v3.25.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Investment income:        
Interest from cash and cash equivalents $ 1,021 $ 970 $ 2,029 $ 2,108
Total investment income 103,415 104,625 210,932 201,175
Operating expenses:        
Management fees 15,231 13,761 30,216 24,318
Incentive fee on income 7,934 9,368 16,930 18,023
Interest and debt fees 34,889 28,280 68,741 51,211
Professional fees 1,784 1,765 3,918 3,808
Other general and administrative 2,448 1,393 4,241 3,117
Administrative services 211 224 431 470
Directors' fees 243 268 501 599
Total expenses 62,740 55,059 124,978 101,546
Net investment income (loss) before income taxes 40,675 49,566 85,954 99,629
Income tax expense, including excise tax 1,095 889 1,450 1,215
Net investment income (loss) 39,580 48,677 84,504 98,414
Net realized gain (loss)        
Net realized gain (loss) from investments     (8,046) 1,533
Net realized gain (loss) on derivatives 17 0 6 0
Total net realized gain (loss) (11,492) 250 (8,040) 1,533
Net change in unrealized appreciation (depreciation) on investments        
Net change in deferred taxes (1,684) (738) (3,731) (1,029)
Net change in unrealized appreciation (depreciation) on derivatives (111) 0 (349) 0
Total net change in unrealized appreciation (depreciation) on investments (1,930) (16,015) (25,447) (40,815)
Net realized and unrealized gain (loss) (13,422) (15,765) (33,487) (39,282)
Net increase (decrease) in net assets resulting from operations attributable to common stockholders and participating securities 26,158 32,912 51,017 59,132
Accretion to redemption value of Series A redeemable convertible preferred stock (4) (4) (9) (9)
Accrual of Series A redeemable convertible preferred stock distributions (1,687) (1,687) (3,373) (3,884)
Net increase (decrease) in net assets resulting from operations attributable to common stockholders $ 24,467 $ 31,221 $ 47,635 $ 55,239
Net investment income (loss) (in dollars per share) $ 0.29 $ 0.36 $ 0.62 $ 0.81
Net increase (decrease) in net assets resulting from operations attributable to common stockholders and participating securities (in dollars per share) 0.19 0.24 0.38 0.49
Basic earnings (loss) per share (in dollar per share) 0.18 0.23 0.35 0.46
Diluted earnings (loss) per share (in dollar per share) $ 0.18 $ 0.23 $ 0.35 $ 0.46
Weighted average common shares outstanding, basic (in shares) 135,118,703 135,058,646 135,356,935 121,176,065
Weighted average common shares outstanding, diluted (in shares) 135,118,703 135,058,646 135,356,935 121,176,065
Controlled        
Investment income:        
Interest income $ 5,548 $ 5,828 $ 11,578 $ 18,565
Dividend income 12,320 12,530 28,697 24,603
Total investment income 17,868 18,358 40,275 43,168
Net realized gain (loss)        
Net realized gain (loss) from investments 0 2 (164) (3)
Net change in unrealized appreciation (depreciation) on investments        
Net change in unrealized appreciation (depreciation) on investments (5,751) (2,181) (11,392) (11,016)
Affiliated        
Investment income:        
Interest income 603 788 1,074 2,257
Dividend income 0 200 0 200
Payment-in-kind income 302 323 566 630
Fee and other income 9 1 9 1
Total investment income 914 1,312 1,649 3,088
Net realized gain (loss)        
Net realized gain (loss) from investments 0 362 137 362
Net change in unrealized appreciation (depreciation) on investments        
Net change in unrealized appreciation (depreciation) on investments (938) 494 (2,511) (2,316)
Non-affiliated        
Investment income:        
Interest income 76,169 77,957 155,095 142,658
Dividend income 339 33 642 67
Payment-in-kind income 6,173 5,399 9,698 9,384
Fee and other income 931 596 1,544 702
Total investment income 83,612 83,985 166,979 152,811
Net realized gain (loss)        
Net realized gain (loss) from investments (11,509) (114) (8,019) 1,174
Net change in unrealized appreciation (depreciation) on investments        
Net change in unrealized appreciation (depreciation) on investments $ 6,554 $ (13,590) $ (7,464) $ (26,454)