v3.25.2
CONSOLIDATED STATEMENTS OF OPERATIONS - 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 interest income $ 1,660 $ 2,099 $ 3,560 $ 4,214
Dividend income 829 1,017 1,858 2,029
Other income 54 265 282 302
Total investment income 9,873 15,627 21,511 30,809
Operating expenses:        
Interest and other debt financing expenses 3,933 5,780 8,610 11,287
Base management fees 1,742 2,037 3,593 4,085
Incentive fees 0 351 0 1,719
Professional fees 267 199 530 467
Administrative service fees 374 250 727 459
General and administrative expenses 232 243 459 461
Directors’ fees 70 73 132 149
Total operating expenses, net of fee waivers 6,618 8,933 14,051 18,627
Net investment income before income taxes 3,255 6,694 7,460 12,182
Income tax expense (benefit), including excise taxes (43) 135 77 153
Net investment income 3,298 6,559 7,383 12,029
Net realized gain (loss):        
Non-controlled/non-affiliate company investments     (361) 510
Net realized gain (loss) 77 506 (361) 510
Net change in unrealized gain (loss):        
Unrealized gain (loss) of investments     (8,359) (6,086)
Net change in unrealized gain (loss) (5,244) (3,807) (8,359) (6,086)
Net gain (loss) (5,167) (3,301) (8,720) (5,576)
Net increase (decrease) in net assets resulting from operations $ (1,869) $ 3,258 $ (1,337) $ 6,453
Per common share data:        
Net investment income per share - basic (in dollars per share) $ 0.15 $ 0.30 $ 0.34 $ 0.56
Net investment income per share - diluted (in dollars per share) 0.15 0.30 0.34 0.56
Net increase (decrease) in net assets resulting from operations per share - basic (in dollars per share) (0.09) 0.15 (0.06) 0.30
Net increase (decrease) in net assets resulting from operations per share - diluted (in dollars per share) $ (0.09) $ 0.15 $ (0.06) $ 0.30
Weighted average common shares outstanding - basic (in shares) 21,666 21,666 21,666 21,666
Weighted average common shares outstanding - diluted (in shares) 21,666 21,666 21,666 21,666
Non-controlled/non-affiliate company investments        
Investment income:        
Interest income $ 6,757 $ 10,973 $ 14,786 $ 21,803
Payment-in-kind interest income 983 771 2,116 1,579
Dividend income 69 62 141 121
Other income 54 265 282 302
Total investment income 7,863 12,071 17,325 23,805
Net realized gain (loss):        
Non-controlled/non-affiliate company investments 77 506 (361) 510
Net change in unrealized gain (loss):        
Unrealized gain (loss) of investments (2,603) (2,985) (5,176) (4,329)
Non-controlled affiliate company investments        
Investment income:        
Interest income 573 1,273 1,025 2,461
Payment-in-kind interest income 677 1,328 1,444 2,635
Dividend income 60 55 117 108
Total investment income 1,310 2,656 2,586 5,204
Net realized gain (loss):        
Non-controlled/non-affiliate company investments     0 0
Net change in unrealized gain (loss):        
Unrealized gain (loss) of investments (881) (930) (610) (1,733)
Controlled affiliate company investments        
Investment income:        
Dividend income 700 900 1,600 1,800
Total investment income 700 900 1,600 1,800
Net realized gain (loss):        
Non-controlled/non-affiliate company investments     0 0
Net change in unrealized gain (loss):        
Unrealized gain (loss) of investments $ (1,760) $ 108 $ (2,573) $ (24)