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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Jun. 30, 2025
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Investment income            
Fee income $ 9,629 $ 5,803   $ 15,324 $ 12,018 $ 17,895
Total investment income 78,711 59,627   187,029 194,538 252,432
Operating expenses            
Management fees 6,532 6,854   19,654 20,559 27,321
Administrative services expense 1,225 1,184   3,700 3,522 4,783
Subordinated incentive fee on income 8,181 4,586   15,854 16,371 20,334
General and administrative 1,649 1,855   4,878 5,298 7,157
Interest expense 22,652 23,551   68,287 71,626 96,870
Total operating expenses 40,239 38,030   112,373 117,376 156,465
Net investment income before taxes 38,472 21,597   74,656 77,162 95,967
Income tax (benefit) expense, including excise tax (95) (21)   (85) (12) 107
Net investment income after taxes 38,567 21,618   74,741 77,174 95,860
Realized and unrealized (losses) gains            
Net realized (losses) gains on investments (9,605) 3,938   (39,687) (26,075) (28,313)
Net realized (losses) gains (9,605) 3,938   (39,687) (26,075) (28,313)
Net change in unrealized appreciation (depreciation) 6,916 (25,935)   (14,565) (22,655) (33,645)
Net realized and unrealized losses (2,689) (21,997)   (54,252) (48,730) (61,958)
Net increase (decrease) in net assets resulting from operations $ 35,878 $ (379)   $ 20,489 $ 28,444 $ 33,902
Per share information—basic and diluted            
Net increase (decrease) in net assets per share resulting from operations (in dollars per share) $ 0.69 $ (0.01)   $ 0.39 $ 0.53 $ 0.63
Net investment income per share - basic (in dollars per share) 0.74 0.40   1.42 1.44 1.79
Net investment income per share - diluted (in dollars per share) $ 0.74 $ 0.40   $ 1.42 $ 1.44 $ 1.79
Weighted average shares of common stock outstanding - basic (in shares) 52,065,707 53,439,316   52,585,897 53,663,884 53,564,788
Weighted average shares of common stock outstanding - diluted (in shares) 52,065,707 53,439,316   52,585,897 53,663,884 53,564,788
Non-controlled, non-affiliated investments            
Investment income            
Interest income $ 30,251 $ 40,613   $ 96,849 $ 134,497 $ 165,786
Paid-in-kind interest income 10,609 5,526   25,257 19,811 31,397
Fee income 766 900   5,288 6,111 9,865
Dividend income 535 345   2,253 5,484 5,855
Realized and unrealized (losses) gains            
Net realized (losses) gains on investments (9,605) 3,938   (39,687) (18,984) (24,367)
Net change in unrealized appreciation (depreciation) (18,923) (4,242)   (28,753) (9,342) (8,218)
Non-controlled, affiliated investments            
Investment income            
Interest income 1,045 429   5,325 4,331 6,426
Paid-in-kind interest income 4,119 3,831   10,609 8,882 11,692
Fee income 0 2,894   700 3,598 3,648
Dividend income 370 89   1,000 129 411
Realized and unrealized (losses) gains            
Net realized (losses) gains on investments 0 0   0 (7,091) (3,946)
Net realized (losses) gains       0   (3,946)
Net change in unrealized appreciation (depreciation) 25,828 (7,539)   27,959 9,417 5,059
Controlled investments            
Investment income            
Interest income 19,717 2,991   27,976 9,386 12,970
Paid-in-kind interest income     $ 0 2,436 0  
Fee income 8,863 2,009   9,336 2,309 4,382
Dividend income       0    
Realized and unrealized (losses) gains            
Net realized (losses) gains       0    
Net change in unrealized appreciation (depreciation) $ 11 $ (14,154)   $ (13,771) $ (22,730) $ (30,486)