v3.26.1
Unaudited 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        
Paid-in-kind interest income     $ 3,484 $ 2,555
Total investment income $ 64,389 $ 39,527 126,312 71,999
Operating expenses        
Management fees 5,030 3,347 10,037 6,155
Subordinated income incentive fees 5,020 3,680 9,896 6,875
Capital gains incentive fees 0 (18) (2,947) 498
Interest expense 16,915 8,115 33,022 13,755
Administrative services expense 1,012 546 1,698 1,138
Accounting and administrative fees 236 154 457 258
Organizational and offering costs 0 440 0 440
Audit expense 201 186 408 330
Other general and administrative expenses 838 646 1,525 1,076
Total operating expenses 29,252 17,096 54,096 30,525
Management and incentive fee waivers 0 (7,027) 0 (13,030)
Net expenses 29,252 10,069 54,096 17,495
Net investment income 35,137 29,458 72,216 54,504
Realized and unrealized gain/loss        
Net realized gain (loss) on investments:     (778) (254)
Net realized gain (loss) on foreign currency forward contracts 0 (88) (20) (88)
Net realized gain (loss) on foreign currency (653) (41) (891) (86)
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts 87 (356) (279) (504)
Net change in unrealized gain (loss) on foreign currency 586 (4,305) 4,574 (5,942)
Total net realized and unrealized gain (loss) (7,798) (148) (35,582) 3,984
Net increase (decrease) in net assets resulting from operations $ 27,339 $ 29,310 $ 36,634 $ 58,488
Per share information—basic and diluted        
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) - basic (in dollars per share) $ 0.49 $ 0.79 $ 0.67 $ 1.72
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) - diluted (in dollars per share) $ 0.49 $ 0.79 $ 0.67 $ 1.72
Weighted average shares outstanding - basic (in shares) 55,276,587 36,969,324 55,078,603 34,043,068
Weighted average shares outstanding - diluted (in shares) 55,276,587 36,969,324 55,078,603 34,043,068
Non-controlled/unaffiliated investments        
Investment income        
Interest income $ 55,182 $ 36,098 $ 108,274 $ 63,840
Paid-in-kind interest income 1,909 812 3,254 2,351
Fee income 1,997 1,213 4,447 2,969
Dividend and other income 2,650 495 6,422 1,118
Realized and unrealized gain/loss        
Net realized gain (loss) on investments: (777) (223) (778) (254)
Net change in unrealized appreciation (depreciation) on investments: (6,998) 5,204 (38,387) 11,046
Non-controlled/affiliated investments        
Investment income        
Interest income 335 0 508 0
Paid-in-kind interest income 97 111 203 [1] 204
Fee income 43 0 43 [1] 0
Dividend and other income 43 320 92 [1] 320
Realized and unrealized gain/loss        
Net realized gain (loss) on investments:     0  
Net change in unrealized appreciation (depreciation) on investments: 192 (453) 393 (326)
Controlled/affiliated investments        
Investment income        
Interest income 919 383 1,562 735
Paid-in-kind interest income 27 0 27 [2] 0
Fee income 16 0 17 [2] 23
Dividend and other income 1,171 95 1,463 [2] 439
Realized and unrealized gain/loss        
Net realized gain (loss) on investments:     0  
Net change in unrealized appreciation (depreciation) on investments: $ (235) $ 114 $ (194) $ 138
[1] Interest, PIK, Fee and Dividend and Other income presented for the full six months ended June 30, 2026.
[2] Interest, PIK, Fee and Dividend and Other income presented for the full six months ended June 30, 2026.