at September 30, 2023, as compared to 1.44 at June 30, 2023 and 1.33 at December 31, 2022.
|
•
|
During the quarter ended September 30, 2023, net realized and unrealized gains were $1.3 million, including $1.3 million of unrealized appreciation and $0.2 million of realized gain on
investments, partially offset by $(0.2) million of unrealized depreciation on our interest rate swap during the quarter.
|
•
|
At September 30, 2023, we had $8.8 million in cash and cash equivalents and $81.0 million of availability under our Credit Facility, subject to leverage restrictions, resulting in $89.8
million of availability for deployment into portfolio company investments, including current unfunded commitments, and for general use in the normal course of business.
|
•
|
Net leverage, adjusted for available cash, receivables for investments sold, payables for investments purchased and unamortized debt issuance costs, was 0.84x at quarter-end, and our 214%
asset coverage ratio provided the Company with additional debt capacity of $81.0 million under its asset coverage requirements, subject to borrowing capacity and borrowing base restrictions. Further, as of September 30, 2023, approximately
83% of our assets were invested in qualifying assets, exceeding the 70% requirement for a business development company under Section 55(a) of the Investment Company Act of 1940.
|
•
|
For the fourth quarter of 2023, the Company declared a cash dividend of $0.10 per share, payable on January 8, 2024 to stockholders of record at the close of business on December 15, 2023.
|
September 30, 2023 (Unaudited)
|
December 31, 2022
|
|||
Assets
|
||||
Investments at fair value:
|
||||
Non-controlled, non-affiliated investments (cost of $603,241,914 and $569,528,145)
|
$580,291,076
|
$551,686,646
|
||
Non-controlled, affiliated investments (cost of $1,139,598 and $3,849,638)
|
—
|
3,574,438
|
||
Controlled investments (cost of $84,419,465 and $84,922,381)
|
15,051,000
|
15,228,000
|
||
Total investments at fair value (cost of $688,800,977 and $658,300,164)
|
595,342,076
|
570,489,084
|
||
Cash and cash equivalents
|
8,781,026
|
9,531,190
|
||
Interest, dividends and fees receivable
|
8,039,386
|
5,515,446
|
||
Deferred debt issuance costs
|
3,101,928
|
1,055,117
|
||
Due from broker
|
2,227,876
|
1,946,507
|
||
Receivable for investments sold
|
69,434
|
12,096
|
||
Prepaid expenses and other assets
|
481,982
|
510,706
|
||
Total assets
|
$618,043,708
|
$589,060,146
|
||
Liabilities
|
||||
Debt (net of deferred issuance costs of $743,453 and $996,839)
|
$275,256,547
|
$253,003,161
|
||
Income incentive fees payable
|
9,235,880
|
3,403,349
|
||
Accrued capital gains incentive fees
|
261,077
|
—
|
||
Dividends payable
|
7,257,191
|
7,257,191
|
||
Management fees payable
|
2,278,742
|
2,186,540
|
||
Interest and debt related payables
|
1,851,583
|
738,719
|
||
Interest Rate Swap at fair value
|
1,669,628
|
1,332,299
|
||
Accrued administrative expenses
|
225,478
|
397,299
|
||
Payable for investments purchased
|
—
|
600,391
|
||
Accrued expenses and other liabilities
|
2,409,378
|
1,618,844
|
||
Total liabilities
|
300,445,504
|
270,537,793
|
||
Net Assets
|
||||
Common stock, par value $.001 per share, 200,000,000 common shares authorized, 84,481,797 issued and 72,571,907 outstanding
|
84,482
|
84,482
|
||
Paid-in capital in excess of par
|
850,199,351
|
850,199,351
|
||
Distributable earnings (losses)
|
(459,311,927)
|
(458,387,778)
|
||
Treasury stock at cost, 11,909,890 shares held
|
(73,373,702)
|
(73,373,702)
|
||
Total net assets
|
317,598,204
|
318,522,353
|
||
Total liabilities and net assets
|
$618,043,708
|
$589,060,146
|
||
Net assets per share
|
$4.38
|
$4.39
|
Three Months Ended
|
Nine Months Ended
|
||||||||
September 30, 2023
|
September 30, 2022
|
September 30, 2023
|
September 30, 2022
|
||||||
Investment income
|
|||||||||
Interest income (excluding PIK):
|
|||||||||
Non-controlled, non-affiliated investments
|
$19,406,840
|
$14,733,808
|
$55,361,062
|
$37,986,722
|
|||||
PIK interest income:
|
|||||||||
Non-controlled, non-affiliated investments
|
1,568,546
|
376,854
|
3,597,013
|
626,012
|
|||||
Non-controlled, affiliated investments
|
—
|
114,909
|
31,794
|
347,377
|
|||||
PIK dividend income:
|
|||||||||
Non-controlled, non-affiliated investments
|
91,823
|
81,188
|
267,205
|
235,799
|
|||||
Other income:
|
|||||||||
Non-controlled, non-affiliated investments
|
273,219
|
718,634
|
788,780
|
1,280,725
|
|||||
Total investment income
|
21,340,428
|
16,025,393
|
60,045,854
|
40,476,635
|
|||||
Operating expenses
|
|||||||||
Interest and other debt expenses
|
5,682,588
|
3,337,735
|
15,883,269
|
8,927,377
|
|||||
Management fees
|
2,278,742
|
2,118,115
|
6,631,122
|
6,125,146
|
|||||
Incentive fees on income
|
2,070,446
|
1,621,402
|
5,832,531
|
1,709,758
|
|||||
Incentive fees on capital gains(1)
|
261,077
|
—
|
261,077
|
(1,544,569)
|
|||||
Professional fees
|
529,477
|
214,022
|
972,638
|
724,368
|
|||||
Administrative expenses
|
225,478
|
345,707
|
806,566
|
1,010,476
|
|||||
Director fees
|
208,125
|
149,375
|
657,125
|
455,625
|
|||||
Insurance expense
|
144,452
|
187,022
|
468,155
|
582,894
|
|||||
Investment advisor expenses
|
17,093
|
25,819
|
51,280
|
77,457
|
|||||
Other operating expenses
|
405,266
|
363,161
|
1,192,695
|
1,129,757
|
|||||
Total expenses
|
11,822,744
|
8,362,358
|
32,756,458
|
19,198,289
|
|||||
Net investment income(1)
|
9,517,684
|
7,663,035
|
27,289,396
|
21,278,346
|
|||||
Realized and unrealized gain (loss) on investments and Interest Rate Swap
|
|||||||||
Net realized gain (loss):
|
|||||||||
Non-controlled, non-affiliated investments
|
204,267
|
370,660
|
242,069
|
1,196,573
|
|||||
Non-controlled, affiliated investments
|
—
|
—
|
(441,906)
|
—
|
|||||
Net realized gain (loss)
|
204,267
|
370,660
|
(199,837)
|
1,196,573
|
|||||
Net change in unrealized appreciation (depreciation):
|
|||||||||
Non-controlled, non-affiliated investments
|
1,248,945
|
(1,281,032)
|
(5,109,339)
|
(13,693,406)
|
|||||
Non-controlled, affiliated investments
|
—
|
102,585
|
(864,398)
|
332,256
|
|||||
Controlled investments
|
52,000
|
(232,073)
|
325,916
|
690,314
|
|||||
Interest Rate Swap
|
(196,560)
|
(1,015,964)
|
(594,314)
|
(1,214,658)
|
|||||
Net change in unrealized appreciation (depreciation)
|
1,104,385
|
(2,426,484)
|
(6,242,135)
|
(13,885,494)
|
|||||
Net realized and unrealized gain (loss)
|
1,308,652
|
(2,055,824)
|
(6,441,972)
|
(12,688,921)
|
|||||
Net increase (decrease) in net assets resulting from operations
|
$10,826,336
|
$5,607,211
|
$20,847,424
|
$8,589,425
|
|||||
Net investment income per share—basic(1)
|
$0.13
|
$0.10
|
$0.38
|
$0.29
|
|||||
Earnings (loss) per share—basic(1)
|
$0.15
|
$0.08
|
$0.29
|
$0.12
|
|||||
Weighted average shares outstanding—basic
|
72,571,907
|
73,170,323
|
72,571,907
|
73,551,057
|
|||||
Net investment income per share—diluted(1)(2)
|
$0.13
|
$0.10
|
$0.38
|
$0.29
|
|||||
Earnings (loss) per share—diluted(1)(2)
|
$0.15
|
$0.08
|
$0.29
|
$0.12
|
|||||
Weighted average shares outstanding—diluted
|
72,571,907
|
73,170,323
|
72,571,907
|
83,884,141
|
(1)
|
Net investment income and per share amounts displayed above are net of the accrual (reversal) for incentive fees on capital gains which is reflected on a hypothetical
liquidation basis in accordance with GAAP for the three and nine month periods ended September 30, 2023 and for the nine month period ended September 30, 2022. Refer to Supplemental Information section below for further details and as
adjusted figures that reflect that there were no incentive fees on capital gains realized and payable to the Advisor during such periods.
|
(2)
|
For the nine month period ended September 30, 2022, the impact of the hypothetical conversion of the 2022 Convertible Notes was antidilutive.
|
Three Months Ended
|
Nine Months Ended
|
|||||||
September 30, 2023
|
September 30, 2022
|
September 30, 2023
|
September 30, 2022
|
|||||
GAAP Basis:
|
||||||||
Net Investment Income
|
$9,517,684
|
$7,663,035
|
$27,289,396
|
$21,278,346
|
||||
Net Investment Income per share
|
0.13
|
0.10
|
0.38
|
0.29
|
||||
Addback: GAAP incentive fee (reversal) based on capital gains
|
261,077
|
—
|
261,077
|
(1,544,569)
|
||||
Addback: GAAP incentive fee based on Income
|
2,070,446
|
1,621,402
|
5,832,531
|
1,709,758
|
||||
Pre-Incentive Fee1:
|
||||||||
Net Investment Income
|
$11,849,207
|
$9,284,437
|
$33,383,004
|
$21,443,535
|
||||
Net Investment Income per share
|
0.16
|
0.13
|
0.46
|
0.29
|
||||
Less: Incremental incentive fee based on Income
|
(2,070,446)
|
(1,621,402)
|
(5,832,531)
|
(1,709,758)
|
||||
As Adjusted2:
|
||||||||
Net Investment Income
|
$9,778,761
|
$7,663,035
|
$27,550,473
|
$19,733,777
|
||||
Net Investment Income per share
|
0.13
|
0.10
|
0.38
|
0.27
|
1.
|
Pre-Incentive Fee: Amounts are adjusted to remove all incentive fees (if any).
|
2.
|
As Adjusted: Amounts are adjusted to remove the GAAP accrual (reversal) for incentive fee based on capital gains (if any), and to
include only the incremental incentive fee based on income (if any). Adjusted amounts reflect the fact that no incentive fee on capital gains was realized and payable to the Advisor during the three and nine month periods ended September
30, 2023 and 2022, respectively. Under the current investment management agreement, incentive fee based on income is calculated for each calendar quarter and may be paid on a quarterly basis if certain thresholds are met.
|