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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Investment income      
Fee income $ 3,983 $ 3,873 $ 17,895
Total investment income 56,074 73,554 252,432
Operating expenses      
Management fees 6,625 6,864 27,321
Administrative services expense 1,279 1,092 4,783
Subordinated incentive fee on income 4,084 6,914 20,334
General and administrative 1,836 1,784 7,157
Interest expense 22,998 24,302 96,870
Total operating expenses 36,822 40,956 156,465
Net investment income before taxes 19,252 32,598 95,967
Income tax expense, including excise tax 0 5 107
Net investment income after taxes 19,252 32,593 95,860
Realized and unrealized gains (losses)      
Net realized losses on investments 2,294 (9,736) (28,313)
Net realized gains (losses)   (9,736) (28,313)
Net change in unrealized depreciation (64,251) (16,412) (33,645)
Net realized and unrealized losses (61,957) (26,148) (61,958)
Net (decrease) increase in net assets resulting from operations $ (42,705) $ 6,445 $ 33,902
Per share information—basic and diluted      
Net increase (decrease) in net assets per share resulting from operations (in dollars per share) $ (0.80) $ 0.12 $ 0.63
Net investment income per share (in dollars per share) $ 0.36 $ 0.60 $ 1.79
Weighted average shares of common stock outstanding - basic (in shares) 53,073,211 53,960,698 53,564,788
Weighted average shares of common stock outstanding - diluted (in shares) 53,073,211 53,960,698 53,564,788
Non-controlled, non-affiliated investments      
Investment income      
Interest income $ 34,120 $ 55,372 $ 165,786
Paid-in-kind interest income 8,359 7,049 31,397
Fee income 3,783 3,873 9,865
Dividend income 506 0 5,855
Realized and unrealized gains (losses)      
Net realized losses on investments 2,294 (9,736) (24,367)
Net change in unrealized depreciation (30,662) (6,517) (8,218)
Non-controlled, affiliated investments      
Investment income      
Interest income 1,975 1,519 6,426
Paid-in-kind interest income 3,148 2,482 11,692
Fee income 0 0 3,648
Dividend income 191 27 411
Realized and unrealized gains (losses)      
Net realized losses on investments 0 0 (3,946)
Net realized gains (losses) 0   (3,946)
Net change in unrealized depreciation (8,429) (6,246) 5,059
Controlled investments      
Investment income      
Interest income 3,792 3,232 12,970
Fee income 200 0 4,382
Dividend income 0    
Realized and unrealized gains (losses)      
Net realized gains (losses) 0    
Net change in unrealized depreciation $ (25,160) $ (3,649) $ (30,486)