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Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Interest income:        
Total interest income $ 14,729 $ 11,713 $ 31,132 $ 36,654
Payment-in-kind income:        
Total payment-in-kind income 2,705 1,552 8,215 5,759
Dividend income:        
Total dividend income 1,500 1,669 4,130 5,122
Fees and other income:        
Total fees and other income 6 243 211 505
Total investment income 18,940 15,177 43,688 48,040
EXPENSES        
Management fees 1,808 1,611 4,719 5,020
Performance-based incentive fees 1,069 1,230 2,956 3,838
Interest and amortization of debt issuance costs 5,514 5,120 14,042 16,210
Professional fees 621 283 1,476 1,357
Administrative services expense 505 596 1,365 1,313
Directors' expense 154 143 440 466
Other general and administrative expenses 609 392 1,133 1,331
Total expenses 10,280 9,375 26,131 29,535
Waiver of performance-based incentive fees (188)   (188)  
Net expenses 10,092 9,375 25,943 29,535
NET INVESTMENT INCOME [1] 8,848 5,802 17,745 18,505
Net realized gains (losses) from investment transactions:        
Net realized gain (loss) on investments (2,678) (11,419) (18,691) (20,398)
Net change in unrealized appreciation (depreciation) on:        
Net change in unrealized appreciation (depreciation) on Derivatives 0   (21)  
Net change in unrealized appreciation (depreciation) on investments 15,525 4,511 18,250 (1,384)
Tax (provision) benefit on realized and unrealized gains (losses) on investments 1,935 0 1,726 537
Net realized gain (loss) and change in unrealized appreciation (depreciation) on investments, net of taxes 14,782 (6,908) 1,285 (21,245)
Net realized gain (loss) on extinguishment of debt   (403) [1] (0) (655) [1]
Net increase (decrease) in net assets resulting from operations [1] $ 23,630 $ (1,509) $ 19,030 $ (3,395)
Net Increase (Decrease) In Net Assets Resulting from Operations per Common Share:        
Net increase (decrease) in net assets per share resulting from operations - Basic (see Note 3) $ 1.88 $ (0.16) $ 1.84 $ (0.37)
Weighted average common stock outstanding - Basic (see Note 3) 12,549,643 9,244,033 10,337,858 9,295,008
Net increase (decrease) in net assets per share resulting from operations - Diluted (see Note 3) $ 1.86 $ (0.16) $ 1.83 $ (0.37)
Weighted average common stock outstanding - Diluted (see Note 3) 12,726,646 9,244,033 10,397,936 9,295,008
Net Investment Income Per Common Share:        
Net investment income (loss) - Basic $ 0.71 $ 0.63 $ 1.72 [2],[3] $ 1.99 [2],[3]
Net investment income (loss) - Diluted $ 0.7 $ 0.63 $ 1.71 $ 1.99
Non-controlled/Non-affiliated Investments        
Interest income:        
Total interest income $ 13,295 $ 11,357 $ 29,058 $ 35,891
Payment-in-kind income:        
Total payment-in-kind income [4] 2,507 1,343 7,714 5,255
Fees and other income:        
Total fees and other income 6 243 128 505
Net realized gains (losses) from investment transactions:        
Net realized gain (loss) from investments (1,318) (11,419) (11,047) (13,754)
Net change in unrealized appreciation (depreciation) on:        
Net change in unrealized appreciation (depreciation) on investments 12,773 5,430 14,662 (5,392)
Non-controlled Affiliated Investments        
Interest income:        
Total interest income 1,434 356 2,074 763
Payment-in-kind income:        
Total payment-in-kind income 198 209 501 504
Dividend income:        
Total dividend income 1,500 1,669 4,130 [5],[6] 5,122
Fees and other income:        
Total fees and other income 0   83  
Net realized gains (losses) from investment transactions:        
Net realized gain (loss) from investments (1,360)   (1,452) [5],[6]  
Net change in unrealized appreciation (depreciation) on:        
Net change in unrealized appreciation (depreciation) on investments 3,114 (994) (1,042) [5],[6] (2,909)
Controlled Affiliated Investments        
Net realized gains (losses) from investment transactions:        
Net realized gain (loss) from investments 0 0 (6,192) [5],[7] (6,644)
Net change in unrealized appreciation (depreciation) on:        
Net change in unrealized appreciation (depreciation) on investments $ (362) $ 75 $ 4,651 [5],[7] $ 6,917
[1] Refer to Note 9 “Stockholders' Equity” for additional information on changes in components of Stockholders’ Equity.
[2] Based on weighted average number of common shares outstanding-basic for the period.
[3] Includes the effect of the Purchase Accounting as a result of asset acquisitions. Please refer to Note 2. "Significant Accounting Policies" and Note 11. "LRFC Acquisition" for additional information on Purchase Accounting for the LRFC Acquisition.
[4] During the three months ended September 30, 2025 and 2024, the Company received less than $0.1 million and $— million, respectively, of non-recurring fee income that was paid in-kind and included in this financial statement line item. During the nine months ended September 30, 2025 and 2024, the Company received $0.3 million and $0.1 million, respectively, of non-recurring fee income that was paid in-kind and included in this financial statement line item.
[5] All investments valued using unobservable inputs (Level III), unless otherwise noted.
[6] Under the 1940 Act, the Company is deemed to be an “Affiliated Person” of, as defined in the 1940 Act, this portfolio company as the Company owns at least 5% of the portfolio company’s outstanding voting securities or is under common control with such portfolio company.
[7] As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company.