v3.26.1
Consolidated Statements of Operations - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Investment Income        
Total Investment Income $ 122,225,000 $ 141,837,000 $ 257,301,000 $ 283,423,000
Operating Expenses        
Offering costs 234,000 365,000 544,000 1,179,000
Interest expense 41,576,000 43,025,000 88,761,000 84,101,000
Management fees, net [1] 8,968,000 10,227,000 19,243,000 19,856,000
Capital gains incentive fees 0 0 0 (1,337,000)
Performance based incentive fees 8,241,000 10,428,000 17,292,000 20,949,000
Professional fees 2,000,000 1,583,000 3,308,000 3,646,000
Directors' fees 323,000 260,000 645,000 659,000
Shareholder servicing fees 1,652,000 1,825,000 3,410,000 3,493,000
Other general and administrative 1,547,000 1,126,000 3,050,000 2,904,000
Total Operating Expenses 64,541,000 68,839,000 136,253,000 135,450,000
Net Investment Income (Loss) Before Taxes 57,684,000 72,998,000 121,048,000 147,973,000
Income tax expense (benefit), including excise tax expense (benefit) 0 0 0 0
Net Investment Income (Loss) After Taxes 57,684,000 72,998,000 121,048,000 147,973,000
Net change in unrealized gain (loss):        
Translation of assets and liabilities in foreign currencies and other transactions 448,000 (1,290,000) (850,000) (1,080,000)
Total Net Change in Unrealized Gain (Loss) (39,177,000) 10,254,000 (206,868,000) (14,251,000)
Net realized gain (loss):        
Net realized gain (loss) 9,283,000 97,000 8,643,000 (2,338,000)
Foreign currency transactions (162,000) 1,753,000 (93,000) 1,722,000
Total Net Realized Gain (Loss) 9,121,000 1,850,000 8,550,000 (616,000)
Total Net Realized and Change in Unrealized Gain (Loss) (30,056,000) 12,104,000 (198,318,000) (14,867,000)
Net Increase (Decrease) in Net Assets Resulting from Operations 27,628,000 85,102,000 $ (77,270,000) 133,106,000
Earnings Per Share - Basic (in USD per share)     $ (0.25)  
Earnings Per Share - Diluted (in USD per share)     $ (0.25)  
Class S        
Net realized gain (loss):        
Net Increase (Decrease) in Net Assets Resulting from Operations $ 6,415,000 $ 20,323,000 $ (23,196,000) $ 30,819,000
Earnings Per Share - Basic (in USD per share) $ 0.08 $ 0.25 $ (0.29) $ 0.39
Earnings Per Share - Diluted (in USD per share) $ 0.08 $ 0.25 $ (0.29) $ 0.39
Weighted Average Shares Outstanding - Basic (in shares) 79,233,053 82,517,692 80,780,475 79,039,491
Weighted Average Shares Outstanding - Diluted (in shares) 79,233,053 82,517,692 80,780,475 79,039,491
Class D        
Net realized gain (loss):        
Net Increase (Decrease) in Net Assets Resulting from Operations $ 22,000 $ 466,000 $ (356,000) $ 717,000
Earnings Per Share - Basic (in USD per share) [2] $ 0.12 $ 0.26 $ (0.53) $ 0.42
Earnings Per Share - Diluted (in USD per share) [2] $ 0.12 $ 0.26 $ (0.53) $ 0.42
Weighted Average Shares Outstanding - Basic (in shares) 188,688 1,765,605 675,731 1,693,430
Weighted Average Shares Outstanding - Diluted (in shares) 188,688 1,765,605 675,731 1,693,430
Class I        
Net realized gain (loss):        
Net Increase (Decrease) in Net Assets Resulting from Operations $ 21,191,000 $ 64,313,000 $ (53,718,000) $ 101,570,000
Earnings Per Share - Basic (in USD per share) $ 0.10 $ 0.27 $ (0.25) $ 0.43
Earnings Per Share - Diluted (in USD per share) $ 0.10 $ 0.27 $ (0.25) $ 0.43
Weighted Average Shares Outstanding - Basic (in shares) 212,049,664 241,165,082 216,428,556 236,327,342
Weighted Average Shares Outstanding - Diluted (in shares) 212,049,664 241,165,082 216,428,556 236,327,342
Non-controlled, non-affiliated issuer        
Investment Income        
Interest income $ 105,037,000 $ 128,457,000 $ 223,372,000 $ 255,820,000
Payment-in-kind (“PIK”) interest income 7,596,000 6,828,000 15,468,000 13,048,000
PIK dividend income 4,381,000 4,618,000 8,915,000 8,901,000
Dividend income 237,000 13,000 239,000 870,000
Other income 1,317,000 1,434,000 2,528,000 3,752,000
Total Investment Income 118,568,000 141,350,000 250,522,000 282,391,000
Net change in unrealized gain (loss):        
Net change in unrealized gain (loss) (39,600,000) 11,539,000 (207,029,000) (13,327,000)
Non-controlled, affiliated issuer        
Investment Income        
Interest income     0  
Dividend income 3,260,000 421,000 6,061,000 939,000
Other income     0  
Total Investment Income 3,260,000 421,000 6,061,000 939,000
Net change in unrealized gain (loss):        
Net change in unrealized gain (loss) 814,000 2,000 995,000 197,000
Controlled, affiliated issuer        
Investment Income        
Interest income     0  
Dividend income 397,000 66,000 718,000 93,000
Other income     0  
Total Investment Income 397,000 66,000 718,000 93,000
Net change in unrealized gain (loss):        
Net change in unrealized gain (loss) $ (839,000) $ 3,000 $ 16,000 $ (41,000)
[1] Refer to “Note 3 — Agreements and Related Party Transactions” for additional details on management fee waiver.
[2] On April 2, 2026, approximately 80% of the outstanding Class D shares were converted into Class I shares. As a result, the weighted average Class D shares outstanding used in the calculation of earnings per share (“EPS”), for the six months ended June 30, 2026 was significantly reduced, resulting in Class D EPS for the period to appear lower than it otherwise would have absent the conversion. When calculated as the aggregate of the monthly EPS, each determined by dividing monthly increase (decrease) in net assets resulting from operations by the weighted average Class D shares outstanding for the applicable month, Class D EPS for the six months ended June 30, 2026, was $(0.25) per share.