v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The following table represents the Company’s revenue disaggregated by fee type for the periods presented below:
For the Three Months Ended
(Dollars in Thousands)March 31, 2026March 31, 2025
Management/advisory fees$51,895 $44,775 
Incentive fees(89)96 
Distributions from investments21,268 12,210 
Other fees/income31 6 
Total revenue$73,105 $57,087 
(Dollars in Thousands)As of March 31, 2026
As of December 31, 2025
Management/advisory fees receivable
Beginning balance$35,047 $28,896 
Ending balance (1)
34,083 35,047 
Incentive fees receivable
Beginning balance$30,335 $1,324 
Ending balance (2)
287 30,335 
Other fees/income receivable
Beginning balance$189 $— 
Ending balance— 189 
Deferred management/advisory fees
Beginning balance$— $— 
Ending balance(317)— 
(1) As of March 31, 2026 and December 31, 2025, this amount includes $0.6 million and $0.6 million, respectively, in Management/advisory fees receivable due from related parties. See Note 17 (Related Party Transactions) for further details.
(2) As of March 31, 2026 and December 31, 2025, this amount includes $0.0 million and $9.0 million, respectively, in Incentive fees receivable due from related parties. See Note 17 (Related Party Transactions) for further details.