Adjusted Net Investment Income means the Company’s “pre-incentive fee net investment income” during the then most recently completed calendar quarter minus the difference, if positive, between (i) the Company’s “net realized losses” over the then most recently completed and three preceding calendar quarters (or if shorter, the number of calendar quarters that have occurred since the Listing) and (ii) the Company’s “net investment income” over the three preceding calendar quarters (or if shorter, the number of calendar quarters that have occurred since the Listing). No adjustment (downward or upward) will be made to “pre-incentive fee net investment income” if the difference between clause (i) minus clause (ii) is zero or negative.
Adjusted Net Investment Income means the Company’s “Pre-Incentive Fee Net Investment Income” during the then most recently completed calendar quarter minus the difference, if positive, between (i) the Company’s “Net Realized Losses” over the then most recently completed and three preceding calendar quarters (or if shorter, the number of calendar quarters that have occurred since the Listing) and (ii) the Company’s “Net Investment Income” over the three preceding calendar quarters (or if shorter, the number of calendar quarters that have occurred since the Listing). No adjustment (downward or upward) will be made to “Pre-Incentive Fee Net Investment Income” if the difference between clause (i) minus clause (ii) is zero or negative.
Adjusted Net Investment Income means, with respect to either Borrower, and calculated on a Consolidated or Unconsolidated basis, as otherwise specified herein, the aggregate income (or loss), after realized gains on investments have been added thereto and realized losses on investments have been subtracted therefrom and net of unrealized appreciation or depreciation on investments, of such Borrower for such period, which shall be an amount equal to net revenues and other proper items of income less the aggregate for such Borrower of any and all items that are treated as expenses under GAAP and, to the extent applicable thereto, the regulations of the SEC applicable to investment companies, after realized gains on investments have been added thereto and realized losses on investments have been subtracted therefrom and net of unrealized appreciation or depreciation on investments; provided that with respect to the covenant contained in Section 7.4(b) hereof, such gains and losses shall only be calculated with respect to the Loans, and shall exclude any gains or losses related to equity investments or similar items.
Examples of Adjusted Net Investment Income in a sentence
In addition, Adjusted Net Investment Income should be considered in addition to, not as a substitute for, or superior to, financial measures determined in accordance with GAAP.
Adjusted Net Investment Income represents net investment income, excluding the net capital gains incentive fee and excise taxes.
Management believes that Adjusted Net Investment Income is a useful indicator of operations exclusive of any net capital gains incentive fee as net investment income does not include gains associated with the capital gains incentive fee.
The Company believes that Adjusted Net Investment Income is a consistent measure of the Company’s earnings – see Non-GAAP Financial Measure – Adjusted Net Investment Income discussion below.
See Non-GAAP Financial Measure – Adjusted Net Investment Income discussion below.
More Definitions of Adjusted Net Investment Income
Adjusted Net Investment Income means, with reference to any period in respect of the Parent: (i) net investment income (or net investment loss), plus (ii) net realized gains recognized from the sale of guaranteed portions of SBA 7(a) loan investments, less (iii) realized losses on non-affiliate investments, plus or minus (iv) net loss on lease adjustment, plus (v) the net realized gains on controlled investments, plus or minus (vi) the change in fair value of contingent consideration liabilities, plus (vii) loss on extinguishment of debt.
Adjusted Net Investment Income means, with respect to the Company, the aggregate income (or loss), after realized gains on investments have been added thereto and realized losses on investments have been subtracted therefrom and net of unrealized
Adjusted Net Investment Income means, with respect to the ------------------------------ Borrower and its Subsidiaries, the aggregate income (or loss), after realized gains on investments have been added thereto and realized losses on investments have been subtracted therefrom and net of unrealized appreciation or depreciation on investments, of the Borrower and its Subsidiaries for such period, which shall be an amount equal to net revenues and other proper items of income less the aggregate for the Borrower of any and all items that are treated as expenses under GAAP and, to the extent applicable thereto, the regulations of the SEC applicable to investment companies, after realized gains on investments have been added thereto and realized losses on investments have been subtracted therefrom and net of unrealized appreciation or depreciation on investments.
Adjusted Net Investment Income means, with reference to any period in respect of the Parent: (i) net investment income (or net investment loss), plus (ii) net realized gains recognized from the sale of guaranteed portions of SBA 7(a) loan investments, less (iii) realized losses on non-affiliate investments, plus or minus (iv) net loss on lease adjustment, plus (v) the net realized gains on controlled investments, plus or minus (vi) the change in fair value of contingent consideration liabilities, plus (vii) loss on extinguishment of debt. “Administrative Agent” has the meaning assigned to such term in the introduction to this Agreement. “Administrative Agent Fee Letter” means that certain fee letter, dated as of the date hereof, by and between the Administrative Agent and the Borrower. 34881204v6110062879
Adjusted Net Investment Income means the Company’s “Pre-Incentive Fee Net Investment Income” during the then most recently completed calendar quarter minus the difference, if positive, between (i) the Company’s “Net Realized Losses” over the then most recently completed and eleven preceding calendar quarters (or if shorter, the number of calendar quarters that have occurred since the Listing) (each such period, the “Trailing Twelve Quarters”) and (ii) the Company’s “Net Investment Income” over the Trailing Twelve Quarters (excluding the then most recently completed calendar quarter). No adjustment (downward or upward) will be made to “Pre-Incentive Fee Net Investment Income” if the difference between clause (i) minus clause (ii) is zero or negative.
Adjusted Net Investment Income means, with respect to the ------------------------------ Borrower, the aggregate income (or loss), after realized gains on investments have been added thereto and realized losses on investments have been subtracted therefrom and net of unrealized appreciation or depreciation on investments, of the Borrower for such period, which shall be an amount equal to net revenues and other proper items of income less the aggregate for the Borrower of any and all items that are treated as expenses under GAAP and, to the extent applicable thereto, the regulations of the SEC applicable to investment companies, after realized gains on investments have been added thereto and realized losses on investments have been subtracted therefrom and net of unrealized appreciation or depreciation on investments.
Adjusted Net Investment Income means the difference between (A) the sum of any and all of the Company’s (i) interest income (including paid-in-kind and accrued interest that the Company has not yet received in cash and the collection of which is uncertain or deferred and interest paid on investments with a deferred interest feature such as original issue discount, debt instruments with payment-in-kind interest and zero coupon securities), (ii) dividend and distribution income from equity investments (but excluding that portion of cash distributions that are treated as a return of capital), and (iii) any other income, including any other fees (such as commitment, origination, syndication, structuring, diligence, monitoring and consulting fees or other fees that the Company receives from portfolio companies (other than fees for providing significant managerial assistance to the Company’s portfolio companies)) accrued during the fiscal quarter, and (B) the Company’s operating expenses for the quarter (including the Base Management Fee, any interest expense, dividends paid on issued and outstanding preferred stock, if any, any accrued income taxes related to net investment income, but excluding the Incentive Fee), provided that Adjusted Net Investment Income shall not include any realized capital gains, realized capital losses or unrealized capital gains or losses.