v3.26.3
Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Investment income          
Fee income $ (3,135) $ 9,629 $ 2,649 $ 15,324 $ 20,072
Total investment income 48,305 78,711 147,635 187,029 240,821
Operating expenses          
Management fees 5,737 6,532 17,882 19,654 26,076
Administrative services expense 1,043 1,225 3,613 3,700 5,180
Subordinated incentive fee on income 2,615 8,181 8,349 15,854 19,736
General and administrative 2,821 1,649 6,326 4,878 6,334
Interest expense 23,852 22,652 72,101 68,287 90,540
Total operating expenses 36,068 40,239 108,271 112,373 147,866
Net investment income before taxes 12,237 38,472 39,364 74,656 92,955
Income tax (benefit) expense, including excise tax (90) (95) 3 (85) (85)
Net investment income after taxes 12,327 38,567 39,361 74,741 93,040
Realized and unrealized (losses) gains          
Net realized gain (loss) on investments (8,635) (9,605) (26,364) (39,687) (39,569)
Foreign currency (533) 0 (533) 0  
Net realized losses (9,168) (9,605) (26,897) (39,687) (39,569)
Net change in unrealized (depreciation) appreciation (6,709) 6,916 (8,065) (14,565) (74,102)
Net realized and unrealized losses (15,877) (2,689) (34,962) (54,252) (113,671)
Net (decrease) increase in net assets resulting from operations $ (3,550) $ 35,878 $ 4,399 $ 20,489 $ (20,631)
Per share information—basic and diluted          
Net (decrease) increase in net assets per share resulting from operations (in dollars per share) $ (0.07) $ 0.69 $ 0.09 $ 0.39 $ (0.39)
Net investment income per share - basic (in dollars per share) 0.25 0.74 0.79 1.42 1.78
Net investment income per share - diluted (in dollars per share) $ 0.25 $ 0.74 $ 0.79 $ 1.42 $ 1.78
Weighted average shares of common stock outstanding - basic (in shares) 49,202,704 52,065,707 49,883,217 52,585,897 52,341,612
Weighted average shares of common stock outstanding - diluted (in shares) 49,202,704 52,065,707 49,883,217 52,585,897 52,341,612
Accumulated Undistributed (Overdistributed) Earnings          
Operating expenses          
Net investment income after taxes $ 12,327 $ 38,567      
Non-controlled, non-affiliated investments          
Investment income          
Interest income 17,356 30,251 $ 63,502 $ 96,849 $ 123,768
Paid-in-kind interest income 7,782 10,609 21,138 25,257 29,782
Fee income (241) 766 4,960 5,288 9,447
Dividend income 359 535 1,711 2,253 2,660
Realized and unrealized (losses) gains          
Net realized gain (loss) on investments (8,183) (9,605) (26,071) (39,687) (39,569)
Net change in unrealized (depreciation) appreciation (15,436) (18,923) (31,295) (28,753) (42,242)
Non-Controlled, Affiliated Investments          
Investment income          
Interest income 1,728 1,045 6,393 5,325 8,550
Paid-in-kind interest income 3,594 4,119 12,327 10,609 13,627
Fee income (2,894) 0 (2,311) 700 975
Fee Income         975
Dividend income 14,272 370 20,219 1,000 5,645
Realized and unrealized (losses) gains          
Net realized gain (loss) on investments (452) 0 (293) 0 0
Net realized losses     (293)   0
Net change in unrealized (depreciation) appreciation (8,167) 25,828 8,543 27,959 10,757
Controlled Investments          
Investment income          
Interest income 6,349 19,717 18,769 27,976 30,896
Paid-in-kind interest income 0 2,436 927 2,436 5,821
Fee income     0    
Fee Income 0 8,863 0 9,336 9,650
Dividend income     0   0
Realized and unrealized (losses) gains          
Net realized losses     0   0
Net change in unrealized (depreciation) appreciation $ 16,894 $ 11 $ 14,687 $ (13,771) $ (42,617)