XML 15 R4.htm IDEA: XBRL DOCUMENT v3.25.1
Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Investment income    
Payment-in-kind (“PIK”) interest income $ 285 $ 1,382
Total investment income 24,516 26,129
Expenses    
Interest expense 8,681 8,161
Base management fee (Note 3) 3,180 3,162
Performance based incentive fee (Note 3) 0 295
Administrative fee (Note 3) 406 433
Professional fees 725 665
General and administrative 427 429
Total expenses 13,419 13,145
Net investment income before excise tax 11,097 12,984
Provision for excise tax 378 379
Net investment income 10,719 12,605
Net realized and unrealized loss    
Net realized gain (loss) on investments 1 8
Net unrealized appreciation (depreciation) on investments (32,156) (3,960)
Net realized and unrealized loss (32,155) (3,952)
Net (decrease) increase in net assets resulting from operations $ (21,436) $ 8,653
Net investment income per common share - basic (in dollars per share) $ 0.27 $ 0.38
Net investment income per common share - diluted (in dollars per share) 0.27 0.38
Net (decrease) increase in net assets resulting from operations per common share - basic (in dollars per share) (0.53) 0.26
Net (decrease) increase in net assets resulting from operations per common share - diluted (1) (in dollars per share) [1] $ (0.53) $ 0.26
Weighted average shares outstanding - basic (in shares) 40,223,393 33,579,743
Weighted average shares outstanding - diluted (in shares) 40,223,393 33,579,743
Distributions declared per share (in dollars per share) $ 0.33 $ 0.38
Investment, Unaffiliated Issuer [Member]    
Investment income    
Interest income $ 23,438 $ 24,468
Payment-in-kind (“PIK”) interest income 77 1,216
Fee income 1,062 268
Net realized and unrealized loss    
Net realized gain (loss) on investments 1 11
Net unrealized appreciation (depreciation) on investments (12,037) (14,214)
Investment, Affiliated Issuer, Controlled [Member]    
Investment income    
Payment-in-kind (“PIK”) interest income 208 166
Interest (reversal) income (269) 11
Net realized and unrealized loss    
Net realized gain (loss) on investments 0 0
Net unrealized appreciation (depreciation) on investments (20,117) (1,179)
Investment, Affiliated Issuer, Noncontrolled [Member]    
Net realized and unrealized loss    
Net realized gain (loss) on investments 0 (3)
Net unrealized appreciation (depreciation) on investments $ (2) $ 11,433
[1] For the three months ended March 31, 2025, the impact of the hypothetical conversion of 2031 Convertible Notes would have been antidilutive to net (decrease) increase in net assets resulting from operations per common share (Note 11).