U.S. stock benchmarks suffered withering losses on Friday as stock and commodity markets plunged, after scientists detected a new COVID variant in South Africa that could be to blame for a recent sharp surge in cases, especially in Europe.
U.S. markets were closed for Thanksgiving on Thursday and ended at 1 p.m. Eastern Time on Friday, three hours earlier than usual, and bond market trading ends at 2 p.m., an hour earlier than is typical.
How are stock-index futures trading?
The S&P 500
SPX, -2.27{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
fell 106.84 points, or 2.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, to 4,594.62.
The Dow Jones Industrial Average
DJIA, -2.53{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
slumped 905.04 points, or 2.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, to 34,899.34, with the index logging the worst daily drop since Oct. 28, 2020, according to FactSet data.
The decline for the Dow saw it mark its first close below its 50-day moving average at 35,261.93 since Oct. 14.
The Nasdaq Composite Index COMP declined 353.57 points, or 2.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, to15,491.66.
The decline for the S&P 500, Dow and Nasdaq Composite posted their worst Black Friday performance since 1950.
On Wednesday, the Dow industrials
DJIA, -2.53{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
fell 9.42 points to finish nearly flat at 35,804.38. The S&P 500
SPX, -2.27{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
slipped 0.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to close at 4,701.46, just 0.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} below its Nov. 18 record close of 4,704.54, according to Dow Jones Market Data. The Nasdaq Composite Index
COMP, -2.23{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
rose 0.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to 15,84.23.
What’s driving the market?
It was an ugly day for stock investors during a thinly traded Black Friday session, which was susceptible to big swings on alarming news from public health officials who were assessing a new variant of the coronavirus that causes COVID-19.
Late in the session, the World Health Organization’s technical advisory group assigned the B. 1.1.529 variant of the virus the Greek letter omicron and declared it a “variant of concern,” as it did with the delta variant.
Fear of a new variant overshadowed the usual focus on U.S. Black Friday shopping day, which puts the focus on retailers as consumers shop for bargains.
Particularly notable about the variant is the “large number of mutations, some of which are concerning,” the WHO group said in a statement. The mutations could make omicron more resistant to the current batch of vaccines.
The discovery of the new COVID strain was announced on Friday by South Africa’s health minister Joe Phaahla. He said scientists were concerned because of its high number of mutations and the dramatic surge in infections the country had seen over the past four or five days.
“The pandemic and COVID variants remain one of the biggest risks to markets, and are likely to continue to inject volatility over the next year(s),” wrote Keith Lerner, co-chief investment officer and chief market strategist at Truist Advisory Services, in a Friday note. “It’s hard to say at this point how lasting or impactful this latest variant will be for markets,” the analyst wrote.
The omicron strain has been detected in Botswana and in Hong Kong in travelers who had visited South Africa.
“The one bull in the China shop that could truly derail the global recovery has always been a new strain of Covid-19 that swept the world and caused the reimposition of mass social retractions,” said Jeffrey Halley, senior market analyst, at OANDA, in a note. “All we know so far is the B. 1.1.529 is heavily mutated but markets are taking no chances.”
“Just when you thought Covid was being controlled in a holiday shortened week,” said Sam Stovall, chief investment strategist at CFRA Research, in emailed comments.
“‘It makes sense to have a market significant correction given the high level of uncertainty.’”
— Jay Hatfield, CEO and portfolio manager at Infrastructure Capital Management
Trading around the Thanksgiving holiday is often associated with lower trading volumes as traders typically wait until Monday to return to work. There was no U.S. economic data on the calendar for Friday.
After new cases stabilized at 200 a day, South Africa reported more than 1,200 on Wednesday and 2,465 on Thursday.
The U.K. government is banning flights from South Africa along with five other African nations, effective Friday.
“Predictably, energy, travel related and financials are the leading decliners and treasuries are rallying,” wrote Jay Hatfield, CEO and portfolio manager at Infrastructure Capital Management, in emailed comments on Friday.
“It makes sense to have a market significant correction given the high level of uncertainty,” the money manager wrote.
“At this stage very little is known,” Deutsche Bank strategists, led by Jim Reid, told clients in a note. “Mutations are often less severe so we shouldn’t jump to conclusions but there is clearly a lot of concern about this one. Also South Africa is one of the world leaders in sequencing so we are more likely to see this sort of news originate from there than many countries. Suffice to say at this stage no one in markets will have any idea which way this will go.”
Read: Facing the biggest inflation surge in 30 years, shoppers expect to spend a lot more this holiday season
Which companies are in focus?
Drugmaker stocks were on the rise, including Pfizer PFE advanced by 6.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, and Moderna MRNA stock rallied by about 21{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
Travel-related stocks were on the backfoot: Expedia EXPE fell nearly 9,5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
Shares of airliners and cruise ships Delta Air Lines DAL, fell 8.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, Norwegian Cruise NCLH, down 11.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, and Royal Caribbean RCL shares slid 13{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, United Airlines UAL declined 9.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, Southwest Airlines LUV shares dropped 4.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, American Airlines’s AAL stock slumped 8.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
Meanwhile, shares of companies associated with the stay-at-home trade were set to rise, including Netflix NFLX rose 1.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and Peloton Interactive Inc.
PTON, +5.67{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
advanced 3.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, while Zoom Video Communications Inc. shares
ZM, +5.72{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
rallied 5.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
How are other markets faring?
The 10-year Treasury note TMUBMUSD10Y retreated by more than 10 basis points to ell to around 1.54{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, versus 1.644{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} on Wednesday at 3 p.m. ET. The bond market was closed on Thursday in observance of U.S.
The ICE U.S. Dollar Index DXY, a measure of the currency against a basket of six major rivals, was down 0.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
Gold futures for December delivery GCZ21 rose less than 0.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to trade at $1,785.30 an ounce. U.S. oil futures CLF22 traded off more than 12{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} at around $68.27 a barrel.
The Stoxx Europe 600 SXXP closed 3.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} lower, and London’s FTSE 100 index UKX also gave up 3.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
In Asia, the Shanghai Composite SHCOMP finished off 0.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} higher, while the Hang Seng Index HSI lost 2.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in Hong Kong. China’s CSI 300 000300 declined 0.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and Japan’s Nikkei 225 NIK finished 2.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} lower.
NEW YORK, Nov. 04, 2021 (GLOBE NEWSWIRE) — Portman Ridge Finance Corporation (Nasdaq: PTMN) (the “Company” or “Portman Ridge”) announced today its financial results for the third quarter ended September 30, 2021 and declared a quarterly stockholder distribution of $0.62 per share for the fourth quarter of 2021, payable on November 30, 2021 to stockholders of record at the close of business on November 15, 2021. This is an increase of $0.02 per share from $0.60 per share last quarter.
Third Quarter 2021 Highlights
Completed a 1-for-10 reverse stock split of the Company’s common stock effective August 26, 2021.
Net investment income for the quarter was $1.50 per share, or $13.7 million.
Net asset value (“NAV”) per share increased to $29.71 from $29.28(2) quarter-to-quarter, reflecting broad-based improvements in the debt portfolio and joint ventures.
As of September 30, 2021, the fair value of the Company’s investments excluding derivatives totaled $562 million, of which the Company’s debt securities portfolio totaled $455 million and was comprised of investments in 145 portfolio companies.
During the quarter, the Company acquired approximately $62.0million par value of investment portfolio assets. Also, during the quarter, the Company received approximately $37.1 million in sale and repayment proceeds, which includes a $0.5 million increase relative to the carrying value of those assets sold.
Net leverage(1) was 1.1x as of September 30, 2021, compared to 0.9x as of June 30, 2021, driven primarily by the timing of investments in the pipeline. During the quarter, the Company redeemed in full the aggregate amount outstanding of $28.75 million of the HCAP 6.125{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} Notes due 2022.
Under its share buyback program, the Company repurchased approximately $1.4 million of its shares during the quarter.
The quarterly distribution for the third quarter was $0.60 per share and was paid on August 31, 2021.
Subsequent to quarter-end, on October 22, 2021, the Company entered into a purchase and sale agreement to purchase $18.1 million of portfolio assets from two wholly-owned subsidiaries of JMP Group LLC in exchange for $1.4 million in cash and 556,852 shares of its common stock issued at NAV. The closing of the transaction occurred in the fourth quarter of 2021.
Management Commentary
Ted Goldthorpe, Chief Executive Officer of Portman Ridge commented, “Our third quarter results reflect continued strong earnings, distribution coverage, and robust origination. Net assets per share increased to $29.71 and represents the sixth straight quarter-to-quarter increase. We also continued to maintain expenses at a stable level relative to our asset base, which has grown significantly over the past year, and we expect further leveraging of operating expenses over time. Our solid performance has allowed us to increase our quarterly distribution this by $0.02 to $0.62 per share. Overall, our objective is to deliver consistently strong performance each quarter for shareholders, and we believe we are well positioned to continue executing on this goal.”
Selected Financial Highlights (unaudited)
Three Months Ended
Three Months Ended
(in $ millions, except per share data)
September 30, 2021
June 30, 2021
Investment Income:
Interest from investments in debt securities
$
18.7
$
18.0
Investment income on CLO Fund Securities
0.7
0.8
Investment income – Joint Ventures
2.4
2.5
Capital structuring service fees
1.0
0.2
Total investment income
22.9
21.5
Net expenses
9.2
9.8
Net Investment Income
$
13.7
$
11.7
Net realized and unrealized gains (losses)
(4.6
)
(0.9
)
Realized losses on debt extinguishment
‒
‒
Net increase in net assets resulting from operations
$
9.1
$
10.8
Net increase in net assets resulting from operations per share (basic and diluted)(2)
$
1.00
$
1.40
Net investment income per share (basic and diluted)(2)
$
1.50
$
1.51
Weighted average shares outstanding (in millions)(2)
9.1
7.7
Distribution per share
$
0.60
$
0.60
Total investment income for the three months ended September 30, 2021 and June 30, 2021 was $22.9 million and $21.5 million, respectively. Investment income increased quarter-to-quarter primarily due to higher interest income on debt securities and higher capital structuring fees.
Total expenses for the three months ended September 30, 2021 and June 30, 2021 were $9.2 million and $9.8 million, respectively. The decrease quarter-to-quarter was driven primarily by lower incentive fees, lower professional fees, and lower general and administrative expenses. Interest expense and amortization of debt issuance costs decreased slightly quarter-to-quarter, from $3.5 million to $3.4 million due to the impact of a lower weighted average cost of debt.
Net investment income for the three months ended September 30, 2021 and June 30, 2021 was $13.7 million or $1.50 per share, and $11.7 million or $1.51(2) per share, respectively.
Net realized and unrealized depreciation on investments for the three months ended September 30, 2021 was $(4.6) million, as compared to net realized and unrealized appreciation of $(0.9) million for the three months ended June 30, 2021.
Portfolio
The fair value of our portfolio was $560 million ($562 million excluding derivatives) as of September 30, 2021. The composition of our investment portfolio at September 30, 2021 and December 31, 2020 at cost and fair value was as follows:
¹ Represents percentage of total portfolio at fair value. ² Represents the equity investment in the Asset Manager Affiliates.
As of September 30, 2021, six of the Company’s debt investments were on non-accrual status. As of June 30, 2021, eight of the Company’s investments were on non-accrual status. Investments on non-accrual status were 0.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 2.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the Company’s investment portfolio at fair value and amortized cost as of September 30, 2021, respectively, compared to 1.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 3.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} as of June 30, 2021.
Liquidity and Capital Resources
As of September 30, 2021, we had $340.9 million (par value) of borrowings outstanding ($335.4 million net of capitalized costs) with a combined weighted average interest rate of 3.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. This balance was comprised of $69.1 million of outstanding borrowings under the Senior Secured Revolving Credit Facility, $163.9 million of 2018-2 Secured Notes due 2029, and $108.0 million of 4.875{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} Notes due 2026.
As of September 30, 2021, the Company had unrestricted cash of $28.5 million, restricted cash of $21.1 million, $45.9 million of available borrowing capacity under the Senior Secured Revolving Credit Facility, and $25.0 million of borrowing capacity under the 2018-2 Revolving Credit Facility. Total assets and stockholders’ equity at September 30, 2021 were $627 million and $271 million, respectively. Aggregate unfunded commitments stood at $48.7 million as of September 30, 2021. Conference Call and Webcast
We will hold a conference call on Friday November 5, 2021 at 11:00 a.m. Eastern Time to discuss our third quarter 2021 financial results. Stockholders, prospective stockholders and analysts are welcome to listen to the call or attend the webcast.
To access the call please dial (866) 757-5630 approximately 10 minutes prior to the start of the conference call and reference the conference ID 7445538. A replay of the conference call will be available from November 5, 2021 until November 12, 2021. The dial in number for the replay is (855) 859-2056 and the conference ID is 7445538.
A live audio webcast of the conference call can be accessed via the Internet, on a listen-only basis on our Company’s website www.portmanridge.com in the Investor Relations section under Events and Presentations. The webcast can also be accessed by clicking the following link: Portman Ridge Third Quarter 2021 Conference Call. The online archive of the webcast will be available on the Company’s website shortly after the call.
About Portman Ridge Finance Corporation
Portman Ridge Finance Corporation (Nasdaq: PTMN) is a publicly traded, externally managed investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Portman Ridge’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. Portman Ridge’s investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors, LP.
Portman Ridge’s filings with the Securities and Exchange Commission (the “SEC”), earnings releases, press releases and other financial, operational and governance information are available on the Company’s website at www.portmanridge.com.
About BC Partners Advisors L.P. and BC Partners Credit
BC Partners is a leading international investment firm with over $40 billion of assets under management in private equity, private credit and real estate strategies. Established in 1986, BC Partners has played an active role in developing the European buyout market for three decades. Today, BC Partners executives operate across markets as an integrated team through the firm’s offices in North America and Europe. Since inception, BC Partners has completed 117 private equity investments in companies with a total enterprise value of €149 billion and is currently investing its eleventh private equity fund. For more information, please visit www.bcpartners.com.
BC Partners Credit was launched in February 2017 and has pursued a strategy focused on identifying attractive credit opportunities in any market environment and across sectors, leveraging the deal sourcing and infrastructure made available from BC Partners.
This press release contains forward-looking statements. The matters discussed in this press release, as well as in future oral and written statements by management of Portman Ridge Finance Corporation, that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements.
Forward-looking statements relate to future events or our future financial performance and include, but are not limited to, projected financial performance, expected development of the business, plans and expectations about future investments and the future liquidity of the Company. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “outlook”, “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar words. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements.
Important assumptions include our ability to originate new investments, and achieve certain margins and levels of profitability, the availability of additional capital, and the ability to maintain certain debt to asset ratios. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this press release should not be regarded as a representation that such plans, estimates, expectations or objectives will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) uncertainty of the expected financial performance of the Company; (2) expected synergies and savings associated with the transaction in which Garrison Capital Inc. merged with and into the Company; (3) the ability of the Company and/or BC Partners to implement its business strategy; (4) evolving legal, regulatory and tax regimes; (5) changes in general economic and/or industry specific conditions; (6) the impact of increased competition; (7) business prospects and the prospects of the Company’s portfolio companies; (8) contractual arrangements with third parties; (9) any future financings by the Company; (10) the ability of Sierra Crest Investment Management LLC to attract and retain highly talented professionals; (11) the Company ability to fund any unfunded commitments; (12) any future distributions by the Company; (13) changes in regional or national economic conditions, including but not limited to the impact of the COVID-19 pandemic, and their impact on the industries in which we invest; (14) other changes in the conditions of the industries in which we invest and other factors enumerated in our filings with the SEC; and (15) expected synergies and savings associated with the transaction in which HCAP merged with and into the Company. The forward-looking statements should be read in conjunction with the risks and uncertainties discussed in the Company’s filings with the SEC, including the Company’s most recent Form 10-K and other SEC filings. We do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required to be reported under the rules and regulations of the SEC.
(1) Net leverage is calculated as the ratio between (A) debt, excluding unamortized debt issuance costs, less available cash and cash equivalents, and restricted cash and (B) NAV. (2) The Company completed a Reverse Stock Split of 10 to 1 effective August 26, 2021, share and per share amounts have been adjusted retroactively to reflect the split for all periods presented.
Contacts: Portman Ridge Finance Corporation 650 Madison Avenue, 23rd floor New York, NY 10022 info@portmanridge.com
Jason Roos Jason.Roos@bcpartners.com (212) 891-2880
Jeehae Linford The Equity Group Inc. jlinford@equityny.com (212) 836-9615
Accounts payable, accrued expenses and other liabilities
3,961,666
1,788,908
Accrued interest payable
3,345,558
1,089,531
Due to affiliates
760,112
1,374,739
Management and incentive fees payable
5,654,814
5,243,869
Total Liabilities
356,056,136
383,914,558
COMMITMENTS AND CONTINGENCIES (NOTE 8)
STOCKHOLDERS’ EQUITY
Common stock, par value $0.01 per share, 20,000,000 common shares authorized; 9,291,578 issued, and 9,123,275 outstanding at September 30, 2021, and 7,609,349 issued, and 7,516,423 outstanding at December 31, 2020
91,233
75,164
Capital in excess of par value
680,451,474
639,136,026
Total distributable (loss) earnings
(409,494,432
)
(422,947,327
)
Total Stockholders’ Equity
271,048,275
216,263,863
Total Liabilities and Stockholders’ Equity
$
627,104,411
$
600,178,421
NET ASSET VALUE PER COMMON SHARE (1)
$
29.71
$
28.77
(1) The Company completed a Reverse Stock Split of 10 to 1 effective August 26, 2021, the common shares and net asset value per common share have been adjusted retroactively to reflect the split for all periods presented.
PORTMAN RIDGE FINANCE CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
2021
2020
2021
2020
Investment income:
Interest from investments in debt securities
$
17,391,146
$
4,517,268
$
48,736,532
$
13,910,567
Payment-in-kind investment income
1,296,496
434,446
3,172,910
1,125,343
Interest from cash and time deposits
–
–
–
15,279
Investment income on CLO Fund Securities managed by affiliates
–
587,239
–
2,493,600
Investment income on CLO Fund Securities managed by non-affiliates
748,449
42,341
2,211,092
247,302
Investment income – Joint Ventures
2,442,703
2,182,466
7,012,167
4,760,485
Capital structuring service fees
1,032,346
23,602
1,628,155
302,887
Total investment income
22,911,140
7,787,362
62,760,856
22,855,463
Expenses:
Management fees
2,064,733
1,043,645
5,771,636
3,063,719
Performance-based incentive fees
1,939,170
571,846
6,332,646
1,128,726
Interest and amortization of debt issuance costs
3,408,445
2,239,911
10,315,528
6,984,852
Professional fees
490,284
439,503
2,680,458
1,810,450
Insurance
198,011
177,154
574,973
478,058
Administrative services expense
760,112
470,435
2,091,769
1,361,700
Other general and administrative expenses
332,534
147,818
1,352,737
522,091
Total expenses
9,193,289
5,090,312
29,119,747
15,349,596
Management and performance-based incentive fees waived
—
(556,880
)
Net Expenses
9,193,289
5,090,312
29,119,747
14,792,716
Net Investment Income
13,717,851
2,697,050
33,641,109
8,062,747
Realized And Unrealized Gains (Losses) On Investments:
Net realized (losses) gains from investment transactions
(3,931,280
)
(1,890,090
)
(11,372,803
)
(3,819,851
)
Net change in unrealized appreciation (depreciation) on:
Debt securities
(4,447,878
)
4,553,027
(7,448,405
)
(3,945,277
)
Equity securities
1,215,013
337,258
3,905,834
411,276
CLO Fund Securities managed by affiliates
—
1,573,272
—
(12,168,189
)
CLO Fund Securities managed by non-affiliates
706,935
363,430
9,354,655
(491,863
)
Joint Venture Investments
2,063,261
1,146,355
2,654,032
(4,654,363
)
Derivatives
(179,416
)
(461,629
)
(873,473
)
(999,612
)
Total net change in unrealized appreciation (depreciation)
(642,085
)
7,511,713
7,592,643
(21,848,028
)
Net realized and unrealized appreciation (depreciation) on investments
(4,573,365
)
5,621,623
(3,780,160
)
(25,667,879
)
Realized (losses) gains on extinguishments of Debt
—
—
(1,834,963
)
154,571
Net Increase (Decrease) In Stockholders’ Equity Resulting From Operations
$
9,144,486
$
8,318,673
$
28,025,986
$
(17,450,561
)
Net Increase (Decrease) In Stockholders’ Equity Resulting from Operations per Common Share (1):
Basic:
$
1.00
$
1.87
$
3.41
$
(3.91
)
Diluted:
$
1.00
$
1.87
$
3.41
$
(3.91
)
Net Investment Income Per Common Share (1):
Basic:
$
1.50
$
0.61
$
4.10
$
1.81
Diluted:
$
1.50
$
0.61
$
4.10
$
1.81
Weighted Average Shares of Common Stock Outstanding—Basic (1)
9,131,456
4,441,778
8,213,661
4,461,650
Weighted Average Shares of Common Stock Outstanding—Diluted (1)
9,131,456
4,441,778
8,213,661
4,461,650
(1) The Company completed a Reverse Stock Split of 10 to 1 effective August 26, 2021, the weighted average shares outstanding and per share values have been adjusted retroactively to reflect the split for all periods presented.
