v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Investment income        
Payment-in-kind (“PIK”) interest income     $ 364 $ 0
PIK dividend income     3,188 0
Total investment income $ 18,217 $ 17,155 35,123 32,075
Operating expenses        
Total return incentive fees   5,273 13,467 9,758
Base management fees   4,208 11,070 8,226
Offering expenses   285 1,150 541
Professional services 824 997 1,488 1,584
Pursuit costs 274 497 691 1,002
Distribution and shareholder servicing fees 497 319 988 637
Custodian and accounting fees 148 134 296 267
Insurance expense 55 53 110 103
Director fees and expenses 52 54 103 107
General and administrative expenses 102 72 183 132
Interest expense 99 60 156 89
Total operating expenses 21,505 11,952 29,702 22,446
Expense support (3,883) (58) (3,892) (353)
Net operating expenses 17,622 11,894 25,810 22,093
Net investment income before taxes 595 5,261 9,313 9,982
Income tax (expense) benefit (30) 5 (47) 5
Net investment income 565 5,266 9,266 9,987
Net change in unrealized appreciation on investments, including unrealized foreign currency gain (loss):        
Total net change in unrealized appreciation on investments, including unrealized foreign currency gain (loss) 45,339 18,972 55,205 35,202
Provision for deferred taxes on investments (3,640) (496) (5,013) (1,267)
Net gain on investments 45,339 18,972 55,205 35,202
Net increase in net assets resulting from operations 45,904 24,238 64,471 45,189
Class FA        
Operating expenses        
Total return incentive fees 669 424 939 818
Base management fees 273 254 541 519
Offering expenses $ 0 $ 0 $ 0 $ 0
Net change in unrealized appreciation on investments, including unrealized foreign currency gain (loss):        
Net increase in net assets resulting from operations per share (in usd per share) $ 1.56 $ 0.94 $ 2.17 $ 1.79
Weighted average shares outstanding (in shares) 3,921 4,106 3,968 4,142
Class A        
Operating expenses        
Total return incentive fees $ 3,668 $ 1,209 $ 3,668 $ 2,167
Base management fees 1,600 965 3,069 1,815
Offering expenses $ 39 $ 113 $ 97 $ 212
Net change in unrealized appreciation on investments, including unrealized foreign currency gain (loss):        
Net increase in net assets resulting from operations per share (in usd per share) $ 1.27 $ 0.80 $ 1.81 $ 1.45
Weighted average shares outstanding (in shares) 8,473 6,082 8,381 5,742
Class T        
Operating expenses        
Total return incentive fees $ 924 $ 444 $ 924 $ 839
Base management fees 424 385 834 790
Offering expenses $ 88 $ 14 $ 145 $ 30
Net change in unrealized appreciation on investments, including unrealized foreign currency gain (loss):        
Net increase in net assets resulting from operations per share (in usd per share) $ 1.07 $ 0.69 $ 1.57 $ 1.30
Weighted average shares outstanding (in shares) 2,453 2,559 2,479 2,604
Class D        
Operating expenses        
Total return incentive fees $ 1,263 $ 456 $ 1,263 $ 895
Base management fees 545 430 1,068 844
Offering expenses $ 16 $ 34 $ 32 $ 51
Net change in unrealized appreciation on investments, including unrealized foreign currency gain (loss):        
Net increase in net assets resulting from operations per share (in usd per share) $ 1.21 $ 0.77 $ 1.72 $ 1.40
Weighted average shares outstanding (in shares) 3,034 2,798 3,059 2,732
Class I        
Operating expenses        
Total return incentive fees $ 6,270 $ 2,566 $ 6,270 $ 4,696
Base management fees 2,783 2,049 5,285 4,006
Offering expenses $ 467 $ 124 $ 876 $ 248
Net change in unrealized appreciation on investments, including unrealized foreign currency gain (loss):        
Net increase in net assets resulting from operations per share (in usd per share) $ 1.34 $ 0.77 $ 1.86 $ 1.46
Weighted average shares outstanding (in shares) 14,973 12,999 14,689 12,686
Class S        
Operating expenses        
Total return incentive fees $ 285 $ 174 $ 403 $ 343
Base management fees 140 125 273 252
Offering expenses $ 0 $ 0 $ 0 $ 0
Net change in unrealized appreciation on investments, including unrealized foreign currency gain (loss):        
Net increase in net assets resulting from operations per share (in usd per share) $ 1.61 $ 0.92 $ 2.22 $ 1.79
Weighted average shares outstanding (in shares) 1,707 1,746 1,709 1,747
Affiliated Investments        
Investment income        
Interest income $ 10,475 $ 9,961 $ 20,771 $ 19,888
Payment-in-kind (“PIK”) interest income 364 0 364 0
Dividend income 5,009 5,368 8,940 9,041
PIK dividend income 1,532 0 3,188 0
Net change in unrealized appreciation on investments, including unrealized foreign currency gain (loss):        
Total net change in unrealized appreciation on investments, including unrealized foreign currency gain (loss) 48,979 19,468 60,218 36,469
US Treasury Bill Securities        
Investment income        
Interest and dividend income $ 837 $ 1,826 $ 1,860 $ 3,146