2 unchanged sentences
It is not possible to predict whether our common stock will trade at, above or below NAV.
−Removed: See Part I, Item 1A of this Form 10-K “ Risk Factors—Risks Related to an Investment in Our Securities—Our shares of common stock have traded at a discount from NAV and may do so again, which could limit our ability to raise additional equity capital.
+Added: See Part I, Item 1A of this Form 10-K “ Risk Factors—Risks Related to an Investment in Our Securities—Our shares of common stock have traded at a discount to NAV and may do so again, which could limit our ability to raise additional equity capital.
On February 22, 2021, the last reported closing sales price of our common stock on The Nasdaq Global Select Market was $12.07 per share, which represented a discount of approximately 21.6% to the NAV per share reported by us as of December 31, 2020.
41 unchanged sentences
Total Number of Shares Purchased (1)
−Removed: Average Price Paid Per Share
−Removed: Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)(2)
+Added: Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)(2)
Maximum (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
2 unchanged sentences
December 1, 2020 through December 31, 2020 504,653 11.10 504,653 53,152
+Added: Total 1,036,534 1,036,534
(1) On trade date basis.
−Removed: Shares purchased by the Company pursuant to the Company's Stock Repurchase Program, which was entered into on November 5, 2018, and announced on November 6, 2018.
+Added: (2) On November 2, 2020, the Company's Board of Directors approved the continuation of the Company's Stock Repurchase Program until November 5, 2021, or until the date the approved dollar amount has been used to repurchase shares, as well as the expansion of the repurchase authorization from $100 million to $150 million in the aggregate of the Company's outstanding stock.
Pursuant to the program, the Company is authorized to repurchase up to $150 million in the aggregate of its outstanding common stock in the open market and/or through privately negotiated transactions at prices not to exceed the Company’s net asset value per share as reported in its most recent financial statements, in accordance with the guidelines specified in Rule 10b-18 of the Exchange Act.
The timing, manner, price and amount of any repurchases will be determined by the Company, in its discretion, based upon the evaluation of economic and market conditions, stock price, available cash, applicable legal and regulatory requirements and other factors, and may include purchases pursuant to Rule 10b5-1 of the Exchange Act.
−Removed: The program was expected to be in effect until November 5, 2019, or until the approved dollar amount has been used to repurchase shares.
−Removed: On November 4, 2019, the Company's Board of Directors approved the continuation of the Company Stock Repurchase Program until November 5, 2020, or until the approved dollar amount has been used to repurchase shares.
−Removed: The continuation of the program was announced on November 5, 2019.
The program does not require the Company to repurchase any specific number of shares and there can be no assurance as to the amount of shares repurchased under the program.
3 unchanged sentences
The amount of purchases made under the Company 10b5-1 Plan or otherwise and how much will be purchased at any time is uncertain, dependent on prevailing market prices and trading volumes, all of which we cannot predict.
+Added: The Company's Stock Repurchase Program was originally approved by the Company's Board of Directors on November 5, 2018 and announced on November 6, 2018.
Selected Financial Data
−Removed: The tables below set forth our selected consolidated historical financial data for the periods indicated.
−Removed: The selected consolidated historical financial data as of and for the years ended December 31, 2019 , 2018 , 2017 , 2016 and 2015 have been derived from our audited consolidated financial statements, which are included in “ Financial Statements and Supplementary Data ” in Part II, Item 8 of this Form 10-K.
−Removed: Our historical results are not necessarily indicative of future results.
−Removed: The selected financial data in this section is not intended to replace the financial statements and is qualified in its entirety by the financial statements and related notes included in this filing.
−Removed: The selected consolidated financial information and other data presented below should be read in conjunction with the information contained in Part II, Item 7 of this Form 10-K “ Management’s Discussion and Analysis of Financial Condition and Results of Operations ,” the audited consolidated financial statements and the notes thereto in Part II, Item 8 of this Form 10-K, “ Financial Statements and Supplementary Data ”.
−Removed: For the years ended December 31,
−Removed: (dollar amounts in thousands, except per share data)
−Removed: Consolidated Statements of Operations Data
−Removed: Total investment income
−Removed: Net expenses (including excise tax expense)
−Removed: Net investment income (loss)
−Removed: Net realized gain (loss) on investments and non-investment assets and liabilities
−Removed: Net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities
−Removed: Net increase (decrease) in net assets resulting from operations
−Removed: Per Share Data
−Removed: Basic and diluted net investment income
−Removed: Basic and diluted earnings
−Removed: Dividends declared (1)
−Removed: Cumulative per share dividends declared by the Company’s Board of Directors for the years ended December 31, 2019 , 2018 , 2017 , 2016 and 2015 , which are inclusive of special dividends of $0.26 , $0.20 , $0.12 , $0.07 , and $0.18 per share, respectively.
−Removed: As of and for the years ended December 31,
−Removed: (dollar amounts in thousands, except per share data)
−Removed: Consolidated Statements of Assets and Liabilities Data
−Removed: Investments—non-controlled/non-affiliated, at fair value
−Removed: Investments—non-controlled/affiliated, at fair value
−Removed: Investments—controlled/affiliated, at fair value
−Removed: Cash and cash equivalents
−Removed: Secured borrowings
−Removed: Total liabilities
−Removed: Total net assets
−Removed: Net assets per share
−Removed: Number of portfolio companies/structured finance obligations/investment fund at year end
−Removed: Average funded investments in new portfolio companies/structured finance obligations/investment fund (1)
−Removed: Total return based on NAV (2)
−Removed: Average is calculated per portfolio company based on the total amount funded during the period divided by the number of investments made in portfolio companies/structured finance obligations/investment fund during the year.
−Removed: Total return is based on the change in NAV per share during the year plus the declared dividends, assuming reinvestment of dividends in accordance with the dividend reinvestment plan, divided by the beginning NAV for the year.
−Removed: Total return for the years ended December 31, 2017 , 2016 and 2015 was inclusive of $(0.11) and $0.01 and $0.11 , respectively, per share increase in NAV related to the offering price of the Company’s common stock.
−Removed: Excluding the effects of the higher offering price of the Company’s common stock, total return would have been 8.46% , 10.20% and 4.83% , respectively (refer to Note 9 in Part II, Item 8 of this Form 10-K for additional information).
+Added: Not applicable.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.