v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Investment income:        
Interest from cash and cash equivalents $ 483 $ 1,021 $ 1,066 $ 2,029
Total investment income 96,412 103,415 194,627 210,932
Operating expenses:        
Management fees 14,941 15,231 29,873 30,216
Incentive fee on income 6,756 7,934 14,193 16,930
Interest and debt fees 36,398 34,889 70,964 68,741
Professional fees 2,071 1,784 3,946 3,918
Other general and administrative 2,028 2,448 4,266 4,241
Administrative services 207 211 423 431
Directors' fees 243 243 501 501
Total expenses 62,644 62,740 124,166 124,978
Net investment income (loss) before income taxes 33,768 40,675 70,461 85,954
Income tax expense, including excise tax 535 1,095 679 1,450
Net investment income (loss) 33,233 39,580 69,782 84,504
Net realized gain (loss)        
Net realized gain (loss) from investments     (34,016) (8,046)
Net realized gain (loss) on derivatives (21) 17 (40) 6
Total net realized gain (loss) (1,239) (11,492) (34,056) (8,040)
Net change in unrealized appreciation (depreciation) on investments        
Net change in deferred taxes (2,981) (1,684) (23) (3,731)
Net change in unrealized appreciation (depreciation) on derivatives 148 (111) 291 (349)
Total net change in unrealized appreciation (depreciation) on investments (5,466) (1,930) 9,273 (25,447)
Net realized and unrealized gain (loss) (6,705) (13,422) (24,783) (33,487)
Net increase (decrease) in net assets resulting from operations attributable to common stockholders and participating securities 26,528 26,158 44,999 51,017
Accretion to redemption value of Series A redeemable convertible preferred stock (4) (4) (9) (9)
Accrual of Series A redeemable convertible preferred stock distributions (1,226) (1,687) (2,452) (3,373)
Net increase (decrease) in net assets resulting from operations attributable to common stockholders $ 25,298 $ 24,467 $ 42,538 $ 47,635
Net investment income (loss) (in dollars per share) $ 0.25 $ 0.29 $ 0.52 $ 0.62
Net increase (decrease) in net assets resulting from operations attributable to common stockholders and participating securities (in dollars per share) 0.20 0.19 0.33 0.38
Basic earnings (loss) per share (in dollar per share) 0.19 0.18 0.32 0.35
Diluted earnings (loss) per share (in dollar per share) $ 0.19 $ 0.18 $ 0.32 $ 0.35
Weighted average common shares outstanding, basic (in shares) 134,526,401 135,118,703 135,004,283 135,356,935
Weighted average common shares outstanding, diluted (in shares) 134,526,401 135,118,703 135,004,283 135,356,935
Controlled        
Investment income:        
Interest income $ 6,855 $ 5,548 $ 13,074 $ 11,578
Dividend income 10,731 12,320 21,406 28,697
Payment-in-kind income 462 0 1,059 0
Total investment income 18,048 17,868 35,539 40,275
Net realized gain (loss)        
Net realized gain (loss) from investments (9) 0 (33,029) (164)
Net change in unrealized appreciation (depreciation) on investments        
Net change in unrealized appreciation (depreciation) on investments 7,933 (5,751) 45,896 (11,392)
Affiliated        
Investment income:        
Interest income 482 603 956 1,074
Payment-in-kind income 151 302 303 566
Fee and other income 0 9 0 9
Total investment income 633 914 1,259 1,649
Net realized gain (loss)        
Net realized gain (loss) from investments 526 0 79 137
Net change in unrealized appreciation (depreciation) on investments        
Net change in unrealized appreciation (depreciation) on investments (865) (938) (1,299) (2,511)
Non-affiliated        
Investment income:        
Interest income 74,359 76,169 149,957 155,095
Dividend income 328 339 658 642
Payment-in-kind income 2,337 6,173 5,521 9,698
Fee and other income 224 931 627 1,544
Total investment income 77,248 83,612 156,763 166,979
Net realized gain (loss)        
Net realized gain (loss) from investments (1,735) (11,509) (1,066) (8,019)
Net change in unrealized appreciation (depreciation) on investments        
Net change in unrealized appreciation (depreciation) on investments $ (9,701) $ 6,554 $ (35,592) $ (7,464)