Note 12 - Financial Highlights

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Investment Company, Financial Highlights [Text Block]

Note 12. Financial highlights

The following table shows financial highlights for the Company:

		*Three months ended March 31,*
		*2026*					*2025*
		(In thousands, except share and per share data)
Per share data:
Net asset value at beginning of period		$	6.98				$	8.43
Net investment income			0.19					0.27
Realized loss			(0.03	)				—
Unrealized depreciation on investments			(0.10	)				(0.80	)
Net increase (decrease) in net assets resulting from operations			0.06					(0.53	)
Distributions ⁽¹⁾			(0.06	)				(0.33	)
From net investment income			(0.06	)				(0.33	)
From net realized gain on investments			—					—
Return of capital			—					—
Net asset value at end of period		$	6.98				$	7.57
Per share market value, beginning of period		$	6.45				$	8.99
Per share market value, end of period		$	4.21				$	9.42
Total return based on a market value ⁽²⁾			(29.6	)%				8.5	%
Shares outstanding at end of period			47,860,006					40,331,962
Ratios to average net assets:
Expenses without incentive fees ⁽³⁾			16.0	%				16.7	%
Incentive fees ⁽³⁾			2.2	%				—	%
Net expenses ⁽³⁾			18.2	%				16.7	%
Net investment income with incentive fees			11.0	%				13.4	%
Net assets at the end of the period		$	333,863				$	305,457
Average net asset value		$	326,183				$	320,821
Average debt per share		$	9.39				$	11.67
Portfolio turnover ratio			5.2	%	⁽⁴⁾			6.1	%	⁽⁴⁾

(1)

Distributions are determined based on taxable income calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of spillover income carried over from a given tax year for distribution in the following tax year. The final determination of taxable income for each tax year, as well as the tax attributes for distributions in such tax year, will be made after the close of the tax year.

(2)	The total return equals the change in the ending market value over the beginning of period price per share plus distributions paid per share during the period, divided by the beginning price.

(3)	Annualized.

(4)

Calculated by dividing (i) the lesser of purchases or sales of portfolio securities for the fiscal year by (ii) the monthly average of the value of portfolio securities owned by the Company during the fiscal year, with certain securities excluded from the numerator and denominator pursuant to applicable federal securities laws.