v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Investment income:        
Payment-in-kind interest income $ 2,414 $ 1,639 $ 4,729 $ 3,183
Dividend income 3 9 3 9
Other income 350 366 570 542
Expenses:        
Interest and debt financing expenses 22,744 15,633 35,733 29,873
Management fees (See Note 5) 2,767 1,837 5,402 3,439
Income based incentive fees (See Note 5) 5,538 3,947 10,402 7,823
Professional fees 780 150 1,704 630
Board of Trustees’ fees 127 126 252 257
Administration fees (See Note 5) 617 403 1,131 832
Other general and administrative expenses 1,498 899 2,180 1,309
Offering costs 200 242 436 429
Total expenses 34,384 23,311 57,463 44,722
Expense support (See Note 5) (178) (255) (602) (417)
Management fees waived (See Note 5) 0 (594) 0 (1,395)
Incentive fees waived (See Note 5) (828) (2,643) (2,432) (6,519)
Net expenses 33,378 19,819 54,429 36,391
Net investment income 32,668 25,509 62,362 51,570
Realized and unrealized gain (loss) on investments:        
Net realized gain (loss) on non-controlled/non-affiliated company investments     (1,817) (3,103)
Non-controlled/non-affiliated company investments     (26,142) (11,504)
Net increase (decrease) in net assets resulting from operations 22,304 20,904 34,123 36,752
Class S Common Shares        
Expenses:        
Distribution and shareholder servicing fees $ 97 $ 62 $ 191 $ 108
Per share data:        
Net investment income per share - basic (in dollars per share) $ 0.47 $ 0.53 $ 0.91 $ 1.20
Net investment income per share - diluted (in dollars per share) 0.47 0.53 0.91 1.20
Net increase (decrease) in net assets resulting from operations per share (in dollars per share) $ 0.31 $ 0.45 $ 0.45 $ 0.84
Weighted average common shares outstanding - basic (in shares) 1,930,720 1,199,430 1,899,540 1,047,002
Weighted average common shares outstanding - diluted (in shares) 1,930,720 1,199,430 1,899,540 1,047,002
Class D Common Shares        
Expenses:        
Distribution and shareholder servicing fees $ 16 $ 12 $ 32 $ 22
Per share data:        
Net investment income per share - basic (in dollars per share) $ 0.51 $ 0.59 $ 0.99 $ 1.30
Net investment income per share - diluted (in dollars per share) 0.51 0.59 0.99 1.30
Net increase (decrease) in net assets resulting from operations per share (in dollars per share) $ 0.35 $ 0.48 $ 0.53 $ 0.91
Weighted average common shares outstanding - basic (in shares) 1,364,402 932,527 1,345,043 891,027
Weighted average common shares outstanding - diluted (in shares) 1,364,402 932,527 1,345,043 891,027
Class I Common Shares        
Per share data:        
Net investment income per share - basic (in dollars per share) $ 0.52 $ 0.60 $ 1.02 $ 1.32
Net investment income per share - diluted (in dollars per share) 0.52 0.60 1.02 1.32
Net increase (decrease) in net assets resulting from operations per share (in dollars per share) $ 0.35 $ 0.50 $ 0.56 $ 0.94
Weighted average common shares outstanding - basic (in shares) 59,421,820 40,116,304 58,300,376 37,337,738
Weighted average common shares outstanding - diluted (in shares) 59,421,820 40,116,304 58,300,376 37,337,738
Non-controlled/Non-affiliated        
Investment income:        
Interest income $ 63,279 $ 43,314 $ 111,489 $ 84,227
Payment-in-kind interest income 2,414 1,639 4,729 3,183
Dividend income 3 9 3 9
Other income 350 366 570 542
Total investment income 66,046 45,328 116,791 87,961
Realized and unrealized gain (loss) on investments:        
Net realized gain (loss) on non-controlled/non-affiliated company investments 205 (3,315) (1,817) (3,103)
Non-controlled/non-affiliated company investments (10,655) (1,073) (26,142) (11,504)
Income tax (provision) benefit 86 (217) (280) (211)
Total net change in unrealized appreciation (depreciation): (10,569) (1,290) (26,422) (11,715)
Total net realized and unrealized gain (loss) on investments $ (10,364) $ (4,605) $ (28,239) $ (14,818)