7 unchanged sentences
6/30/2021 $ 12.66 $ 14.91 $ 12.27 18 % ( 3 ) % $ 0.2700 (C)
−Removed: 9/30/2020 10.86 10.39 8.88 (4) % (18) % 0.2100
−Removed: 12/31/2020 11.11 10.80 8.16 (3) % (27) % 0.2100
−Removed: 3/31/2021 11.52 12.74 9.91 11 % (14) % 0.2100
+Added: 9/30/2021 13.27 15.26 13.69 15 % 3 % 0.2400 (C)
+Added: 12/31/2021 13.27 17.15 13.91 29 % 5 % 0.3150 (C)
+Added: 3/31/2022 13.43 17.12 13.86 27 % 3 % 0.3450 (C)
Fiscal Year ended March 31, 2023:
6/30/2022 $ 13.44 $ 16.85 $ 12.27 25 % ( 9 ) % $ 0.3450 (D)
−Removed: 9/30/2021 13.27 15.26 13.69 15 % 3 % 0.2400 (D)
+Added: 9/30/2022 13.31 15.86 11.77 19 % ( 12 ) % 0.2250
12/31/2022 13.43 14.64 11.40 9 % ( 15 ) % 0.3600 (D)
6 unchanged sentences
(B) The premiums (discounts) set forth in these columns represent the high or low, as applicable, intraday sale prices per share for the relevant quarter minus the NAV per share as of the end of such quarter, and therefore may not reflect the premium (discount) to NAV per share on the date of the high and low intraday sales prices.
−Removed: (C) Includes a $0.09 per common share supplemental distribution paid in June 2020.
−Removed: (D) Includes $0.06, $0.03, $0.09 and $0.12 per common share supplemental distributions paid in June 2021, September 2021, December 2021 and February 2022, respectively.
+Added: (C) Includes $0.06, $0.03, $0.09 and $0.12 per common share supplemental distributions paid in June 2021, September 2021, December 2021 and February 2022, respectively.
+Added: (D) Includes $0.12, $0.12 and $0.24 per common share supplemental distributions paid in June 2022, December 2022 and March 2023, respectively.
(E) Includes a $0.12 per common share supplemental distribution to be paid in June 2023.
9 unchanged sentences
We did not sell any unregistered securities during the fiscal year ended March 31, 2023.
−Removed: Table of Content s
Purchases of Equity Securities
2 unchanged sentences
The following graph shows the total stockholder return on an investment of $100 in cash on March 31, 2018 for (i) our common stock, (ii) the Nasdaq’s 100 Total Return index (“Nasdaq 100 TR”), (iii) the Russell 1000 Total Return index (“Russell 1000 TR”) and (iv) the Standard and Poor’s BDC index (“S&P BDC”).
−Removed: For the fiscal year ended March 31, 2021, we included a comparison to the Wells Fargo BDC Total Return Index (“WF BDC TR”).
−Removed: For the fiscal year ended March 31, 2022, we switched to a comparison to the S&P BDC Index, due to the termination of the WF BDC TR on July 30, 2021.
The graph and other information furnished under the heading “Stock Performance Graph” shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that we specifically incorporate it by reference and shall not be deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C under, or to the liabilities of Section 18 of, the Exchange Act.
1 unchanged sentence
This stock performance graph and the related textual information are not necessarily indicative of future performance.
−Removed: GAIN Nasdaq 100 TR Russell 1000 TR S&P BDC TR WF BDC TR (1)
+Added: GAIN Nasdaq 100 TR Russell 1000 TR S&P BDC TR
3/31/2018 $ 100.00 $ 100.00 $ 100.00 $ 100.00
3 unchanged sentences
3/31/2022 169.83 233.86 182.86 158.31
−Removed: 3/31/2022 272.87 286.21 208.42 145.18 N/A
−Removed: (1) For the fiscal years ended March 31, 2021, 2020, 2019, 2018, and 2017, we included a comparison to the WF BDC TR, but switched to a comparison to the S&P BDC for the fiscal year ended March 31, 2022, due to the termination of the WF BDC TR on July 30, 2021.
−Removed: Table of Content s
+Added: 3/31/2023 204.05 209.65 167.51 145.83
F ees and Expenses
32 unchanged sentences
(i) assistance obtaining,
−Removed: Table of Content s
sourcing or structuring credit facilities, long term loans or additional equity from unaffiliated third parties;
19 unchanged sentences
The capital gains-based incentive fee equals 20% of our net realized capital gains in excess of unrealized depreciation since our inception, if any, computed as all realized capital gains net of all realized capital losses and unrealized depreciation since our inception, less any prior payments, measured at the end of each calendar year and payable at the end of each fiscal year.
−Removed: During the three months ended March 31, 2022, we recorded capital gains-based incentive fees of $2.0 million in accordance with GAAP, which were not contractually due under the terms of the Advisory Agreement.
+Added: During the three months ended March 31, 2023, we recorded a reversal of capital gains-based incentive fees of $1.0 million in accordance with GAAP, which were not contractually due under the terms of the Advisory Agreement.
+Added: Excluding this reversal, our incentive fees as a percentage of average net assets would be 1.93%.
No credits were applied to incentive fees for the three months ended March 31, 2023;
9 unchanged sentences
= 0.4375% + 0.0225%
−Removed: Table of Content s
• Assuming net realized capital gains of 6% and realized capital losses and unrealized capital depreciation of 1%, the capital gains-based incentive fee would be as follows:
4 unchanged sentences
(7) Includes amortization of deferred financing costs.
−Removed: As of March 31, 2022, we had no borrowings outstanding under our Credit Facility, $127.9 million of 2026 Notes, at cost, $134.6 million of 2028 Notes, at cost, $5.1 million in a secured borrowing.
+Added: As of March 31, 2023, we had $35.2 million of borrowings outstanding under our Credit Facility, $127.9 million of 2026 Notes, at cost, and $134.6 million of 2028 Notes, at cost.
See “ Item 7.
20 unchanged sentences
Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital
−Removed: Table of Content s
Resources—Distributions and Dividends to Stockholders—Dividend Reinvestment Plan ” for additional information regarding our dividend reinvestment plan.
16 unchanged sentences
March 31, 2018 — N/A — N/A
−Removed: March 31, 2016 $ 40,000,000 $ 2,214 $ 25.00 $ 25.60
+Added: March 31, 2017 — N/A — N/A
March 31, 2016 $ 40,000,000 $ 2,214 $ 25.00 $ 25.60
6 unchanged sentences
March 31, 2020 — N/A — N/A
+Added: March 31, 2019 — N/A — N/A
March 31, 2018 $ 41,400,000 $ 2,373 $ 25.00 $ 25.20
7 unchanged sentences
March 31, 2020 — N/A — N/A
+Added: March 31, 2019 — N/A — N/A
March 31, 2018 $ 40,250,000 $ 2,373 $ 25.00 $ 25.33
1 unchanged sentence
March 31, 2016 $ 40,250,000 $ 2,214 $ 25.00 $ 23.92
+Added: Class and Year Total Amount
+Added: Exclusive of Treasury
+Added: Securities (1) Asset Coverage Per Unit (2) Involuntary
+Added: Preference Per
+Added: Unit (3) Average Market Value
6.25% Series D Cumulative Term Preferred Stock due 2023 (8)
1 unchanged sentence
March 31, 2022 — N/A — N/A
+Added: March 31, 2021 — N/A — N/A
March 31, 2020 $ 57,500,000 $ 2,938 $ 25.00 $ 20.46
−Removed: Table of Content s
March 31, 2019 $ 57,500,000 $ 3,091 $ 25.00 $ 25.38
3 unchanged sentences
March 31, 2023 — — — N/A
+Added: March 31, 2022 — — — N/A
March 31, 2021 $ 94,371,325 $ 2,486 $ 25.00 $ 25.44
12 unchanged sentences
March 31, 2014 $ 61,250,000 $ 2,978 — N/A
−Removed: Short-term loan
−Removed: March 31, 2022 — N/A — N/A
−Removed: March 31, 2021 — N/A — N/A
−Removed: March 31, 2020 — N/A — N/A
−Removed: March 31, 2019 — N/A — N/A
−Removed: March 31, 2018 — N/A — N/A
−Removed: March 31, 2017 — N/A — N/A
−Removed: March 31, 2016 — N/A — N/A
−Removed: March 31, 2015 — N/A — N/A
−Removed: March 31, 2014 — N/A — N/A
−Removed: March 31, 2013 $ 58,016,000 $ 2,725 — N/A
2026 Notes (10)
1 unchanged sentence
March 31, 2022 $ 127,937,500 $ 2,529 $ 25.00 $ 25.13
+Added: March 31, 2021 $ 127,937,500 $ 3,980 $ 25.00 $ 25.85
2028 Notes (11)
March 31, 2023 $ 134,550,000 $ 2,447 $ 25.00 $ 23.00
+Added: March 31, 2022 $ 134,550,000 $ 2,529 $ 25.00 $ 25.07
Secured borrowings (12)
−Removed: March 31, 2022 $ 5,095,785 $ 2,529 $ — N/A
+Added: March 31, 2023 — N/A $ — N/A
March 31, 2022 $ 5,095,785 $ 2,529 — N/A
11 unchanged sentences
(3) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it.
−Removed: Table of Content s
(4) Only applicable to our Term Preferred Stock, our 2026 Notes, and our 2028 Notes because the other senior securities are not registered for public trading.
11 unchanged sentences
Specifically, the third-party has a senior claim to our remaining investment in the event of default by Ginsey which, in part, resulted in the loan participation bearing a rate of interest lower than the contractual rate established at origination.
−Removed: Therefore, our accompanying Consolidated Statements of Assets and Liabilities reflect the entire secured second lien term debt investment in Ginsey and a corresponding $5.1 million secured borrowing liability.
−Removed: The secured borrowing has a stated fixed interest rate of 7.0% and a maturity date of January 3, 2025.
−Removed: Table of Content s
+Added: Therefore, our accompanying Consolidated Statements of Assets and Liabilities as of March 31, 2022 reflect the entire secured second lien term debt investment in Ginsey and a corresponding $5.1 million secured borrowing liability.
+Added: In conjunction with the August 2022 refinancing at Ginsey, the $5.1 million secured borrowing liability was extinguished.
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.