Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

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, 2026		March 31, 2025

Management/advisory fees	$	51,895	$	44,775
Incentive fees	(89)		96
Distributions from investments	21,268		12,210
Other fees/income	31		6
Total revenue	$	73,105	$	57,087

Schedule of Contract with Customer


(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.