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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Investment income          
Fee income $ 1,712 $ 2,342 $ 5,695 $ 6,215 $ 17,895
Total investment income 52,244 61,357 108,318 134,911 252,432
Operating expenses          
Management fees 6,497 6,841 13,122 13,705 27,321
Administrative services expense 1,196 1,246 2,475 2,338 4,783
Subordinated incentive fee on income 3,589 4,871 7,673 11,785 20,334
General and administrative 1,393 1,659 3,229 3,443 7,157
Interest expense 22,637 23,773 45,635 48,075 96,870
Total operating expenses 35,312 38,390 72,134 79,346 156,465
Net investment income before taxes 16,932 22,967 36,184 55,565 95,967
Income tax expense, including excise tax 10 4 10 9 107
Net investment income after taxes 16,922 22,963 36,174 55,556 95,860
Realized and unrealized gains (losses)          
Net realized losses on investments (32,376) (20,277) (30,082) (30,013) (28,313)
Net realized losses (32,376) (20,277) (30,082) (30,013) (28,313)
Net change in unrealized appreciation (depreciation) 42,770 19,692 (21,481) 3,280 (33,645)
Net realized and unrealized gains (losses) 10,394 (585) (51,563) (26,733) (61,958)
Net increase (decrease) in net assets resulting from operations $ 27,316 $ 22,378 $ (15,389) $ 28,823 $ 33,902
Per share information—basic and diluted          
Net increase (decrease) in net assets per share resulting from operations (in dollars per share) $ 0.52 $ 0.42 $ (0.29) $ 0.54 $ 0.63
Net investment income per share - basic (in dollars per share) 0.32 0.43 0.68 1.03 1.79
Net investment income per share - diluted (in dollars per share) $ 0.32 $ 0.43 $ 0.68 $ 1.03 $ 1.79
Weighted average shares of common stock outstanding - basic (in shares) 52,628,784 53,595,624 52,848,420 53,778,161 53,564,788
Weighted average shares of common stock outstanding - diluted (in shares) 52,628,784 53,595,624 52,848,420 53,778,161 53,564,788
Non-controlled, non-affiliated investments          
Investment income          
Interest income $ 32,478 $ 38,512 $ 66,598 $ 93,884 $ 165,786
Paid-in-kind interest income 6,289 7,236 14,648 14,285 31,397
Fee income 739 1,338 4,522 5,211 9,865
Dividend income 1,212 5,139 1,718 5,139 5,855
Realized and unrealized gains (losses)          
Net realized losses on investments (32,376) (13,186) (30,082) (22,922) (24,367)
Net change in unrealized appreciation (depreciation) 20,832 1,417 (9,830) (5,100) (8,218)
Non-controlled, affiliated investments          
Investment income          
Interest income 2,305 2,383 4,280 3,902 6,426
Paid-in-kind interest income 3,342 2,569 6,490 5,051 11,692
Fee income 700 704 700 704 3,648
Dividend income 439 13 630 40 411
Realized and unrealized gains (losses)          
Net realized losses on investments 0 (7,091) 0 (7,091) (3,946)
Net realized losses     0   (3,946)
Net change in unrealized appreciation (depreciation) 10,560 23,202 2,131 16,956 5,059
Controlled investments          
Investment income          
Interest income 4,467 3,163 8,259 6,395 12,970
Fee income 273 300 473 300 4,382
Dividend income     0    
Realized and unrealized gains (losses)          
Net realized losses     0    
Net change in unrealized appreciation (depreciation) $ 11,378 $ (4,927) $ (13,782) $ (8,576) $ (30,486)