v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Investment income        
PIK income     $ 6,997 $ 5,801
Total investment income $ 23,241 $ 25,480 67,710 60,603
Operating expenses        
Total return incentive fees 11,028 8,423 24,057 21,890
Base management fees 6,576 6,420 20,010 17,490
Offering expenses 318 494 701 1,644
Professional services 803 873 2,581 2,361
Pursuit costs 135 220 379 911
Distribution and shareholder servicing fees 488 495 1,486 1,483
Custodian and accounting fees 288 143 788 439
Insurance expense 70 56 188 166
Director fees and expenses 14 49 158 152
General and administrative expenses 250 26 466 209
Interest expense 82 174 169 330
Total operating expenses 20,052 17,373 50,983 47,075
Expense support (13) 2,875 (13) (1,017)
Reimbursement of expense support (970) 0 0 0
Net operating expenses 19,069 20,248 50,970 46,058
Net investment income before taxes 4,172 5,232 16,740 14,545
Income tax expense (13) (28) (113) (75)
Net investment income 4,159 5,204 16,627 14,470
Realized and unrealized gain (loss) on investments and foreign currency        
Total net realized gain on investments 0 1,432 0 1,432
Net change in unrealized appreciation on investments, including unrealized foreign currency gain (loss):        
Benefit (provision) for deferred taxes on investments 3,751 (3,497) (1,401) (8,510)
Total net change in unrealized appreciation on investments, including unrealized foreign currency gain (loss) 44,434 28,173 89,944 83,378
Net gain on investments 44,434 29,605 89,944 84,810
Net increase in net assets resulting from operations 48,593 34,809 106,571 99,280
Class FA        
Operating expenses        
Total return incentive fees 614 557 1,424 1,496
Base management fees 264 293 787 834
Offering expenses $ 0 $ 0 $ 0 $ 0
Net change in unrealized appreciation on investments, including unrealized foreign currency gain (loss):        
Net increase in net assets resulting from operations per share (in usd per share) $ 1.53 $ 1.27 $ 3.53 $ 3.44
Weighted average shares outstanding (in shares) 3,615 3,901 3,666 3,946
Class A        
Operating expenses        
Total return incentive fees $ 2,920 $ 2,310 $ 6,511 $ 5,978
Base management fees 1,983 1,823 5,748 4,892
Offering expenses $ 1 $ 0 $ 4 $ 97
Net change in unrealized appreciation on investments, including unrealized foreign currency gain (loss):        
Net increase in net assets resulting from operations per share (in usd per share) $ 1.26 $ 0.96 $ 2.81 $ 2.77
Weighted average shares outstanding (in shares) 9,262 8,877 9,242 8,548
Class T        
Operating expenses        
Total return incentive fees $ 526 $ 535 $ 1,226 $ 1,459
Base management fees 317 400 1,029 1,234
Offering expenses $ 39 $ 77 $ 75 $ 222
Net change in unrealized appreciation on investments, including unrealized foreign currency gain (loss):        
Net increase in net assets resulting from operations per share (in usd per share) $ 1.16 $ 0.92 $ 2.60 $ 2.49
Weighted average shares outstanding (in shares) 1,808 2,198 1,958 2,385
Class D        
Operating expenses        
Total return incentive fees $ 894 $ 770 $ 2,014 $ 2,033
Base management fees 593 592 1,752 1,660
Offering expenses $ 0 $ 12 $ 2 $ 44
Net change in unrealized appreciation on investments, including unrealized foreign currency gain (loss):        
Net increase in net assets resulting from operations per share (in usd per share) $ 1.21 $ 0.94 $ 2.71 $ 2.66
Weighted average shares outstanding (in shares) 2,965 3,045 3,005 3,054
Class I        
Operating expenses        
Total return incentive fees $ 5,795 $ 4,010 $ 12,240 $ 10,280
Base management fees 3,863 3,161 10,846 8,446
Offering expenses $ 278 $ 405 $ 620 $ 1,281
Net change in unrealized appreciation on investments, including unrealized foreign currency gain (loss):        
Net increase in net assets resulting from operations per share (in usd per share) $ 1.29 $ 0.92 $ 2.77 $ 2.78
Weighted average shares outstanding (in shares) 17,971 15,637 17,460 15,008
Class S        
Operating expenses        
Total return incentive fees $ 279 $ 241 $ 642 $ 644
Base management fees 150 151 442 424
Offering expenses $ 0 $ 0 $ 0 $ 0
Net change in unrealized appreciation on investments, including unrealized foreign currency gain (loss):        
Net increase in net assets resulting from operations per share (in usd per share) $ 1.52 $ 1.19 $ 3.48 $ 3.40
Weighted average shares outstanding (in shares) 1,652 1,702 1,670 1,707
Portfolio company investments        
Investment income        
Interest income $ 10,895 $ 11,014 $ 32,378 $ 31,785
Dividend income 9,498 11,880 27,073 20,820
PIK income 2,461 2,249 6,997 5,801
Realized and unrealized gain (loss) on investments and foreign currency        
Portfolio company investments 40,683 31,670 91,345 91,888
Net change in unrealized appreciation on investments, including unrealized foreign currency gain (loss):        
Portfolio company investments 40,683 31,670 91,345 91,888
Cash and Cash Equivalents        
Investment income        
Interest income $ 387 $ 337 $ 1,262 $ 2,197