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Financial Highlights | 12 Months Ended
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Dec. 31, 2025
Inventory Disclosure [Abstract] |
Financial Highlights | 10. Financial Highlights
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |
Per Common Share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Per share NAV at beginning of period |  | $ | 9.23 |  |  | $ | 11.90 |  |  | $ | 12.93 |  |  | $ | 14.36 |  |  | $ | 13.24 |
Investment operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income before excise taxes |  |  | 1.29 |  |  |  | 1.66 |  |  |  | 1.85 |  |  |  | 1.53 |  |  |  | 1.26 |
Excise taxes |  |  | (0.01 | ) |  |  | 0.00 |  |  |  | (0.01 | ) |  |  | — |  |  |  | — |
Net investment income (1) |  |  | 1.28 |  |  |  | 1.66 |  |  |  | 1.84 |  |  |  | 1.53 |  |  |  | 1.26 |
Net realized and unrealized gain (loss) (1) |  |  | (2.33 | ) |  |  | (2.60 | ) |  |  | (1.18 | ) |  |  | (1.69 | ) |  |  | 1.17 |
Total from investment operations |  |  | (1.05 | ) |  |  | (0.94 | ) |  |  | 0.66 |  |  |  | (0.16 | ) |  |  | 2.43 |
Net decrease in net assets as a result of issuance of shares in connection with the Merger (2) |  |  | — |  |  |  | (0.28 | ) |  |  | — |  |  |  | — |  |  |  | — |
Repurchase of common stock |  |  | 0.01 |  |  |  | 0.01 |  |  |  | — |  |  |  | — |  |  |  | — |
Loss on extinguishment of debt |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.11 | )
Cumulative effect adjustment for the adoption of ASU 2020-06 (3) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.00 |  |  |  | — |
Ordinary income dividends |  |  | (1.12 | ) |  |  | (1.46 | ) |  |  | (1.69 | ) |  |  | (1.27 | ) |  |  | (1.20 | )
Tax basis returns of capital |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Dividends to common shareholders (4) |  |  | (1.12 | ) |  |  | (1.46 | ) |  |  | (1.69 | ) |  |  | (1.27 | ) |  |  | (1.20 | )
Per share NAV at end of period |  | $ | 7.07 |  |  | $ | 9.23 |  |  | $ | 11.90 |  |  | $ | 12.93 |  |  | $ | 14.36 |
Per share market price at end of period |  | $ | 5.47 |  |  | $ | 8.71 |  |  | $ | 11.54 |  |  | $ | 12.94 |  |  | $ | 13.51 |
Total return based on market value (5) |  |  | (24.3 | )% |  |  | (11.9 | )% |  |  | 2.2 | % |  |  | 5.2 | % |  |  | 30.9 | %
Total return based on net asset value (6) |  |  | (11.3 | )% |  |  | (10.2 | )% |  |  | 5.1 | % |  |  | -1.1 | % |  |  | 17.5 | %
Shares outstanding at end of period |  |  | 84,564,578 |  |  |  | 85,080,447 |  |  |  | 57,767,264 |  |  |  | 57,767,264 |  |  |  | 57,767,264 |
Ratios to average common equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (7) |  |  | 14.5 | % |  |  | 15.6 | % |  |  | 14.2 | % |  |  | 10.8 | % |  |  | 9.0 | %
Expenses, before incentive fee, and management fee waiver (8) |  |  | 13.2 | % |  |  | 12.8 | % |  |  | 10.7 | % |  |  | 9.0 | % |  |  | 9.3 | %
Expenses, net of incentive fee, before management fee waiver (9) |  |  | 13.2 | % |  |  | 15.1 | % |  |  | 13.7 | % |  |  | 11.3 | % |  |  | 11.5 | %
Management fee waiver |  |  | (1.0 | )% |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Expenses, net of incentive fee, and management fee waiver (9) |  |  | 12.2 | % |  |  | 15.1 | % |  |  | 13.7 | % |  |  | 11.3 | % |  |  | 11.5 | %
Ending common shareholder equity |  | $ | 598,013,197 |  |  | $ | 785,123,667 |  |  | $ | 687,601,546 |  |  | $ | 746,753,790 |  |  | $ | 829,456,636 |
Portfolio turnover rate |  |  | 15.8 | % |  |  | 18.3 | % |  |  | 13.5 | % |  |  | 19.4 | % |  |  | 35.6 | %
Weighted-average debt outstanding |  | $ | 1,115,102,969 |  |  | $ | 1,234,022,372 |  |  | $ | 1,001,667,440 |  |  | $ | 1,023,880,532 |  |  | $ | 985,506,056 |
Weighted-average interest rate on debt |  |  | 5.3 | % |  |  | 5.4 | % |  |  | 4.4 | % |  |  | 3.5 | % |  |  | 3.6 | %
Weighted-average number of common shares |  |  | 84,988,524 |  |  |  | 79,670,868 |  |  |  | 57,767,264 |  |  |  | 57,767,264 |  |  |  | 57,767,264 |
Weighted-average debt per share |  | $ | 13.12 |  |  | $ | 15.49 |  |  | $ | 17.34 |  |  | $ | 17.72 |  |  | $ | 17.06 |
Asset Coverage: |  | As of December 31, |  |
|  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |
Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt outstanding (10) |  | $ | 1,040,842,703 |  |  | $ | 1,126,314,826 |  |  | $ | 988,555,830 |  |  | $ | 949,062,241 |  |  | $ | 1,019,339,449 |  |
Asset coverage per $1,000 of debt outstanding (11) |  | $ | 1,642 |  |  | $ | 1,789 |  |  | $ | 1,643 |  |  | $ | 1,929 |  |  | $ | 1,948 |  |
(1) Amounts shown reflect the impact of the purchase discount recorded in connection with the Merger and were computed based on the actual amounts earned or incurred by the Company divided by the actual shares outstanding in the respective accounting periods before and after the closing of the Merger on March 18, 2024. (2) Calculated as the number of shares issued by the Company in connection with the Merger times the discount per share based on the closing price per share and the NAV per share at the time of the closing of the Merger. (3) See Note 2 and 4 for further information related to the adoption of ASU 2020-06. 10. Financial Highlights — (continued) (4) Dividends to common shareholders include a tax return of capital of $0 ($0.00 per share), $0 ($0.00 per share), $0 ($0.00 per share), $0 ($0.00 per share) and $0 ($0.00 per share) for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. (5) Total return based on market value is calculated as the change in ending market value per share during the period plus declared dividends per share during the period, divided by the market value per share at the beginning of the period. (6) Total return based on net asset value is calculated as the change in net asset value per share during the period plus declared dividends per share during the period, divided by the net asset value per share at the beginning of the period. (7) Net of incentive compensation and excise taxes. (8) Includes interest and other debt costs but excludes excise taxes. (9) Includes incentive compensation and all Company expenses including interest and other debt costs but excludes excise taxes. (10) Excludes unamortized debt issuance costs which are netted in the Consolidated Statements of Assets and Liabilities. (11) Excludes SBA Debentures.

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