23 unchanged sentences
stockholders as ordinary income or capital gains.
−Removed: (4) On October 13, 2021, our Board of Directors declared a distribution of $0.155 per share payable on December 31, 2021 to stockholders of record on December 15, 2021.
−Removed: The last reported price for our common stock on November 12, 2021 was $7.43 per share, which represented a 2.1 % premium to our NAV as of September 30, 2021.
+Added: (4) On November 10, 2022, our Board of Directors declared a quarterly distribution of $0.18 per share payable on December 30, 2022 to stockholders of record on December 15, 2022.
+Added: On November 10, 2022, our Board of Directors also declared a special distribution of $0.14 per share payable on December 30, 2022 to stockholders of record on December 15, 2022.
+Added: The last reported price for our common stock on November 11, 2022 was $6.66 per share, which represented a 1.9 % discount to our NAV as of September 30, 2022.
As of November 11, 2022, we had 58 stockholders of record, which did not include stockholders for whom shares are held in nominee or “street” name.
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An investment of $100 (with reinvestment of all dividends) is assumed to have been made in our common stock and in each index on September 30, 2017 and its relative performance is tracked through September 30, 2022.
−Removed: The stock performance graph shows returns during management by Fifth Street Management LLC, or the Former Adviser, for the periods from September 30, 2016 through October 16, 2017 and during management by Oaktree and its affiliates for the period from October 17, 2017 through September 30, 2021.
−Removed: For the fiscal year ended September 30, 2020, we included a comparison to the Wells Fargo BDC Total Return Index, which had a total return of $94.54 for the period from September 30, 2016 to September 30, 2020 (based on $100 invested on September 30, 2016).
−Removed: For the fiscal year ended September 30, 2021, we have switched to a comparison to the S&P BDC Index, which had a total return of $97.89 for the period from September 30, 2016 to September 30, 2020 (based on $100 invested on September 30, 2016) due to the termination of the Wells Fargo BDC Total Return Index during the 2021 fiscal year.
+Added: The stock performance graph shows returns during management by Fifth Street Management LLC, or the
+Added: Former Adviser, for the periods from September 30, 2017 through October 16, 2017 and during management by Oaktree and its affiliates for the period from October 17, 2017 through September 30, 2022.
September 30, 2017 September 30, 2018 September 30, 2019 September 30, 2020 September 30, 2021 September 30, 2022
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provided, however, the base management fee will be calculated at an annual rate of 1.00% of the value of our total gross assets, including any investments made with borrowings, but excluding cash and cash equivalents, that exceeds the product of (i) 200% (calculated in accordance with the Investment Company Act and giving effect to exemptive relief we have received with respect to debentures issued by a small business investment company subsidiary) and (ii) our net assets.
−Removed: For purposes of this table, we have assumed $2.6 billion of total gross assets (excluding cash and cash equivalents), which was the actual amount of our total gross assets as of September 30, 2021 and does not reflect the waiver by Oaktree of $750,000 of base management fees in each quarter.
+Added: For purposes of this table, we have assumed $2.6 billion of total gross assets (excluding cash and cash equivalents), which was the actual amount of our total gross assets as of September 30, 2022 and does not reflect the waiver by Oaktree of $750,000 of base management fees in each quarter or the waiver of fees following completion of the OCSI Merger.
The base management fee net of such waiver would be 2.99% of net assets attributable to common stock.
3 unchanged sentences
The payment of the incentive fee on income is subject to payment of a preferred return to investors each quarter (i.e., a “hurdle rate”), expressed as a rate of return on the value of our net assets at the end of the most recently completed quarter, of 1.50%, subject to a “catch up” feature.
−Removed: In addition, pre-incentive fee net investment income does not include any amortization or accretion of any purchase premium or purchase discount to interest income resulting solely from merger-related accounting adjustments in connection with the assets acquired in the Mergers, including any premium or discount paid for the acquisition of such assets, solely to the extent that the inclusion of such merger-related accounting adjustments, in the aggregate, would result in an increase in pre-incentive fee net investment income.
+Added: In addition, pre-incentive fee net investment income does not include any amortization or accretion of any purchase premium or purchase discount to interest income resulting solely from merger-related accounting adjustments in connection with the assets acquired in the OCSI Merger, including any premium or discount paid for the acquisition of such assets, solely to the extent that the inclusion of such
+Added: merger-related accounting adjustments, in the aggregate, would result in an increase in pre-incentive fee net investment income.
Business - Investment Advisory Agreement - Management and Incentive Fee” for additional information.
1 unchanged sentence
Any realized capital gains or losses and unrealized capital depreciation with respect to our portfolio as of the end of the fiscal year ended September 30, 2018 are excluded from the calculations of the second part of the incentive fee.
−Removed: In addition, the calculation of realized capital gains, realized capital losses and unrealized capital depreciation does (1) not include any such amounts resulting solely from merger-related accounting adjustments in connection with the assets acquired in the Mergers, including any premium or discount paid for the acquisition of such assets, solely to the extent that the inclusion of such merger-related accounting adjustments, in the aggregate, would result in an increase in the capital gains incentive fee and (2) include any such amounts associated with the investments acquired in the Mergers for the period from October 1, 2018 to the date of closing of the Mergers, solely to the extent that the exclusion of such amounts, in the aggregate, would result in an increase in the capital gains incentive fee.
+Added: In addition, the calculation of realized capital gains, realized capital losses and unrealized capital depreciation does (1) not include any such amounts resulting solely from merger-related accounting adjustments in connection with the assets acquired in the OCSI Merger, including any premium or discount paid for the acquisition of such assets, solely to the extent that the inclusion of such merger-related accounting adjustments, in the aggregate, would result in an increase in the capital gains incentive fee and (2) include any such amounts associated with the investments acquired in the OCSI Merger for the period from October 1, 2018 to the date of closing of the OCSI Merger, solely to the extent that the exclusion of such amounts, in the aggregate, would result in an increase in the capital gains incentive fee.
Business - Investment Advisory Agreement - Management and Incentive Fee” for additional information.
−Removed: The incentive fee referenced in the table above is based on annualized actual amounts of the incentive fee on income incurred during the three months ended June 30, 2021 and September 30, 2021, which are the first two full quarters subsequent to the closing of the Mergers, and the capital gains incentive fee payable under the Investment Advisory Agreement as of September 30, 2021.
+Added: The incentive fee referenced in the table above is based on annualized actual amounts of the incentive fee on income incurred during the three months ended September 30, 2022 and the capital gains incentive fee payable under the Investment Advisory Agreement as of September 30, 2022.
(7) “Interest payments on borrowed funds (including other costs of servicing and offering debt securities)” is calculated as (1) the weighted average interest rate in effect as of September 30, 2022 multiplied by the actual debt outstanding as of September 30, 2022 of $1,350.0 million plus (2) unused fees and the expected amortization of deferred financing costs and discounts based on the unamortized financing costs and discounts as of September 30, 2022.
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(2) Calculated based upon weighted average shares outstanding for the period.
−Removed: (3) For the year ended September 30, 2021, the amount shown for net unrealized appreciation (depreciation) includes the effect of the timing of common stock issuances in connection with the Mergers.
(3) Total return equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming dividend reinvestment prices obtained under the Company's DRIP.
1 unchanged sentence
(4) Calculated based upon the weighted average net assets for the period.
+Added: (5) For the year ended September 30, 2021, the amount shown for net unrealized appreciation (depreciation) includes the effect of the timing of common stock issuances in connection with the OCSI Merger.
(6) Calculated based upon the weighted average of principal debt outstanding for the period.
11 unchanged sentences
Net investment income (4) 0.51 0.72 0.75 1.00 1.04
−Removed: Net unrealized appreciation (depreciation) on investments and secured borrowings (4) (0.33) (0.46) (0.23) 0.12 0.70
−Removed: Net realized gain (loss) on investments, interest rate swap and secured borrowings (4) (0.84) (0.19) 0.02 (0.24) (0.81)
+Added: Net unrealized appreciation (depreciation) (4) (0.69) (0.33) (0.46) (0.23) 0.12
+Added: Net realized gains (losses) (4) (1.21) (0.84) (0.19) 0.02 (0.24)
Distributions of net investment income to stockholders (0.47) (0.67) (0.79) (0.94) (0.90)
18 unchanged sentences
(1) Total return equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming dividend reinvestment prices obtained under the Company's DRIP.
+Added: Total return does not include sales load.
(2) Calculated based upon the weighted average net assets for the period.
−Removed: (3) Calculated based upon the weighted average of loans payable for the period.
+Added: (3) Calculated based upon the weighted average of principal debt outstanding for the period.
(4) Calculated based upon weighted average shares outstanding for the period.
3 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.