v3.25.2
Consolidated Statement of Operations - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
From non-controlled/non-affiliated investments:        
Dividend income $ 196 $ 1,058 $ 459 $ 3,071
Other Income 216 359 420 638
Total investment income 16,265 8,185 31,784 13,728
Expenses:        
Interest expense 6,657 1,170 12,816 1,990
Base management fees 929 939 1,860 1,724
Income-based incentive fee 924 695 1,831 893
Capital gains incentive fee 0 12 0 18
Administration expense 422 413 1,026 835
Trustees fees 123 130 256 228
Professional fees 308 318 630 599
Other general and administrative expenses 367 208 654 380
Amortization of continuous offering costs 1,028 418 1,778 616
Total expenses before excise tax 10,758 4,303 20,851 7,283
Management fees waiver (929) (939) (1,860) (1,724)
Incentive fees waiver (924) (707) (1,831) (911)
Expense support (1,502) (321) (2,854) (321)
Net expenses before excise tax 7,403 2,336 14,306 4,327
Net investment income (loss) before excise tax 8,862 5,849 17,478 9,401
Excise tax expense 44 0 78 0
Net investment income (loss) after excise tax 8,818 5,849 17,400 9,401
Net realized gains (losses):        
Net realized gain (loss) 100 (4) (439) (4)
Net change in unrealized appreciation (depreciation):        
Net change in unrealized appreciation (depreciation) (442) (218) (3,834) (172)
Net realized and unrealized gain (loss) (342) (222) (4,273) (176)
Net increase (decrease) in net assets resulting from operations 8,476 5,627 13,127 9,225
Class I Shares        
Per share information - basic and diluted:        
Earnings available to shareholders $ 8,473 $ 5,627 $ 13,124 $ 9,225
Weighted average shares outstanding (basic) 12,445,003 12,425,341 12,444,823 11,739,160
Weighted average shares outstanding (diluted) 12,445,003 12,425,341 12,444,823 11,739,160
Basic earnings per common share $ 0.68 $ 0.45 $ 1.05 $ 0.79
Diluted earnings per common share $ 0.68 $ 0.45 $ 1.05 $ 0.79
Class D Shares        
Expenses:        
Distribution and shareholder servicing fees Class D [1] $ 0 $ 0 $ 0 $ 0
Per share information - basic and diluted:        
Earnings available to shareholders $ 3 $ 0 $ 3 $ 0
Weighted average shares outstanding (basic) 4,205 0 4,205 0
Weighted average shares outstanding (diluted) 4,205 0 4,205 0
Basic earnings per common share $ 0.65 $ 0 $ 0.65 $ 0
Diluted earnings per common share $ 0.65 $ 0 $ 0.65 $ 0
Non Controlled Non Affiliated Investments        
From non-controlled/non-affiliated investments:        
Interest income $ 15,853 $ 6,768 $ 30,905 $ 10,019
Dividend income 196 1,058 459 3,071
Other Income 216 359 420 638
Net realized gains (losses):        
Non-controlled/non-affiliated investments 100 (4) (439) (4)
Net change in unrealized appreciation (depreciation):        
Non-controlled non-affiliated investments $ (442) $ (218) $ (3,834) $ (172)
[1] For the three and six months ended June 30, 2025, the Class D distribution and shareholder servicing fees were less than $1. There were no distribution and shareholder servicing fees for the three and six months ended June 30, 2024