v3.26.1
Consolidated Statements of Assets and Liabilities (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Total investments at fair value $ 1,192,350 [1] $ 927,402 [2],[3]
Cash and cash equivalents 10,831 18,175
Interest and fees receivable 13,234 7,594
Deferred financing costs 3,567 4,217
Other assets 2,375 2,726
Total assets 1,222,357 960,114
Liabilities    
Credit facility 350,000 173,000
Deferred financing costs, net (4,524) (1,913)
Total debt, less DFC, discounts and premiums, net 678,945 435,337
Incentive fees payable 13,238 14,444
Interest payable 9,654 6,756
Foreign currency forward contracts 0 711 [4]
Secured borrowings 14,903 14,578
Accrued expenses and other liabilities 3,039 3,319
Total liabilities 719,779 475,145
Commitments, Contingencies, and Off-Balance Sheet Arrangements (Note 8)
Net assets    
Common stock, par value 422 361
Additional paid-in capital 585,038 534,508
Accumulated undistributed (overdistributed) earnings (82,882) (49,900)
Total net assets $ 502,578 $ 484,969
Shares of common stock outstanding ($0.01 par value, 100,000,000 shares authorized) 42,215,377 36,134,037
Net asset value per share $ 11.91 $ 13.42 [5]
2026 Notes    
Liabilities    
Notes $ 0 $ 25,000
2027 Notes    
Liabilities    
Notes 73,219 132,250
2028 Notes    
Liabilities    
Notes 107,000 107,000
2029 Notes    
Liabilities    
Notes 50,000 0
2031 Notes    
Liabilities    
Notes 103,250 0
Non-control/non-affiliate investments    
Assets    
Total investments at fair value 1,179,315 [1] 912,656 [2],[3]
Affiliate investments    
Assets    
Total investments at fair value   0
Control Investments    
Assets    
Total investments at fair value $ 13,035 [1],[6],[7] $ 14,746 [2],[3],[8],[9]
[1]

Investments are held at Fair Value net of the Fair Value of Unfunded Commitments. Refer to "Note 8 – Commitments, Contingencies, and Off-Balance Sheet Arrangements" for additional detail.
[2]

Investments are held at Fair Value net of the Fair Value of Unfunded Commitments. Refer to "Note 8 – Commitments, Contingencies, and Off-Balance Sheet Arrangements" for additional detail.
[3] The Company reclassified certain industry groupings of its portfolio companies presented in the consolidated financial statements as of December 31, 2025, to align with Global Industry Classification Standards (“GICS”), where applicable
[4] Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.
[5] All per share activity, excluding dividends, is calculated based on the weighted-average shares outstanding for the relevant period.
[6]

Control portfolio company, as defined under the 1940 Act, in which the Company owns more than 25% of the investment’s voting securities or has greater than 50% representation on its board.
[7] All affiliate and control investments, which as of June 30, 2026, represented 2.59% of the Company’s net assets, may be deemed to be restricted securities under the Securities Act, and were valued at fair value as determined in good faith by the Company’s Board of Directors.
[8]

Control portfolio company, as defined under the 1940 Act, in which the Company owns more than 25% of the investment’s voting securities or has greater than 50% representation on its board.
[9] All affiliate and control investments, which as of December 31, 2025, represented 3.04% of the Company’s net assets, may be deemed to be restricted securities under the Securities Act, and were valued at fair value as determined in good faith by the Company’s Board of Directors.