Annual report pursuant to Section 13 and 15(d)

FINANCIAL HIGHLIGHTS (Tables)

v3.23.1
FINANCIAL HIGHLIGHTS (Tables)
 12 Months Ended
Mar. 31, 2023
Investment Company [Abstract]  
Investment Company, Financial Highlights

As of and for the Year Ended March 31,

2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Per Common Share Data:
Net asset value at beginning of year (A)
$ 13.43  $ 11.52  $ 11.17  $ 12.40  $ 10.85  $ 9.95  $ 9.22  $ 9.18  8.34  9.10 
Income from investment operations(B)
Net investment income
1.11  0.45  0.54  1.11  0.23  0.68  0.74  0.68  0.75  0.73 
Net realized gain (loss) on investments and other
 0.32  0.37  0.32  1.36  2.04  0.04  0.51  (0.15) —  0.31 
Taxes on deemed distributions of long-term capital gains
 —  —  —  (0.31) (0.41) —  —  —  —  — 
Net unrealized appreciation (depreciation) of investments and other
(0.36) 2.26  0.42  (2.38) 0.63  1.16  0.23  0.29  1.13  (1.09)
Total from investment operations
 1.07  3.08  1.28  (0.22) 2.49  1.88  1.48  0.82  1.88  (0.05)
Effect of equity capital activity(B)
Cash distributions to common stockholders from net investment income(C)
(0.92) (0.91) (0.83) (0.75) (0.69) (0.84) (0.75) (0.64) (0.77) (0.71)
Cash distributions to common stockholders from realized gains(C)
(0.49) (0.26) (0.10) (0.28) (0.24) (0.05) —  (0.11) —  — 
Discounts, commissions, and offering costs
 (0.01) —  —  —  —  (0.03) —  (0.01) (0.03) — 
Net accretive (dilutive) effect of equity offering(D)
0.01  —  —  0.01  —  (0.04) —  (0.03) (0.22) — 
Total from equity capital activity
 (1.41) (1.17) (0.93) (1.02) (0.93) (0.96) (0.75) (0.79) (1.02) (0.71)
Other, net(E)
—  —  —  0.01  (0.01) (0.02) —  0.01  (0.02) — 
Net asset value at end of year(A)
$ 13.09  $ 13.43  $ 11.52  $ 11.17  $ 12.40  10.85  9.95  9.22  9.18  8.34 
Per common share market value at beginning of year
 $ 16.13  $ 12.23  $ 7.85  $ 11.60  $ 10.10  9.07  $ 7.02  7.40  8.27  7.31 
Per common share market value at end of year
 $ 13.25  $ 16.13  $ 12.23  $ 7.85  $ 11.60  $ 10.10  $ 9.07  $ 7.02  $ 7.40  $ 8.27 
Total investment return(F)
(8.90  %) 42.40  % 70.65  % (26.23  %) 24.95  % 21.82  % 41.58  % 4.82  % 11.96  % 24.26  %
Common stock outstanding at end of year(A)
33,591,505  33,205,023  33,205,023  33,049,463  32,822,459  32,653,635  30,270,958  30,270,958  29,775,958  26,475,958 
Consolidated Statement of Assets and Liabilities Data:
Net assets at end of year
 $ 439,742  $ 445,830  $ 382,364  $ 369,031  $ 407,110  $ 354,200  $ 301,082  $ 279,022  $ 273,429  $ 220,837 
Average net assets(G)
$ 446,899  $ 425,985  $ 365,568  $ 404,336  $ 391,786  $ 328,533  $ 294,030  $ 276,293  $ 229,350  $ 231,356 
Senior Securities Data:
Total borrowings, at cost
 $ 297,688  $ 267,584  $ 155,434  $ 54,296  $ 58,096  $ 112,096  $ 74,796  $ 100,096  $ 123,896  $ 66,250 
Mandatorily redeemable preferred stock(H)
$ —  $ —  $ 94,371  $ 132,250  $ 132,250  $ 139,150  $ 139,150  $ 121,650  $ 81,400  $ 40,000 
Ratios/Supplemental Data:
Ratio of net expenses to average net assets(I)
9.97  % 13.51  % 10.58  % 6.32  % 13.30  % 11.08  % 10.02  % 10.94  % 9.48  % 7.33  %
Ratio of net investment income to average net assets(J)
8.28  % 3.52  % 4.91  % 8.99  % 1.92  % 6.68  % 7.63  % 7.50  % 8.68  % 8.35  %
(A)Based on actual shares of common stock outstanding at the beginning or end of the corresponding year, as appropriate.
(B)Based on weighted-average basic common share data for the corresponding year.
(C)The tax character of distributions is determined based on taxable income calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP. For further information on the estimated character of our distributions to common stockholders, including changes in estimates, as applicable, refer to Note 9 — Distributions to Common Stockholders.
(D)During the year ended March 31, 2020, the accretive effect is the result of issuing common shares at a price above the then current NAV per share. During the year ended March 31, 2018, 2016, and 2015, the net dilutive effect is the result of issuing common shares at a price below the then current NAV per share.
(E)Represents the impact of the different share amounts (weighted-average basic common shares outstanding for the corresponding year and actual common shares outstanding at the end of the year) in the Per Common Share Data calculations and rounding impacts.
(F)Total investment return equals the change in the market value of our common stock from the beginning of the year, taking into account dividends reinvested in accordance with the terms of our dividend reinvestment plan. Total return does not take into account distributions that may be characterized as a return of capital. For further information on the estimated character of our distributions to common stockholders, including changes in estimates, as applicable, refer to Note 9 — Distributions to Common Stockholders.
(G)Calculated using the average balance of net assets at the end of each month of the reporting year.
(H)Represents the aggregate liquidation preference of our mandatorily redeemable preferred stock.
(I)Ratio of net expenses to average net assets is computed using total expenses, net of any non-contractual, unconditional, and irrevocable credits of fees from the Adviser. Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of expenses to average net assets would have been 12.58%, 16.72%, 13.33%, 9.12%, 16.45%, 14.11%, 13.46%, 14.50%, 12.90%, and 10.20% for the fiscal years ended March 31, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, and 2014 respectively.
Had we included Virginia state taxes incurred on the deemed distributions of retained capital gains for the fiscal year ended March 31, 2020 and 2019, the ratio of net expenses to average net assets would have been 6.89% and 14.07%, respectively.
(J)Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of net investment income (loss) to average net assets would have been 5.66%,0.31%, 2.16%, 6.20%, (1.22%), 3.66%, 4.19%, 3.94%, 5.26%, and 5.48% for the fiscal years ended March 31, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, and 2014 respectively.