7 unchanged sentences
6/30/2022 $ 13.44 $ 16.85 $ 12.27 25 % ( 9 ) % $ 0.3450 (C)
−Removed: 9/30/2021 13.27 15.26 13.69 15 % 3 % 0.2400 (C)
+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 (C)
2 unchanged sentences
6/30/2023 $ 12.99 $ 13.91 $ 12.53 7 % ( 4 ) % $ 0.3600 (D)
−Removed: 9/30/2022 13.31 15.86 11.77 19 % ( 12 ) % 0.2250
9/30/2023 $ 14.03 $ 13.88 $ 12.44 ( 1 ) % ( 11 ) % $ 0.3600 (D)
12/31/2023 $ 13.01 $ 14.92 $ 12.14 15 % ( 7 ) % $ 1.2400 (D)
+Added: 3/31/2024 $ 13.43 $ 14.96 $ 13.30 11 % ( 1 ) % $ 0.2400
Fiscal Year ending March 31, 2025:
(through May 7, 2024)
−Removed: * $ 13.91 $ 12.87 * * 0.3600 (E)
+Added: * $ 14.39 $ 13.75 * * $ 0.2400
(A) NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low intraday sales prices.
1 unchanged sentence
(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 $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.
−Removed: (D) Includes $0.12, $0.12 and $0.24 per common share supplemental distributions paid in June 2022, December 2022 and March 2023, respectively.
−Removed: (E) Includes a $0.12 per common share supplemental distribution to be paid in June 2023.
+Added: (C) Includes $0.12, $0.12 and $0.24 per common share supplemental distributions paid in June 2022, December 2022 and March 2023, respectively.
+Added: (D) Includes $0.12, $0.12, $0.12 and $0.88 per common share supplemental distributions paid in June 2023, September 2023, November 2023 and December 2023, respectively.
* Not yet available, as the NAV per share as of the end of this quarter has not yet been finalized.
15 unchanged sentences
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
+Added: GAIN Nasdaq 100 TR Russell 1000 TR S&P BDC
3/31/2019 $ 100.00 $ 100.00 $ 100.00 $ 100.00
18 unchanged sentences
Loan servicing fee (5) 1.91 %
−Removed: Incentive fees (20% of realized capital gains and 20% of pre-incentive fee net investment income) (6) 1.04 %
+Added: Incentive fees (6) 4.70 %
Interest payments on borrowed funds (7) 5.93 %
38 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, 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.
−Removed: Excluding this reversal, our incentive fees as a percentage of average net assets would be 1.93%.
+Added: During the three months ended March 31, 2024, we recorded capital gains-based incentive fees of $3.5 million in accordance with GAAP, which were not contractually due under the terms of the Advisory Agreement.
No credits were applied to incentive fees for the three months ended March 31, 2024;
15 unchanged sentences
(7) Includes amortization of deferred financing costs.
−Removed: 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.
+Added: As of March 31, 2024, we had $67.0 million of borrowings outstanding under our Credit Facility, $127.9 million of 5.00% 2026 Notes, at cost, $134.6 million of 4.875% 2028 Notes, at cost, and $74.8 million of 8.00% 2028 Notes, at cost.
See “ Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Revolving Line of Credit ” and “ Item 7.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Notes Payable ” for additional information regarding the Credit Facility, the 2026 Notes and the 2028 Notes.
−Removed: (8) Includes our overhead expenses, including payments under the Administration Agreement based on our projected allocable portion of overhead and other expenses estimated to be incurred by our Administrator for the current fiscal year in performing its obligations under the Administration Agreement.
+Added: Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Notes Payable ” for additional information regarding the Credit Facility, the 5.00% 2026 Notes, the 4.875% 2028 Notes and the 8.00% 2028 Notes.
+Added: (8) Includes our overhead expenses, including payments under the Administration Agreement based on our projected allocable portion of overhead and other expenses estimated to be incurred by our Administrator for the current fiscal year.
See “ Item 1.
1 unchanged sentence
(9) Total annualized gross expenses, based on actual amounts incurred for the three months ended March 31, 2024 (except as set forth in footnote 9), would be $84.4 million.
−Removed: After all non-contractual, unconditional, and irrevocable credits described in footnote 4, footnote 5, and footnote 6 above are applied to the base management fee and the loan servicing fee, total annualized expenses after fee credits, based on actual amounts incurred for the three months ended March 31, 2023 (except as set forth in footnote 9), would be $40.9 million or 9.13% as a percentage of average net assets.
+Added: After all non-contractual, unconditional, and irrevocable credits described in footnote 4, footnote 5, and footnote 6 above are applied to the base management fee and the loan servicing fee, total annualized expenses after fee credits, based on actual amounts incurred for the three months ended March 31, 2024, would be $73.3 million or 15.26% as a percentage of average net assets.
The following example demonstrates the projected dollar amount of total cumulative expenses that would be incurred over various periods with respect to a hypothetical investment in our common stock.
24 unchanged sentences
7.125% Series A Cumulative Term Preferred Stock (5)
−Removed: March 31, 2023 — N/A — N/A
−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
March 31, 2016 $ 40,000,000 $ 2,214 $ 25.00 $ 25.60
March 31, 2015 $ 40,000,000 $ 2,301 $ 25.00 $ 25.78
−Removed: March 31, 2014 $ 40,000,000 $ 2,978 $ 25.00 $ 26.53
6.75% Series B Cumulative Term Preferred Stock (6)
−Removed: March 31, 2023 — N/A — N/A
−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
March 31, 2018 $ 41,400,000 $ 2,373 $ 25.00 $ 25.20
3 unchanged sentences
6.50% Series C Cumulative Term Preferred Stock due 2022 (7)
−Removed: March 31, 2023 — N/A — N/A
−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
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
−Removed: Class and Year Total Amount
−Removed: Exclusive of Treasury
−Removed: Securities (1) Asset Coverage Per Unit (2) Involuntary
−Removed: Preference Per
−Removed: Unit (3) Average Market Value
6.25% Series D Cumulative Term Preferred Stock due 2023 (8)
−Removed: March 31, 2023 — N/A — N/A
−Removed: March 31, 2022 — N/A — N/A
−Removed: March 31, 2021 — N/A — N/A
March 31, 2020 $ 57,500,000 $ 2,938 $ 25.00 $ 20.46
3 unchanged sentences
6.375% Series E Cumulative Term Preferred Stock due 2025 (9)
−Removed: March 31, 2023 — — — N/A
−Removed: March 31, 2022 — — — N/A
March 31, 2021 $ 94,371,325 $ 2,486 $ 25.00 $ 25.44
16 unchanged sentences
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
+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
4.875% 2028 Notes (11)
1 unchanged sentence
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
+Added: 8.00% 2028 Notes (12)
+Added: March 31, 2024 $ 74,750,000 $ 2,190 $ 25.00 $ 25.86
Secured borrowings (13)
−Removed: March 31, 2023 — N/A $ — N/A
March 31, 2022 $ 5,095,785 $ 2,529 — N/A
6 unchanged sentences
March 31, 2015 $ 5,095,785 $ 2,301 — N/A
−Removed: March 31, 2014 $ 5,000,000 $ 2,978 — N/A
(1) Total amount of each class of senior securities outstanding as of the dates presented.
2 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: (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.
+Added: (4) Only applicable to our Term Preferred Stock, 5.00% 2026 Notes, 4.875% 2028 Notes, and 8.00% 2028 Notes because the other senior securities are not registered for public trading.
Average market value per unit is the average of the closing price of the shares on Nasdaq during the last 10 trading days of the period.
6 unchanged sentences
(11) Our 4.875% 2028 Notes were issued in August 2021.
+Added: (12) Our 8.00% 2028 Notes were issued in May 2023.
(13) In August 2012, we entered into a participation agreement with a third-party related to $5.0 million of our secured second lien term debt investment in Ginsey Home Solutions, Inc.
2 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 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.
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.