Certified extraction · every quarter, one model
MFIC full model
749 of 749 checks passed
Investment portfolio at fair value
Older periods left; cost detail on the per-quarter pages| Classification | 31 Mar 2022 | 31 Dec 2022 | 31 Dec 2023 | 31 Mar 2024 | 30 Jun 2024 | 30 Sep 2024 | 31 Dec 2024 | 31 Mar 2025 | 30 Jun 2025 | 30 Sep 2025 | 31 Dec 2025 | 31 Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Non-controlled / non-affiliated | $1,977.6 | $1,960.2 | $1,936.3 | $1,937.3 | $2,031.6 | $2,623.1 | $2,605.3 | $2,756.8 | $2,896.4 | $2,828.6 | $2,819.5 | $2,654.7 |
| Non-controlled / affiliated | $63.7 | $49.1 | $77.5 | $95.3 | $94.5 | $85.6 | $84.3 | $113.3 | $112.5 | $112.4 | $107.1 | $105.2 |
| Controlled | $481.8 | $388.8 | $320.3 | $320.2 | $318.3 | $318.5 | $324.8 | $318.6 | $318.5 | $240.0 | $241.2 | $211.7 |
| Total investments at fair value | $2,523.2 | $2,398.1 | $2,334.2 | $2,352.8 | $2,444.4 | $3,027.1 | $3,014.4 | $3,188.6 | $3,327.5 | $3,181.0 | $3,167.8 | $2,971.5 |
Statement of assets and liabilities
12 instants across 10 filings| Reported item | 31 Mar 2022 | 31 Dec 2022 | 31 Dec 2023 | 31 Mar 2024 | 30 Jun 2024 | 30 Sep 2024 | 31 Dec 2024 | 31 Mar 2025 | 30 Jun 2025 | 30 Sep 2025 | 31 Dec 2025 | 31 Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investments at fair value | $2,523.2 | $2,398.1 | $2,334.2 | $2,352.8 | $2,444.4 | $3,027.1 | $3,014.4 | $3,188.6 | $3,327.5 | $3,181.0 | $3,167.8 | $2,971.5 |
| Cash and cash equivalents | $30.0 | $84.7 | $93.6 | $49.6 | $66.2 | $84.5 | $74.4 | $83.7 | $69.0 | $62.5 | $98.2 | $42.6 |
| Foreign currencies | $0.6 | $2.4 | $28.6 | $0.0 | $0.9 | $0.3 | $1.4 | $1.3 | $2.9 | $4.0 | $1.3 | $0.1 |
| Interest receivable | $15.6 | $17.2 | $21.4 | $21.0 | $20.1 | $26.8 | $19.3 | $25.3 | $28.6 | $26.2 | $23.7 | $23.4 |
| Dividends receivable | $5.1 | $4.8 | $1.3 | $0.5 | $0.7 | $0.5 | $0.7 | $0.5 | $0.7 | $0.4 | $0.6 | $0.5 |
| Receivable for investments sold | $8.0 | $3.1 | $2.8 | $1.3 | $0.6 | $54.7 | $57.2 | $32.2 | $8.8 | $12.2 | $6.3 | $6.8 |
| Deferred financing costs | $17.0 | $13.4 | $19.4 | $18.2 | $17.3 | $16.1 | $23.6 | $22.3 | $21.0 | $19.8 | $23.6 | $22.4 |
| Derivative assets | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.8 |
| Prepaid expenses and other assets | $0.7 | $1.8 | $0.0 | $1.6 | $1.0 | $6.1 | $0.0 | $1.8 | $3.5 | $3.4 | $2.2 | $1.8 |
| Total assets | $2,600.1 | $2,525.5 | $2,501.3 | $2,445.1 | $2,551.1 | $3,216.0 | $3,191.0 | $3,355.7 | $3,461.9 | $3,309.5 | $3,323.6 | $3,069.9 |
| Debt | $1,550.6 | $1,483.4 | $1,462.3 | $1,405.1 | $1,511.6 | $1,772.8 | $1,751.6 | $1,935.2 | $2,051.7 | $1,915.1 | $1,995.2 | $1,870.4 |
| Payable for investments purchased | $0.0 | $0.0 | $0.0 | $1.3 | $2.3 | $0.8 | $4.2 | $2.1 | $4.8 | $0.8 | $0.6 | $0.2 |
| Interest payable | $3.3 | $13.5 | $14.5 | $13.3 | $15.2 | $8.6 | $12.8 | $9.4 | $16.6 | $11.5 | $12.9 | $10.7 |
| Distributions payable | $22.9 | $24.2 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 |
| Management fees payable | $9.9 | $9.1 | $10.7 | $10.4 | $10.0 | $4.4 | $6.2 | $6.1 | $6.1 | $6.1 | $6.0 | $5.6 |
| Performance-based incentive fees payable | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $4.6 | $5.3 | $6.4 | $3.8 | $5.8 | $0.0 | $0.0 |
| Administrative services expense | $0.9 | $0.7 | $1.7 | $1.7 | $1.8 | $1.9 | $0.1 | $0.0 | $0.0 | $0.0 | $0.2 | $0.4 |
| Share repurchase payable | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $4.1 |
| Other liabilities and accrued expenses | $7.6 | $6.4 | $6.9 | $7.1 | $6.5 | $6.7 | $6.0 | $3.2 | $3.0 | $2.4 | $1.5 | $2.2 |
| Total liabilities | $1,595.3 | $1,537.4 | $1,496.0 | $1,439.1 | $1,547.4 | $1,799.8 | $1,786.3 | $1,962.4 | $2,086.0 | $1,941.6 | $2,016.4 | $1,893.6 |
| Net assets | $1,004.8 | $988.1 | $1,005.3 | $1,006.0 | $1,003.8 | $1,416.2 | $1,404.6 | $1,393.3 | $1,375.9 | $1,367.9 | $1,307.3 | $1,176.3 |
| Shares outstanding | 63.6m | 65.5m | 65.3m | 65.3m | 65.3m | 93.8m | 93.8m | 93.3m | 93.3m | 93.3m | 92.2m | 85.1m |
| Reported NAV per share | $15.79 | $15.10 | $15.41 | $15.42 | $15.38 | $15.10 | $14.98 | $14.93 | $14.75 | $14.66 | $14.18 | $13.82 |
Annual view
Fiscal years as filed and the trailing twelve months; the fiscal year ended March until the 2022 calendar-year change| Statement of operations | FYE 31 Mar 2021 † | FYE 31 Mar 2022 | FY 2023 | FY 2024 † | FY 2025 | LTM 31 Mar 2026 |
|---|---|---|---|---|---|---|
| Investment income — non-controlled/non-affiliated | ||||||
| Interest income (excluding PIK) | $178.3 | $164.9 | $249.1 | $265.2 | $280.6 | $275.3 |
| Dividend income | $0.8 | $0.6 | $0.4 | $0.0 | $0.0 | $0.1 |
| PIK interest income | $5.4 | $2.7 | $2.0 | $12.0 | $16.7 | $16.9 |
| Other income | $2.5 | $5.1 | $3.7 | $4.1 | $1.9 | $2.1 |
| Subtotal | $186.9 | $173.2 | $255.3 | $281.4 | $299.2 | $294.5 |
| Investment income — non-controlled/affiliated | ||||||
| Interest income (excluding PIK) | $0.1 | $0.2 | $1.1 | $2.7 | $5.2 | $4.9 |
| Dividend income | $1.3 | $1.3 | $1.0 | $0.7 | $0.8 | $0.9 |
| PIK interest income | $0.0 | $0.1 | $0.1 | $0.1 | $1.2 | $0.8 |
| Other income | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 |
| Subtotal | $1.4 | $1.6 | $2.3 | $3.6 | $7.2 | $6.6 |
| Investment income — controlled | ||||||
| Interest income (excluding PIK) | $25.6 | $35.0 | $17.9 | $16.8 | $14.3 | $12.8 |
| Other income | $0.0 | $0.0 | $0.3 | $0.1 | $0.1 | $0.1 |
| Subtotal | $28.4 | $38.5 | $19.0 | $16.9 | $14.4 | $13.0 |
| Total investment income | $216.7 | $213.2 | $276.5 | $301.8 | $320.9 | $314.0 |
| Expenses | ||||||
| Management fees | $36.4 | $36.1 | $17.4 | $19.5 | $24.2 | $23.8 |
| Performance-based incentive fees | $0.0 | $11.7 | $24.6 | $21.5 | $16.1 | $9.7 |
| Interest and other debt expenses | $55.4 | $55.0 | $104.2 | $116.0 | $127.1 | $125.1 |
| Administrative services expense | $4.8 | $5.8 | $5.8 | $4.1 | $6.7 | $7.1 |
| Other general and administrative expenses | $10.5 | $9.1 | $10.1 | $8.2 | $6.3 | $7.1 |
| Total expenses | $107.1 | $117.8 | $162.1 | $169.3 | $180.4 | $172.8 |
| Expense reimbursements | ($0.4) | ($0.3) | ($1.3) | ($0.8) | ($1.5) | ($0.7) |
| Management fee offset | $-0.0 | ($0.2) | ($0.3) | $0.0 | $0.0 | $0.0 |
| Net expenses | $106.7 | $117.2 | $160.5 | $168.5 | $178.9 | $172.0 |
| Net investment income | $110.0 | $96.0 | $116.0 | $133.3 | $142.0 | $142.0 |
| Net realized gains (losses) | ||||||
| Non-controlled/non-affiliated investments | ($13.1) | $3.0 | $0.1 | ($4.3) | ($45.5) | ($58.4) |
| Non-controlled/affiliated investments | ($4.3) | $0.5 | $0.0 | ($11.7) | ($0.3) | ($0.2) |
| Foreign currency forward contracts | $0.0 | $0.0 | $0.0 | $0.0 | ($0.6) | $0.3 |
| Foreign currency transactions | ($4.1) | ($5.6) | $0.1 | ($0.6) | ($0.2) | ($3.9) |
| Extinguishment of debt | $0.0 | $0.0 | $0.0 | $0.0 | ($3.4) | ($3.4) |
| Net realized gains (losses) | ($21.5) | ($67.4) | $0.2 | ($77.0) | ($50.1) | ($65.6) |
| Net change in unrealized gains (losses) | ||||||
| Non-controlled/non-affiliated investments | $69.4 | $2.2 | ($1.3) | ($19.6) | ($43.0) | ($76.8) |
| Non-controlled/affiliated investments | $3.9 | $15.4 | $3.8 | ($5.2) | ($8.6) | ($13.7) |
| Controlled investments | ($36.4) | $27.0 | $2.6 | $65.9 | $25.6 | $17.9 |
| Foreign currency forward contracts | $0.0 | $0.0 | $0.0 | $0.0 | $-0.0 | $0.8 |
| Foreign currency transactions | ($13.6) | $9.2 | ($2.5) | $1.5 | ($2.7) | $1.4 |
| Net change in unrealized gains (losses) | $23.3 | $53.8 | $2.6 | $42.5 | ($28.7) | ($70.4) |
| Net realized and unrealized gains (losses) | $1.8 | ($13.6) | $2.8 | ($34.5) | ($78.8) | ($136.0) |
| Net increase (decrease) in net assets from operations | $111.9 | $82.4 | $118.8 | $98.8 | $63.2 | $6.0 |
| Weighted average shares outstanding (basic) | 65.3m | 64.5m | 65.3m | 78.0m | 93.3m | |
| Earnings (loss) per share — reported | $1.71 | $1.28 | $1.82 | $1.27 | $0.68 | |
| Statement of cash flows | FYE 31 Mar 2021 † | FYE 31 Mar 2022 | FY 2023 | FY 2024 † | FY 2025 | LTM 31 Mar 2026 |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net increase (decrease) in net assets from operations | $111.9 | $82.4 | $118.8 | $98.8 | $63.2 | $6.0 |
| Net realized (gains) losses on investments | $21.5 | $67.4 | ($0.2) | $76.4 | $45.9 | $58.3 |
| Net change in unrealized (gains) losses | ($23.3) | ($53.8) | ($2.6) | ($42.5) | $28.7 | $70.4 |
| Net amortization of premiums and accretion of discounts | ($11.2) | ($9.6) | ($7.8) | ($8.9) | ($6.8) | ($6.3) |
| Accretion of discount on notes | $0.6 | $0.7 | $0.6 | $1.8 | $1.8 | $1.8 |
| Amortization of deferred financing costs | $5.1 | $5.2 | $5.3 | $5.2 | $5.1 | $5.0 |
| PIK interest and dividends capitalized | ($6.8) | ($4.3) | ($3.0) | ($14.8) | ($20.1) | ($19.4) |
| FX transaction (gains) losses | ($4.1) | ($5.6) | $0.1 | $0.0 | $0.0 | $0.3 |
| FX forward (appreciation) depreciation | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 |
| Purchases of investments | ($617.1) | ($1,140.9) | ($417.1) | ($1,013.4) | ($1,278.3) | ($987.0) |
| Proceeds from sales and repayments of investments | $990.5 | $1,056.9 | $497.3 | $867.2 | $1,127.2 | $1,122.1 |
| Changes in operating assets and liabilities | ||||||
| Interest receivable | $6.0 | ($2.4) | ($4.3) | $2.2 | ($4.4) | $1.9 |
| Dividends receivable | $1.2 | ($1.3) | $3.5 | $0.6 | $0.1 | $0.0 |
| Prepaid expenses and other assets | ($0.2) | $0.2 | $1.8 | $16.1 | ($2.2) | $0.0 |
| Share repurchase payable | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $4.1 |
| Management and incentive fees payable | ($1.6) | $1.2 | $1.7 | $0.9 | ($5.5) | ($6.9) |
| Interest payable | ($0.8) | $1.2 | $0.9 | ($1.7) | $0.1 | $1.3 |
| Accrued administrative services expense | ($2.0) | $0.1 | $0.9 | ($1.6) | $0.2 | $0.4 |
| Other liabilities and accrued expenses | $1.0 | ($0.1) | $0.4 | ($5.6) | ($4.6) | ($1.1) |
| Δ operating assets and liabilities | $3.6 | ($1.0) | $5.0 | $10.8 | ($16.4) | ($0.2) |
| Net cash (used in) provided by operating activities | $470.7 | ($2.7) | $196.4 | ($9.5) | ($49.7) | $251.0 |
| Financing activities | ||||||
| Issuances of debt | $185.5 | $494.7 | $630.6 | $446.1 | $2,119.7 | $1,176.3 |
| Payments of debt | ($529.3) | ($401.3) | ($655.3) | ($334.4) | ($1,880.7) | ($1,241.3) |
| Financing costs paid and deferred | ($10.2) | ($0.3) | ($10.9) | ($8.9) | ($5.1) | ($5.3) |
| Repurchase of common stock | $0.0 | ($21.1) | ($2.3) | $0.0 | ($19.0) | ($88.9) |
| Distributions paid | ($105.7) | ($93.3) | ($123.5) | ($139.6) | ($141.6) | ($134.1) |
| Net cash (used in) provided by financing activities | ($459.7) | ($21.3) | ($161.4) | ($36.8) | $73.4 | ($293.3) |
| Effect of foreign exchange on cash | $-0.0 | $-0.0 | $0.0 | $-0.0 | $0.0 | $-0.0 |
| Net change in cash during the period | $10.9 | ($24.0) | $35.0 | ($46.3) | $23.7 | ($42.3) |
| Cash at beginning of period | $43.7 | $54.6 | $87.1 | $122.1 | $75.8 | $85.0 |
| Cash at end of period | $54.6 | $30.6 | $122.1 | $75.8 | $99.4 | $42.7 |
| Supplemental disclosures | ||||||
| Cash interest paid | $50.5 | $47.9 | $97.5 | $110.7 | $120.2 | $117.0 |
| PIK income | $6.5 | $4.1 | $3.0 | $12.2 | $17.9 | $17.8 |
† comparative-only, from another filing's prior-period column. No 12-month calendar 2022 was ever filed: the company changed its fiscal year end from March to December in 2022; the 9-month Apr–Dec 2022 transition period is not yet certified.
Growth rates
Y/Y per period — quarterly columns compare to the same quarter a year earlier; annual columns to the prior fiscal year; LTM to the prior twelve months| Metric (Y/Y %) | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | FYE Mar 22 | FY 2023* | FY 2024 | FY 2025 | LTM 31 Mar 2026 |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total investment income | +0.8% | +0.8% | +20.5% | — | +15.2% | +17.5% | +0.5% | -4.6% | -8.7% | -1.7% | — | +9.1% | +6.3% | +0.6% | |
| Interest income, cash (non-affiliated) | -0.0% | -2.7% | +17.3% | — | +15.5% | +16.8% | +0.4% | -6.0% | -7.6% | -7.5% | — | +6.4% | +5.8% | +0.3% | |
| PIK income (all categories) | +158.8% | +204.6% | +520.9% | — | +73.5% | +109.2% | +41.0% | +7.2% | -4.2% | -37.4% | — | +304.2% | +47.3% | +30.1% | |
| Management + incentive fees | -0.3% | -4.7% | -12.3% | — | +19.9% | -0.3% | +31.7% | -47.9% | -54.9% | +31.3% | — | -2.2% | -1.6% | -22.2% | |
| Interest and other debt expenses | +5.7% | +3.8% | +21.2% | — | +16.4% | +20.7% | +3.7% | +0.2% | -6.5% | -0.7% | — | +11.3% | +9.6% | +4.0% | |
| Net expenses | +3.9% | -0.4% | +9.2% | — | +11.6% | +13.2% | +7.4% | -6.1% | -15.4% | +9.8% | — | +5.0% | +6.2% | -0.6% | |
| Net investment income | -3.2% | +2.4% | +36.7% | — | +20.1% | +23.2% | -7.4% | -2.9% | -0.0% | -12.8% | — | +14.9% | +6.5% | +2.1% | |
| Distributions declared | -0.3% | -0.0% | +119.4% | — | +43.7% | +43.0% | -34.8% | -1.7% | -21.1% | -7.1% | — | +40.7% | +1.4% | -10.9% | |
| Purchases of investments | +0.3% | +140.7% | +939.9% | — | +160.2% | +17.2% | +26.7% | -35.1% | -73.9% | +84.9% | — | +142.9% | +26.1% | -21.4% | |
| Sales and repayments | -19.7% | +96.6% | +263.3% | — | +79.9% | +9.5% | +98.8% | -43.4% | -2.1% | +6.7% | — | +74.4% | +30.0% | +14.9% | |
| Net assets (end of period) | +1.3% | +1.2% | +42.1% | — | +38.5% | +37.1% | -3.4% | -6.9% | -15.6% | -3.0% | — | +39.7% | -6.9% | -15.6% | |
| NAV per share (end of period) | — | — | — | — | -3.2% | -4.1% | -2.9% | -5.3% | -7.4% | — | — | -2.8% | -5.3% | -7.4% |
* FY 2023 has no valid Y/Y base: the prior "year" is the 9-month Apr–Dec 2022 transition (fiscal-year change), so its cells show —. Q4 2024 shows — where its base (Q4 2023) was never filed discretely. FY 2024 and periods spanning July 2024 include the AFT/AIF merger (~$440m acquired), so growth there is partly acquisition-driven. Marks, operations result, and episodic capital lines are excluded by design — Y/Y on sign-flipping series is noise.
Statement of operations
Discrete quarters, older left; annual columns as filed in the 10-K| Reported item | Q1 2023 † | Q2 2023 † | Q3 2023 † | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 † | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | FYE 31 Mar 2021 † | FYE 31 Mar 2022 | FY 2023 | FY 2024 † | FY 2025 | LTM 31 Mar 2026 |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investment income — non-controlled/non-affiliated | |||||||||||||||||||
| Interest income (excluding PIK) | $60.0 | $61.8 | $61.9 | $60.0 | $60.1 | $72.6 | $72.4 | $69.3 | $70.2 | $73.0 | $68.1 | $64.1 | $178.3 | $164.9 | $249.1 | $265.2 | $280.6 | $275.3 | |
| Dividend income | $0.0 | $0.1 | $0.1 | $0.0 | $0.0 | $0.4 | ($0.5) | $0.0 | $0.0 | $0.0 | $0.0 | $0.1 | $0.8 | $0.6 | $0.4 | $0.0 | $0.0 | $0.1 | |
| PIK interest income | $0.3 | $0.3 | $0.4 | $2.0 | $2.4 | $2.9 | $4.6 | $3.2 | $4.8 | $3.8 | $5.0 | $3.4 | $5.4 | $2.7 | $2.0 | $12.0 | $16.7 | $16.9 | |
| Other income | $1.9 | $1.0 | $0.3 | $1.7 | $0.9 | $1.0 | $0.6 | $0.3 | $0.2 | $0.5 | $0.9 | $0.6 | $2.5 | $5.1 | $3.7 | $4.1 | $1.9 | $2.1 | |
| Subtotal | $62.3 | $63.3 | $62.8 | $63.7 | $63.5 | $77.0 | $77.1 | $72.8 | $75.2 | $77.2 | $74.0 | $68.1 | $186.9 | $173.2 | $255.3 | $281.4 | $299.2 | $294.5 | |
| Investment income — non-controlled/affiliated | |||||||||||||||||||
| Interest income (excluding PIK) | $0.3 | $0.3 | $0.3 | $0.3 | $1.1 | $0.7 | $0.6 | $1.2 | $1.5 | $1.5 | $0.9 | $0.9 | $0.1 | $0.2 | $1.1 | $2.7 | $5.2 | $4.9 | |
| Dividend income | $0.0 | $0.0 | $0.6 | $0.0 | $0.2 | $0.2 | $0.3 | $0.2 | $0.2 | $0.2 | $0.2 | $0.3 | $1.3 | $1.3 | $1.0 | $0.7 | $0.8 | $0.9 | |
| PIK interest income | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.4 | $0.4 | $0.4 | $0.0 | $0.0 | $0.0 | $0.1 | $0.1 | $0.1 | $1.2 | $0.8 | |
| Other income | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | |
| Subtotal | $0.3 | $0.3 | $1.0 | $0.3 | $1.4 | $1.0 | $0.9 | $1.8 | $2.1 | $2.2 | $1.1 | $1.2 | $1.4 | $1.6 | $2.3 | $3.6 | $7.2 | $6.6 | |
| Investment income — controlled | |||||||||||||||||||
| Interest income (excluding PIK) | $4.5 | $4.5 | $4.5 | $4.3 | $4.3 | $4.1 | $4.1 | $4.1 | $3.9 | $3.2 | $3.1 | $2.6 | $25.6 | $35.0 | $17.9 | $16.8 | $14.3 | $12.8 | |
| Other income | $0.3 | $0.0 | $0.0 | $0.0 | $0.0 | $0.1 | $0.0 | $0.0 | $0.0 | $0.0 | $0.1 | $0.0 | $0.0 | $0.0 | $0.3 | $0.1 | $0.1 | $0.1 | |
| Subtotal | $5.2 | $5.0 | $4.5 | $4.3 | $4.3 | $4.1 | $4.2 | $4.1 | $3.9 | $3.2 | $3.2 | $2.6 | $28.4 | $38.5 | $19.0 | $16.9 | $14.4 | $13.0 | |
| Total investment income | $67.8 | $68.6 | $68.2 | $68.3 | $69.2 | $82.1 | $82.2 | $78.7 | $81.2 | $82.6 | $78.4 | $71.8 | $216.7 | $213.2 | $276.5 | $301.8 | $320.9 | $314.0 | |
| Expenses | |||||||||||||||||||
| Management fees | $4.3 | $4.3 | $4.4 | $4.4 | $4.4 | $4.4 | $6.2 | $6.1 | $6.1 | $6.1 | $6.0 | $5.6 | $36.4 | $36.1 | $17.4 | $19.5 | $24.2 | $23.8 | |
| Performance-based incentive fees | $6.2 | $6.1 | $5.9 | $6.0 | $5.6 | $4.6 | $5.3 | $6.4 | $3.8 | $5.8 | $0.0 | $0.0 | $0.0 | $11.7 | $24.6 | $21.5 | $16.1 | $9.7 | |
| Interest and other debt expenses | $24.8 | $26.0 | $26.3 | $26.2 | $27.0 | $31.9 | $30.9 | $30.5 | $32.6 | $33.0 | $31.0 | $28.5 | $55.4 | $55.0 | $104.2 | $116.0 | $127.1 | $125.1 | |
| Administrative services expense | $1.4 | $1.4 | $1.6 | $1.2 | $0.8 | $1.0 | $1.0 | $1.0 | $1.0 | $1.0 | $3.6 | $1.4 | $4.8 | $5.8 | $5.8 | $4.1 | $6.7 | $7.1 | |
| Other general and administrative expenses | $2.3 | $2.2 | $2.5 | $2.1 | $2.1 | $2.2 | $1.7 | $1.2 | $1.6 | $1.6 | $1.8 | $2.1 | $10.5 | $9.1 | $10.1 | $8.2 | $6.3 | $7.1 | |
| Total expenses | $38.9 | $40.1 | $40.7 | $40.0 | $39.9 | $44.2 | $45.3 | $45.2 | $45.1 | $47.6 | $42.5 | $37.6 | $107.1 | $117.8 | $162.1 | $169.3 | $180.4 | $172.8 | |
| Expense reimbursements | ($0.3) | ($0.4) | ($0.4) | ($0.2) | ($0.3) | ($0.2) | ($0.2) | ($0.8) | ($0.3) | ($0.3) | ($0.1) | ($0.1) | ($0.4) | ($0.3) | ($1.3) | ($0.8) | ($1.5) | ($0.7) | |
| Management fee offset | ($0.3) | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $-0.0 | ($0.2) | ($0.3) | $0.0 | $0.0 | $0.0 | |
| Net expenses | $38.3 | $39.8 | $40.3 | $39.8 | $39.6 | $44.0 | $45.1 | $44.4 | $44.9 | $47.3 | $42.3 | $37.6 | $106.7 | $117.2 | $160.5 | $168.5 | $178.9 | $172.0 | |
| Net investment income | $29.5 | $28.9 | $27.9 | $28.5 | $29.5 | $38.1 | $37.1 | $34.3 | $36.4 | $35.3 | $36.0 | $34.3 | $110.0 | $96.0 | $116.0 | $133.3 | $142.0 | $142.0 | |
| Net realized gains (losses) | |||||||||||||||||||
| Non-controlled/non-affiliated investments | ($0.9) | ($0.2) | ($0.2) | ($7.5) | $0.0 | $0.5 | $2.6 | $3.6 | ($16.8) | ($19.0) | ($13.4) | ($9.3) | ($13.1) | $3.0 | $0.1 | ($4.3) | ($45.5) | ($58.4) | |
| Non-controlled/affiliated investments | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | ($11.7) | ($0.2) | ($0.1) | $-0.0 | $-0.0 | ($0.1) | ($4.3) | $0.5 | $0.0 | ($11.7) | ($0.3) | ($0.2) | |
| Foreign currency forward contracts | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | ($0.6) | $0.0 | $0.0 | $0.9 | $0.0 | $0.0 | $0.0 | $0.0 | ($0.6) | $0.3 | |
| Foreign currency transactions | $0.0 | $-0.0 | $0.0 | ($0.6) | $0.0 | $-0.0 | $0.0 | ($0.3) | $0.3 | ($0.2) | $-0.0 | ($4.0) | ($4.1) | ($5.6) | $0.1 | ($0.6) | ($0.2) | ($3.9) | |
| Extinguishment of debt | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | ($3.4) | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | ($3.4) | ($3.4) | |
| Net realized gains (losses) | ($0.8) | ($0.2) | ($0.2) | ($8.1) | ($15.6) | $0.5 | ($53.8) | $3.1 | ($17.2) | ($19.2) | ($16.8) | ($12.4) | ($21.5) | ($67.4) | $0.2 | ($77.0) | ($50.1) | ($65.6) | |
| Net change in unrealized gains (losses) | |||||||||||||||||||
| Non-controlled/non-affiliated investments | $-0.0 | $1.4 | ($3.5) | $5.0 | ($4.5) | ($11.1) | ($9.0) | ($6.1) | ($2.5) | ($3.7) | ($30.7) | ($39.9) | $69.4 | $2.2 | ($1.3) | ($19.6) | ($43.0) | ($76.8) | |
| Non-controlled/affiliated investments | $1.2 | ($0.9) | $1.2 | ($2.3) | ($2.7) | ($3.0) | $2.8 | ($1.5) | ($0.9) | ($1.2) | ($5.0) | ($6.6) | $3.9 | $15.4 | $3.8 | ($5.2) | ($8.6) | ($13.7) | |
| Controlled investments | $1.3 | ($2.1) | $2.3 | $1.6 | $15.9 | $3.6 | $44.8 | $1.3 | $4.9 | $15.3 | $4.0 | ($6.3) | ($36.4) | $27.0 | $2.6 | $65.9 | $25.6 | $17.9 | |
| Foreign currency forward contracts | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $-0.0 | $0.0 | $0.0 | $0.8 | $0.0 | $0.0 | $0.0 | $0.0 | $-0.0 | $0.8 | |
| Foreign currency transactions | ($1.0) | ($1.6) | $2.3 | $0.8 | ($0.1) | ($1.4) | $2.2 | ($0.8) | ($2.6) | $0.9 | ($0.2) | $3.3 | ($13.6) | $9.2 | ($2.5) | $1.5 | ($2.7) | $1.4 | |
| Net change in unrealized gains (losses) | $1.5 | ($3.3) | $2.3 | $5.0 | $8.7 | ($11.9) | $40.8 | ($7.0) | ($1.0) | $11.3 | ($31.9) | ($48.7) | $23.3 | $53.8 | $2.6 | $42.5 | ($28.7) | ($70.4) | |
| Net realized and unrealized gains (losses) | $0.6 | ($3.4) | $2.1 | ($3.1) | ($7.0) | ($11.4) | ($13.0) | ($4.0) | ($18.3) | ($7.9) | ($48.7) | ($61.1) | $1.8 | ($13.6) | $2.8 | ($34.5) | ($78.8) | ($136.0) | |
| Net increase (decrease) in net assets from operations | $30.1 | $25.4 | $30.0 | $25.5 | $22.6 | $26.7 | $24.1 | $30.3 | $18.1 | $27.5 | ($12.7) | ($26.9) | $111.9 | $82.4 | $118.8 | $98.8 | $63.2 | $6.0 | |
| Weighted average shares outstanding (basic) | 65.5m | 65.4m | 65.3m | 65.3m | 65.3m | 87.3m | 93.7m | 93.3m | 93.3m | 91.1m | 65.3m | 64.5m | 65.3m | 78.0m | 93.3m | ||||
| Earnings (loss) per share — reported | $0.46 | $0.39 | $0.46 | $0.39 | $0.35 | $0.31 | $0.32 | $0.19 | $0.29 | ($0.30) | $1.71 | $1.28 | $1.82 | $1.27 | $0.68 | ||||
† comparative-only: extracted from another filing's prior-period column and internally gated, but not yet cross-filing certified. LTM (1 Apr 2025 → 31 Mar 2026): sum of the four most recent certified discrete quarters; boundary balances verified to hand off exactly; period-weighted fields (EPS, weighted-average shares) are not additive and are omitted.
Statement of cash flows
Adjustment-line scopes follow each filing's own presentation (docs/canonical-schema.md); totals, working capital, financing, and cash are scope-invariant| Reported item | Q1 2023 † | Q2 2023 † | Q3 2023 † | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 † | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | FYE 31 Mar 2021 † | FYE 31 Mar 2022 | FY 2023 | FY 2024 † | FY 2025 | LTM 31 Mar 2026 |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||||||||||
| Net increase (decrease) in net assets from operations | $30.1 | $25.4 | $30.0 | $25.5 | $22.6 | $26.7 | $24.1 | $30.3 | $18.1 | $27.5 | ($12.7) | ($26.9) | $111.9 | $82.4 | $118.8 | $98.8 | $63.2 | $6.0 | |
| Net realized (gains) losses on investments | $0.8 | $0.2 | $0.2 | $8.1 | $15.6 | ($0.5) | $53.8 | ($3.1) | $17.2 | $18.4 | $13.4 | $9.4 | $21.5 | $67.4 | ($0.2) | $76.4 | $45.9 | $58.3 | |
| Net change in unrealized (gains) losses | ($1.5) | $3.3 | ($2.3) | ($5.0) | ($8.7) | $11.9 | ($40.8) | $7.1 | $1.0 | ($11.3) | $31.9 | $48.7 | ($23.3) | ($53.8) | ($2.6) | ($42.5) | $28.7 | $70.4 | |
| Net amortization of premiums and accretion of discounts | ($2.5) | ($2.1) | ($1.6) | ($1.9) | ($1.6) | ($2.5) | ($2.8) | ($1.9) | ($1.7) | ($1.7) | ($1.6) | ($1.4) | ($11.2) | ($9.6) | ($7.8) | ($8.9) | ($6.8) | ($6.3) | |
| Accretion of discount on notes | $0.2 | $0.2 | $0.2 | $0.6 | $0.3 | $0.4 | $0.5 | $0.4 | $0.5 | $0.4 | $0.4 | $0.5 | $0.6 | $0.7 | $0.6 | $1.8 | $1.8 | $1.8 | |
| Amortization of deferred financing costs | $1.2 | $1.4 | $1.3 | $1.3 | $1.3 | $1.3 | $1.3 | $1.4 | $1.2 | $1.3 | $1.2 | $1.2 | $5.1 | $5.2 | $5.3 | $5.2 | $5.1 | $5.0 | |
| PIK interest and dividends capitalized | ($0.8) | ($0.8) | ($0.5) | ($2.3) | ($3.6) | ($3.2) | ($5.7) | ($4.1) | ($7.3) | ($4.7) | ($4.0) | ($3.4) | ($6.8) | ($4.3) | ($3.0) | ($14.8) | ($20.1) | ($19.4) | |
| FX transaction (gains) losses | $0.0 | $-0.0 | $0.0 | ($0.6) | $0.0 | $-0.0 | $0.0 | ($0.3) | $0.3 | $0.0 | $0.0 | $0.0 | ($4.1) | ($5.6) | $0.1 | $0.0 | $0.0 | $0.3 | |
| FX forward (appreciation) depreciation | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $-0.0 | $0.0 | $-0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | |
| Purchases of investments | ($150.9) | ($101.4) | ($30.7) | ($151.4) | ($244.0) | ($319.0) | ($298.9) | ($394.1) | ($286.0) | ($404.2) | ($194.0) | ($102.8) | ($617.1) | ($1,140.9) | ($417.1) | ($1,013.4) | ($1,278.3) | ($987.0) | |
| Proceeds from sales and repayments of investments | $170.2 | $77.6 | $74.9 | $136.7 | $152.5 | $272.3 | $305.7 | $245.9 | $166.9 | $541.3 | $173.1 | $240.8 | $990.5 | $1,056.9 | $497.3 | $867.2 | $1,127.2 | $1,122.1 | |
| Changes in operating assets and liabilities | |||||||||||||||||||
| Interest receivable | $1.1 | $0.9 | ($5.2) | $0.5 | $0.8 | ($6.6) | $7.5 | ($6.1) | ($3.2) | $2.3 | $2.5 | $0.3 | $6.0 | ($2.4) | ($4.3) | $2.2 | ($4.4) | $1.9 | |
| Dividends receivable | $1.7 | $0.0 | $1.8 | $0.9 | ($0.2) | $0.2 | ($0.3) | $0.3 | ($0.2) | $0.2 | ($0.2) | $0.2 | $1.2 | ($1.3) | $3.5 | $0.6 | $0.1 | $0.0 | |
| Prepaid expenses and other assets | $1.0 | $0.0 | $0.6 | ($1.6) | $0.6 | $11.0 | $6.1 | ($1.8) | ($1.7) | $0.0 | $1.3 | $0.4 | ($0.2) | $0.2 | $1.8 | $16.1 | ($2.2) | $0.0 | |
| Share repurchase payable | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $4.1 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $4.1 | |
| Management and incentive fees payable | $1.3 | $0.1 | ($0.2) | ($0.3) | ($0.5) | ($0.9) | $2.6 | $0.9 | ($2.6) | $2.0 | ($5.9) | ($0.4) | ($1.6) | $1.2 | $1.7 | $0.9 | ($5.5) | ($6.9) | |
| Interest payable | ($6.4) | $3.3 | ($5.6) | ($1.2) | $1.9 | ($6.6) | $4.2 | ($3.4) | $7.2 | ($5.1) | $1.4 | ($2.1) | ($0.8) | $1.2 | $0.9 | ($1.7) | $0.1 | $1.3 | |
| Accrued administrative services expense | $0.6 | $0.4 | $0.8 | $0.1 | $0.1 | $0.0 | ($1.8) | ($0.1) | $0.0 | $0.0 | $0.2 | $0.2 | ($2.0) | $0.1 | $0.9 | ($1.6) | $0.2 | $0.4 | |
| Other liabilities and accrued expenses | ($0.4) | $-0.0 | $-0.0 | $0.3 | ($0.6) | ($4.6) | ($0.7) | ($2.8) | ($0.2) | ($0.7) | ($0.9) | $0.7 | $1.0 | ($0.1) | $0.4 | ($5.6) | ($4.6) | ($1.1) | |
| Δ operating assets and liabilities | ($1.0) | $4.7 | ($7.8) | ($1.4) | $2.1 | ($7.5) | $17.6 | ($13.0) | ($0.7) | ($1.2) | ($1.5) | $3.2 | $3.6 | ($1.0) | $5.0 | $10.8 | ($16.4) | ($0.2) | |
| Net cash (used in) provided by operating activities | $45.9 | $8.3 | $63.8 | $9.4 | ($63.5) | ($10.1) | $54.8 | ($131.3) | ($91.0) | $166.3 | $6.3 | $169.4 | $470.7 | ($2.7) | $196.4 | ($9.5) | ($49.7) | $251.0 | |
| Financing activities | |||||||||||||||||||
| Issuances of debt | $46.2 | $60.0 | $36.0 | $82.3 | $131.0 | $152.3 | $80.5 | $1,022.3 | $186.3 | $312.4 | $598.7 | $78.9 | $185.5 | $494.7 | $630.6 | $446.1 | $2,119.7 | $1,176.3 | |
| Payments of debt | ($60.0) | ($50.2) | ($82.0) | ($139.4) | ($25.0) | ($70.0) | ($100.0) | ($840.0) | ($73.0) | ($448.6) | ($519.0) | ($200.7) | ($529.3) | ($401.3) | ($655.3) | ($334.4) | ($1,880.7) | ($1,241.3) | |
| Financing costs paid and deferred | $0.0 | ($10.9) | $0.0 | $0.0 | ($0.3) | $-0.0 | ($8.6) | $-0.0 | $0.0 | $0.0 | ($5.1) | ($0.2) | ($10.2) | ($0.3) | ($10.9) | ($8.9) | ($5.1) | ($5.3) | |
| Repurchase of common stock | $0.0 | ($2.3) | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | ($6.1) | $0.0 | $0.0 | ($12.9) | ($76.0) | $0.0 | ($21.1) | ($2.3) | $0.0 | ($19.0) | ($88.9) | |
| Distributions paid | ($49.1) | ($24.8) | ($24.8) | ($24.8) | ($24.8) | ($54.4) | ($35.6) | ($35.6) | ($35.5) | ($35.5) | ($35.0) | ($28.1) | ($105.7) | ($93.3) | ($123.5) | ($139.6) | ($141.6) | ($134.1) | |
| Net cash (used in) provided by financing activities | ($62.9) | ($28.2) | ($70.8) | ($81.9) | $81.0 | $27.9 | ($63.8) | $140.5 | $77.9 | ($171.7) | $26.7 | ($226.1) | ($459.7) | ($21.3) | ($161.4) | ($36.8) | $73.4 | ($293.3) | |
| Effect of foreign exchange on cash | $-0.0 | $0.0 | $-0.0 | $-0.0 | $-0.0 | $0.0 | $-0.0 | $0.0 | $0.0 | $-0.0 | $0.0 | $-0.0 | $-0.0 | $-0.0 | $0.0 | $-0.0 | $0.0 | $-0.0 | |
| Net change in cash during the period | ($17.0) | ($19.9) | ($7.0) | ($72.5) | $17.4 | $17.8 | ($9.0) | $9.2 | ($13.1) | ($5.4) | $33.0 | ($56.8) | $10.9 | ($24.0) | $35.0 | ($46.3) | $23.7 | ($42.3) | |
| Cash at beginning of period | $87.1 | $70.1 | $50.2 | $122.1 | $49.6 | $67.0 | $84.8 | $75.8 | $85.0 | $71.9 | $66.5 | $99.4 | $43.7 | $54.6 | $87.1 | $122.1 | $75.8 | $85.0 | |
| Cash at end of period | $70.1 | $50.2 | $43.2 | $49.6 | $67.0 | $84.8 | $75.8 | $85.0 | $71.9 | $66.5 | $99.4 | $42.7 | $54.6 | $30.6 | $122.1 | $75.8 | $99.4 | $42.7 | |
| Supplemental disclosures | |||||||||||||||||||
| Cash interest paid | $29.5 | $21.4 | $30.4 | $25.5 | $23.3 | $36.9 | $25.0 | $32.1 | $23.7 | $36.5 | $27.9 | $28.9 | $50.5 | $47.9 | $97.5 | $110.7 | $120.2 | $117.0 | |
| PIK income | $0.8 | $0.8 | $0.5 | $2.0 | $2.5 | $3.0 | $4.7 | $3.5 | $6.4 | $3.0 | $5.0 | $3.4 | $6.5 | $4.1 | $3.0 | $12.2 | $17.9 | $17.8 | |
† comparative-only: extracted from another filing's prior-period column and internally gated, but not yet cross-filing certified. LTM (1 Apr 2025 → 31 Mar 2026): sum of the four most recent certified discrete quarters; boundary balances verified to hand off exactly; period-weighted fields (EPS, weighted-average shares) are not additive and are omitted.
Analysis
Derived metrics per certified quarter (accruals ×4); the FY column is the year as filed — no annualization (×1)| Metric | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | FY 2023 | FY 2024 | FY 2025 | LTM 31 Mar 2026 |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Yields and funding | ||||||||||||||
| Gross yield on investments | 11.7% | 11.5% | 12.0% | 10.9% | 10.1% | 10.0% | 10.2% | 9.9% | 9.4% | 11.7% | 11.3% | 10.4% | 10.2% | |
| Asset productivity | 11.1% | 11.1% | 11.4% | 10.3% | 9.6% | 9.5% | 9.8% | 9.5% | 9.0% | 11.0% | 10.6% | 9.9% | 9.8% | |
| NII return on net assets | 11.4% | 11.8% | 12.6% | 10.5% | 9.8% | 10.5% | 10.3% | 10.8%1 | 11.0%2 | 11.6% | 11.1% | 10.5%1 | 11.1%2 | |
| Cost of debt (all-in) | 7.3% | 7.4% | 7.8% | 7.0% | 6.6% | 6.5% | 6.7% | 6.3% | 5.9% | 7.1% | 7.2% | 6.8% | 6.6% | |
| Spread | 4.4% | 4.1% | 4.3% | 3.9% | 3.5% | 3.4% | 3.5% | 3.5% | 3.5% | 4.6% | 4.1% | 3.6% | 3.6% | |
| Capital and distributions | ||||||||||||||
| Dividend coverage | 115.1% | 119.1% | 70.1% | 104.0% | 96.2% | 102.7% | 99.6% | 102.8% | 121.9% | 116.9% | 95.5% | 100.3% | 105.9% | |
| Leverage (debt ÷ net assets) | 1.40× | 1.51× | 1.25× | 1.25× | 1.39× | 1.49× | 1.40× | 1.53× | 1.59× | 1.45× | 1.25× | 1.53× | 1.59× | |
| NAV total return (quarter) | 2.5% | 2.2% | 2.2% | 1.7% | 2.2% | 1.3% | 2.0% | -0.7% | -0.4% | 12.1% | 8.8% | 4.8% | 3.1% | |
| Credit (quarterly, not annualized) | ||||||||||||||
| Realized loss rate (quarter) | -0.3% | -0.7% | 0.0% | -1.8% | 0.1% | -0.5% | -0.6% | -0.4% | -0.3% | 0.0% | -2.9% | -1.5% | -1.9% | |
| Total mark rate (quarter) | -0.1% | -0.3% | -0.4% | -0.5% | -0.1% | -0.5% | -0.3% | -1.4% | -2.0% | 0.2% | -1.3% | -2.3% | -4.3% | |
| Economic portfolio return (quarter) | 2.8% | 2.6% | 2.6% | 2.2% | 2.4% | 2.0% | 2.3% | 1.0% | 0.3% | 11.9% | 10.0% | 8.1% | 5.9% | |
| PIK share of income | 3.0% | 3.6% | 3.6% | 5.7% | 4.5% | 6.4% | 5.1% | 6.4% | 4.7% | 1.1% | 4.0% | 5.6% | 5.7% | |
| FX effects, net | $0.2m | $-0.0m | $-1.5m | $2.3m | $-1.1m | $-2.9m | $0.7m | $-0.2m | $1.0m | $-2.5m | $0.9m | $-3.5m | $-1.4m | |
1. Q4 2025: Incentive fees were zero (total-return hurdle), flattering NII.
2. Q1 2026: Incentive fees were zero (total-return hurdle), flattering NII.
No quarterly analysis is possible yet for Q1 2023, Q2 2023, Q3 2023: their start/end balance sheets are not certified (the 2024 10-Qs are not ingested).
No analysis is possible for FYE 31 Mar 2021, FYE 31 Mar 2022: the begin-of-period balance sheet predates the earliest certified instant (would need the prior AINV 10-K).
Certified quarters
Each card links to that quarter's full certified page with gates, sources, and locatorsGlossary of calculations
Definitions only — per-period substitutions live in each quarter's analysis.json
Gross yield on investments
Total investment income × 4 ÷ avg(investments at fair value)
Asset productivity
Total investment income × 4 ÷ avg(total assets)
NII return on net assets
Net investment income × 4 ÷ avg(net assets)
Cost of debt (all-in)
Interest and other debt expenses × 4 ÷ avg(debt)
Spread
Gross yield on investments − cost of debt
Dividend coverage
Net investment income ÷ total distributions
Leverage (debt ÷ net assets)
Debt ÷ net assets, at period end
NAV total return (quarter)
(ΔNAV per share + distributions per share) ÷ beginning NAV per share; distributions ÷ weighted-average shares
Realized loss rate (quarter)
Net realized on investments (excl FX) ÷ avg(investments at fair value)
Total mark rate (quarter)
(Realized + Δunrealized on investments, excl FX) ÷ avg(investments at fair value)
Economic portfolio return (quarter)
(TII + realized + Δunrealized on investments, excl FX) ÷ avg(investments at fair value)
PIK share of income
PIK interest income (all categories) ÷ total investment income
FX effects, net
Realized FX forwards + realized FX transactions + unrealized FX forwards + unrealized FX transactions
AN-001 · analysis ties to the statements
Total investment income + all marks (incl. FX) must equal operations result + net expenses; a mismatch blocks the report