v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Investment income      
Payment-in-kind (“PIK”) interest income $ 2,349 $ 3,261 $ 8,433
Total investment income 96,019 99,915 113,475
Expenses      
Interest expense 32,805 32,256 28,971
Base management fee (Note 3) 11,741 12,261 12,799
Performance based incentive fee (Note 3) 0 295 3,094
Administrative fee (Note 3) 1,519 1,650 1,658
Professional fees 2,537 2,328 2,178
General and administrative 1,941 1,866 1,837
Total expenses 50,543 50,656 50,537
Net investment income before excise tax 45,476 49,259 62,938
Provision for excise tax 1,063 1,476 1,490
Net investment income 44,413 47,783 61,448
Net realized and unrealized loss      
Net realized gain (loss) on investments (55,114) (34,631) (29,702)
Net realized loss on extinguishment of debt (2,819) 0 (151)
Net realized loss (57,933) (34,631) (29,853)
Net unrealized appreciation (depreciation) on investments 10,859 (18,785) (48,780)
Net realized and unrealized loss (47,074) (53,416) (78,633)
Net decrease in net assets resulting from operations $ (2,661) $ (5,633) $ (17,185)
Net investment income per common share - basic (in dollars per share) $ 1.05 $ 1.32 $ 1.98
Net investment income per common share - diluted (in dollars per share) 1.05 1.32 1.98
Net decrease in net assets resulting from operations per common share - basic (in dollars per share) (0.06) (0.16) (0.56)
Net decrease in net assets resulting from operations per common share - diluted (1) (in dollars per share) [1] $ (0.06) $ (0.16) $ (0.56)
Weighted average shares outstanding - basic (in shares) 42,348,813 36,104,415 30,957,849
Weighted average shares outstanding - diluted (in shares) 42,348,813 36,104,415 30,957,849
Distributions declared per share (in dollars per share) $ 1.32 $ 1.37 $ 1.37
Investment, Unaffiliated Issuer [Member]      
Investment income      
Interest income $ 87,817 $ 93,588 $ 100,435
Payment-in-kind (“PIK”) interest income 952 1,630 8,113
Fee income 5,555 2,948 3,345
Net realized and unrealized loss      
Net realized gain (loss) on investments (29,997) (34,668) (29,702)
Net unrealized appreciation (depreciation) on investments 25,503 (14,392) (24,489)
Investment, Affiliated Issuer, Noncontrolled [Member]      
Investment income      
Interest income 522 0 1,245
Payment-in-kind (“PIK”) interest income 1,189 0 0
Net realized and unrealized loss      
Net realized gain (loss) on investments 0 37 0
Net unrealized appreciation (depreciation) on investments (1,904) 8,361 (26,513)
Investment, Affiliated Issuer, Controlled [Member]      
Investment income      
Payment-in-kind (“PIK”) interest income 208 1,631 320
Interest (reversal) income (224) 118 17
Net realized and unrealized loss      
Net realized gain (loss) on investments (25,117) 0 0
Net unrealized appreciation (depreciation) on investments $ (12,740) $ (12,754) $ 2,222
[1] For the years ended December 31, 2025 and 2024, the impact of the hypothetical conversion of 2030 Convertible Notes and 2031 Convertible Notes was antidilutive to net decrease in net assets resulting from operations per common share (Note 12).