7 unchanged sentences
6/30/2023 $ 12.99 $ 13.91 $ 12.53 7 % ( 4 ) % $ 0.3600 (C)
−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 (C)
12/31/2023 $ 13.01 $ 14.92 $ 12.14 15 % ( 7 ) % $ 1.2400 (C)
+Added: 3/31/2024 $ 13.43 $ 14.96 $ 13.30 11 % ( 1 ) % $ 0.2400
Fiscal Year ended March 31, 2025:
−Removed: 6/30/2023 $ 12.99 $ 13.91 $ 12.53 7 % ( 4 ) % $ 0.3600 (D)
−Removed: 9/30/2023 $ 14.03 $ 13.88 $ 12.44 ( 1 ) % ( 11 ) % $ 0.3600 (D)
+Added: 6/30/2024 $ 13.01 $ 14.55 $ 13.66 12 % 5 % $ 0.2400
+Added: 9/30/2024 $ 12.49 $ 14.58 $ 12.46 17 % — % $ 0.2400
12/31/2024 $ 13.30 $ 14.85 $ 12.81 12 % ( 4 ) % $ 0.9400 (D)
2 unchanged sentences
(through May 12, 2025)
−Removed: * $ 14.39 $ 13.75 * * $ 0.2400
+Added: * $ 14.11 $ 11.42 * * $ 0.7800 (E)
(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 $0.12, $0.12 and $0.24 per common share supplemental distributions paid in June 2022, December 2022 and March 2023, respectively.
−Removed: (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.
+Added: (C) 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.
+Added: (D) Includes a $0.70 per common share supplemental distribution paid in October 2024.
+Added: (E) Includes a $0.54 per common share supplemental distribution to be paid in June 2025.
* Not yet available, as the NAV per share as of the end of this quarter has not yet been finalized.
5 unchanged sentences
For the years ended March 31, 2025 and 2024, we did not elect to retain long-term capital gains and to treat them as deemed distributions to common stockholders.
−Removed: The Credit Facility also generally restricts distributions on our common stock to the sum of certain amounts, including, our net investment income, plus net capital gains, plus amounts elected by the Company to be considered as having been paid during the prior fiscal year in accordance with Section 855(a) of the Code.
+Added: Our Credit Facility also generally restricts distributions on our common stock to the sum of certain amounts, including, our net investment income, plus net capital gains, plus amounts elected by the Company to be considered as having been paid during the prior fiscal year in accordance with Section 855(a) of the Code.
Recent Sales of Unregistered Securities
23 unchanged sentences
Offering expenses (as a percentage of offering price) (1)
−Removed: Dividend reinvestment plan expenses (per sales transaction fee) (2) Up to $25 Transaction fee
+Added: Dividend reinvestment plan expenses (per sales transaction fee) (2)
+Added: Up to $25 Transaction fee
Total stockholder transaction expenses (as a percentage of offering price) (1)
61 unchanged sentences
(7) Includes amortization of deferred financing costs.
−Removed: 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.
+Added: As of March 31, 2025, we had no 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, $74.8 million of 8.00% 2028 Notes, at cost, and $126.5 million of 7.875% 2030 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 5.00% 2026 Notes, the 4.875% 2028 Notes and the 8.00% 2028 Notes.
+Added: Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Notes Payable ” for additional information regarding our Credit Facility, our 5.00% 2026 Notes, our 4.875% 2028 Notes, our 8.00% 2028 Notes and our 7.875% 2030 Notes.
(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.
11 unchanged sentences
assuming a 5% annual return consisting entirely of ordinary income (1)(2)
+Added: $ 167 $ 444 $ 660 $ 1,015
assuming a 5% annual return consisting entirely of capital gains (2)(3)
+Added: $ 175 $ 462 $ 682 $ 1,032
(1) For purposes of this example, we have assumed that the entire amount of the assumed 5.0% annual return would constitute ordinary income.
16 unchanged sentences
March 31, 2016 $ 40,000,000 $ 2,214 $ 25.00 $ 25.60
−Removed: March 31, 2015 $ 40,000,000 $ 2,301 $ 25.00 $ 25.78
6.75% Series B Cumulative Term Preferred Stock (6)
2 unchanged sentences
March 31, 2016 $ 41,400,000 $ 2,214 $ 25.00 $ 24.43
−Removed: March 31, 2015 $ 41,400,000 $ 2,301 $ 25.00 $ 25.38
6.50% Series C Cumulative Term Preferred Stock due 2022 (7)
27 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
Class and Year Total Amount
7 unchanged sentences
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
8.00% 2028 Notes (12)
March 31, 2025 $ 74,750,000 $ 2,044 $ 25.00 $ 25.86
+Added: March 31, 2024 $ 74,750,000 $ 2,190 $ 25.00 $ 25.86
+Added: 7.875% 2030 Notes (13)
+Added: March 31, 2025 $ 126,500,000 $ 2,044 $ 25.00 $ 25.38
Secured borrowings (14)
6 unchanged sentences
March 31, 2016 $ 5,095,785 $ 4,838 — N/A
−Removed: March 31, 2015 $ 5,095,785 $ 2,301 — 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, 5.00% 2026 Notes, 4.875% 2028 Notes, and 8.00% 2028 Notes because the other senior securities are not registered for public trading.
+Added: (4) Only applicable to our Term Preferred Stock and the 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.
7 unchanged sentences
(12) Our 8.00% 2028 Notes were issued in May 2023.
+Added: (13) Our 7.875% 2030 Notes were issued in December 2024.
(14) 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.
4 unchanged sentences
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.