v3.26.1
Financial Highlights (Tables)
 6 Months Ended
Jun. 30, 2026
Investment Company, Financial Highlights [Abstract]  
Schedule of Financial Highlights

The following is a schedule of financial highlights for the six months ended June 30, 2026 and 2025 (dollars in thousands, except per share data):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30, 2026

 

 

For the Six Months Ended June 30, 2025

 

Per Share Data: (1)

 

 

 

 

 

Net asset value, beginning of period

$

9.23

 

 

$

9.47

 

Net investment income (loss)

 

0.48

 

 

 

0.53

 

Net unrealized appreciation (depreciation) on investments

 

(0.27

)

 

 

(0.30

)

Net realized gains (losses) on investments

 

(0.01

)

 

 

—

 

Net increase (decrease) in net assets resulting from operations

 

0.20

 

 

 

0.23

 

Distributions of net investment income to shareholders (2)

 

(0.46

)

 

 

(0.52

)

Net asset value per share, end of period(3)

$

8.98

 

 

$

9.19

 

Number of shares outstanding, end of period

 

41,537,795

 

 

 

41,530,369

 

Total return based on net asset value (4)(5)

 

2.41

%

 

 

2.41

%

Net assets attributable to shareholders, end of period

$

372,838

 

 

$

381,526

 

 

 

 

 

 

Ratio to average net assets attributable to shareholders:(8)

 

 

 

 

 

Average net assets

$

377,206

 

 

$

387,788

 

Total expenses (6)

 

11.56

%

 

 

11.84

%

Total expenses (other than incentive fee) (6)

 

11.25

%

 

 

11.49

%

Net investment income (6)

 

10.90

%

 

 

11.86

%

Interest expense and credit facility fees (6)

 

8.10

%

 

 

8.43

%

 

 

 

 

 

Ratios/Supplemental Data:

 

 

 

 

 

Asset coverage, end of period (7)

 

173.87

%

 

 

181.33

%

Weighted average shares outstanding

 

41,537,160

 

 

 

41,528,578

 

Total capital commitments, end of period

$

488,208

 

 

$

488,208

 

Ratio of total contributed capital to total committed capital, end of period

 

84.95

%

 

 

84.95

%

Average debt outstanding (8)

$

482,915

 

 

$

467,493

 

Average debt outstanding per share

$

11.63

 

 

$

11.26

 

Portfolio turnover (5)

 

10.21

%

 

 

12.10

%

Year of formation

2019

 

 

2019

 

(1) The per share data was derived by using the weighted average shares outstanding.

(2) Distributions declared per common share was calculated as the sum of distributions on common stock declared during the year divided by the number of shares of common stock outstanding at each respective quarter-end date.

(3) Net asset value per share, end of period for the six months ended June 30, 2026 and 2025, do not foot due to rounding.

(4) Total return is based on the change in net asset value during the year divided by the beginning net asset value for the year, taking into account distributions declared, if any, reinvested in accordance with the Company’s DRIP.

(5) Not annualized.

(6) Annualized except in the case of non-recurring expenses (i.e. organizational expenses).

(7) Asset coverage per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. Asset coverage ratio per unit does not include unfunded commitments. The inclusion of unfunded commitments in the calculation of the asset coverage ratio per unit would not cause the Company to be below the required amount of regulatory coverage.

(8) Based on daily weighted average balance of debt outstanding during the period.