1 unchanged sentence
Market Information
−Removed: Our Shares are offered and sold in transactions exempt from registration under the 1933 Act under Section 4(a)(2) and Regulation D.
+Added: Our Shares are offered and sold in transactions exempt from registration under the 1933 Act under Section 4(a)(2) and Regulation D promulgated thereunder.
There is no public market for our Shares currently, nor can we give any assurance that one will develop.
7 unchanged sentences
Sales of Unregistered Securities
−Removed: All sales of unregistered securities during the year ended December 31, 2020 were reported in a Form 8-K or Form 10-Q filed with the SEC.
+Added: All sales of unregistered securities during the year ended December 31, 2021 were reported in a Form 8-K filed with the SEC.
Distributions
3 unchanged sentences
Net realized capital gains, if any, will generally be distributed at least annually, although we may decide to retain such capital gains for investment.
−Removed: We have elected to be treated, and intend to continue to qualify annually, as a RIC.
+Added: We have elected to be treated, and to qualify annually thereafter, as a RIC.
To maintain our qualification as a RIC, we must, among other things, distribute at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, to our shareholders on an annual basis.
−Removed: In order to avoid certain excise taxes imposed on RICs, we intend to distribute during each calendar year an amount equal to at least to the sum of:
+Added: In order to avoid certain U.S.
+Added: federal excise taxes imposed on RICs, we intend to distribute during each calendar year an amount equal to at least to the sum of:
(1) 98% of our ordinary income for the calendar year;
6 unchanged sentences
We have adopted a dividend reinvestment plan under which shareholders will automatically receive dividends and other distributions in cash unless they elect to have their dividends and other distributions reinvested in additional shares.
−Removed: As a result of adopting such a plan, if our Board authorizes, and we declare, a cash dividend or distribution, shareholders that have “opted in” to our dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares rather than receiving cash.
+Added: As a result of the foregoing, if our Board authorizes, and we declare, a cash dividend or distribution, shareholders that have “opted in” to our dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares rather than receiving cash.
The following table summarizes the dividends declared from inception through December 31, 2021:
1 unchanged sentence
December 29, 2021 December 29, 2021 January 18, 2022 $0.40
+Added: September 29, 2021 September 29, 2021 October 11, 2021 $0.38
+Added: June 29, 2021 June 29, 2021 July 12, 2021 $0.31
+Added: March 29, 2021 March 29, 2021 April 19, 2021 $0.30
+Added: December 29, 2020 December 29, 2020 January 18, 2021 $0.28
November 4, 2020 November 4, 2020 November 11, 2020 $0.23
1 unchanged sentence
April 16, 2020 April 16, 2020 April 21, 2020 $0.17
−Removed: The following table reflects the shares issued pursuant to the dividend reinvestment plan during the year ended December 31, 2020:
+Added: The following table reflects the shares issued pursuant to the dividend reinvestment plan from inception through December 31, 2021:
Date Declared Record Date Payment Date Shares Issued
+Added: December 29, 2021 December 29, 2021 January 18, 2022 23,017
+Added: September 29, 2021 September 29, 2021 October 11, 2021 10,639
+Added: June 29, 2021 June 29, 2021 July 12, 2021 3,039
+Added: March 29, 2021 March 29, 2021 April 19, 2021 1,824
+Added: December 29, 2020 December 29, 2020 January 18, 2021 1,550
November 4, 2020 November 4, 2020 November 11, 2020 98
August 4, 2020 August 4, 2020 August 11, 2020 34
−Removed: SELECTED FINANCIAL DATA
−Removed: The following selected financial data for the years ended December 31, 2020 and 2019 and period ended December 31, 2018, respectively, is derived from our consolidated financial statements.
−Removed: The financial statements for the years ended December 31, 2020 and 2019 have been audited by PricewaterhouseCoopers LLP.
−Removed: The financial statements for the period ended December 31, 2018 have been audited by Grant Thornton LLP, the auditor of the Predecessor Entity.
−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 consolidated financial statements and is qualified in its entirety by the consolidated financial statements and related notes included in this filing.
−Removed: The selected consolidated financial information and other data below should be read in conjunction with our consolidated financial statements and related notes thereto and " Management's Discussion and Analysis of Financial Condition and Results of Operations " included below (dollars are in thousands, except per share data):
−Removed: For the Years Ended
−Removed: December 31, For the period from January 12, 2018 (Commencement of Operations) through December 31,
−Removed: Statement of Operations Data:
−Removed: 2020 2019 2018 (1)
−Removed: Total investment income 13,303 15,396 4,504
−Removed: Net expenses after expense support 8,088 8,975 2,796
−Removed: Net investment income after excise taxes 5,215 6,417 1,708
−Removed: Net increase (decrease) in net assets resulting from operations 2,145 7,285 1,435
−Removed: Per share data:
−Removed: Net asset value $ 18.74 $ 20.00 $ 19.48
−Removed: Net investment income per share- basic and diluted $ 1.05 $ 1.58 $ 0.86
−Removed: Net increase (decrease) in net assets resulting from operations per share - basic and diluted $ 0.43 $ 1.79 $ 0.72
−Removed: As of December 31,
−Removed: Balance Sheet Data:
−Removed: 2020 2019 2018
−Removed: Investments at fair value 335,259 178,780 161,849
−Removed: Cash and cash equivalents 12,608 3,421 2,236
−Removed: Total assets 353,460 188,368 164,666
−Removed: Secured borrowings 188,275 118,348 86,910
−Removed: Total liabilities 195,819 122,157 93,913
−Removed: Total net assets 157,641 66,211 70,753
−Removed: Number of portfolio companies at period end 61 46 41
−Removed: Weighted average yield on debt investments at period end (1)
−Removed: 6.67 % 6.84 % 7.29 %
−Removed: ________________
−Removed: (1) For the period from January 12, 2018 through December 31, 2018.
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.