v3.25.2
Consolidated Statements of Operations - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Investment income        
Interest Income $ 15,002,000 $ 10,120,000 $ 29,535,000 $ 15,367,000
Dividend Income 4,113,000 0 4,113,000 0
Total investment income 19,115,000 10,120,000 33,648,000 15,367,000
Expenses        
General and administration expenses 2,147,000 1,984,000 4,353,000 3,911,000
Directors fees 156,000 90,000 309,000 168,000
Deferred offering expenses amortization 133,000 130,000 266,000 250,000
Management fees, net 1,343,000 0 2,251,000 264,000
Performance fees 1,294,000 718,000 2,257,000 1,088,000
Total expenses 5,073,000 2,922,000 9,436,000 5,681,000
Less: Expense support from Operating Manager 0 (1,275,000) (436,000) (2,742,000)
Net expenses 5,073,000 1,647,000 9,000,000 2,939,000
Net investment income before taxes 14,042,000 8,473,000 24,648,000 12,428,000
Provision for (benefit from) income taxes 3,212,000 3,064,000 6,781,000 4,099,000
Net investment income 10,830,000 5,409,000 17,867,000 8,329,000
Net realized and unrealized gain/(loss)        
Net realized gain/(loss) from investments 12,428,000 0 12,432,000 0
Net change in unrealized appreciation/(depreciation) from investments (1,578,000) 4,990,000 4,751,000 7,999,000
Net change in unrealized appreciation/(depreciation) from derivatives (2,190,000) 0 (1,835,000) 0
Net realized and unrealized gain/(loss) 8,660,000 4,990,000 15,348,000 7,999,000
Net increase (decrease) in net assets resulting from operations 19,490,000 10,399,000 33,215,000 16,328,000
Series I [Member]        
Investment income        
Interest Income 4,403,000 2,550,000 8,498,000 3,687,000
Dividend Income 1,198,000 0 1,198,000 0
Total investment income 5,601,000 2,550,000 9,696,000 3,687,000
Expenses        
General and administration expenses 627,000 498,000 1,233,000 908,000
Directors fees 45,000 22,000 87,000 38,000
Deferred offering expenses amortization 38,000 33,000 74,000 58,000
Management fees, net 452,000 0 713,000 54,000
Performance fees 418,000 186,000 707,000 269,000
Total expenses 1,580,000 739,000 2,814,000 1,327,000
Less: Expense support from Operating Manager 0 (320,000) (117,000) (632,000)
Net expenses 1,580,000 419,000 2,697,000 695,000
Net investment income before taxes 4,021,000 2,131,000 6,999,000 2,992,000
Provision for (benefit from) income taxes 1,389,000 830,000 2,541,000 1,150,000
Net investment income 2,632,000 1,301,000 4,458,000 1,842,000
Net realized and unrealized gain/(loss)        
Net realized gain/(loss) from investments 3,682,000 0 3,683,000 0
Net change in unrealized appreciation/(depreciation) from investments (518,000) 1,276,000 1,281,000 1,946,000
Net change in unrealized appreciation/(depreciation) from derivatives (615,000) 0 (520,000) 0
Net realized and unrealized gain/(loss) 2,549,000 1,276,000 4,444,000 1,946,000
Net increase (decrease) in net assets resulting from operations 5,181,000 2,577,000 8,902,000 3,788,000
Series II [Member]        
Investment income        
Interest Income 10,599,000 7,570,000 21,037,000 11,680,000
Dividend Income 2,915,000 0 2,915,000 0
Total investment income 13,514,000 7,570,000 23,952,000 11,680,000
Expenses        
General and administration expenses 1,520,000 1,486,000 3,120,000 3,003,000
Directors fees 111,000 68,000 222,000 130,000
Deferred offering expenses amortization 95,000 97,000 192,000 192,000
Management fees, net 891,000 0 1,538,000 210,000
Performance fees 876,000 532,000 1,550,000 819,000
Total expenses 3,493,000 2,183,000 6,622,000 4,354,000
Less: Expense support from Operating Manager 0 (955,000) (319,000) (2,110,000)
Net expenses 3,493,000 1,228,000 6,303,000 2,244,000
Net investment income before taxes 10,021,000 6,342,000 17,649,000 9,436,000
Provision for (benefit from) income taxes 1,823,000 2,234,000 4,240,000 2,949,000
Net investment income 8,198,000 4,108,000 13,409,000 6,487,000
Net realized and unrealized gain/(loss)        
Net realized gain/(loss) from investments 8,746,000 0 8,749,000 0
Net change in unrealized appreciation/(depreciation) from investments (1,060,000) 3,714,000 3,470,000 6,053,000
Net change in unrealized appreciation/(depreciation) from derivatives (1,575,000) 0 (1,315,000) 0
Net realized and unrealized gain/(loss) 6,111,000 3,714,000 10,904,000 6,053,000
Net increase (decrease) in net assets resulting from operations $ 14,309,000 $ 7,822,000 $ 24,313,000 $ 12,540,000