Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
INVESTMENT INCOME    
Interest income $ 22,675 $ 21,648
Dividend income 89 1,142
Success fee income 5,591 754
Total investment income 28,355 23,544
EXPENSES    
Base management fee [1] 6,533 5,080
Loan servicing fee [1] 2,962 2,672
Incentive fee [1] (5,566) (209)
Administration fee [1] 492 433
Interest expense on borrowings 9,856 8,499
Amortization of deferred financing costs and discounts 980 910
Professional fees 317 502
Other general and administrative expenses 946 640
Expenses before credits from Adviser 16,520 18,527
Credits to base management fee – loan servicing fee [1] (2,962) (2,672)
Credits to fees from Adviser - other [1] (1,130) (1,399)
Total expenses, net of credits to fees 12,428 14,456
NET INVESTMENT INCOME 15,927 9,088
REALIZED AND UNREALIZED GAIN (LOSS)    
Total net realized loss (9,000) 0
Total net unrealized (depreciation) appreciation (18,782) (1,316)
Net realized and unrealized loss (27,782) (1,316)
Net (decrease) increase in net assets from operations $ (11,855) $ 7,772
BASIC AND DILUTED PER COMMON SHARE:    
Net investment income, basic (in USD per share) $ 0.40 $ 0.25
Net investment income, diluted (in USD per share) 0.40 0.25
Net (decrease) increase in net assets resulting from operations, basic (in USD per share) (0.30) 0.21
Net (decrease) increase in net assets resulting from operations, diluted (in USD per share) $ (0.30) $ 0.21
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:    
Basic (in shares) 39,821,967 36,908,943
Diluted (in shares) 39,821,967 36,908,943
Secured First Lien Debt    
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:    
Change in unrealized (depreciation) appreciation attributable to investments still held $ (592) $ 1,152
Secured Second Lien Debt    
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:    
Change in unrealized (depreciation) appreciation attributable to investments still held 2,992 376
Preferred Equity    
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:    
Change in unrealized (depreciation) appreciation attributable to investments still held 2,561 (3,683)
Common Equity/ Equivalents    
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:    
Change in unrealized (depreciation) appreciation attributable to investments still held (27,350) 1,073
Total    
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:    
Change in unrealized (depreciation) appreciation attributable to investments still held (22,389) (1,082)
Cash and cash equivalents    
INVESTMENT INCOME    
Interest income 31 198
Non-Control/Non-Affiliate investments    
INVESTMENT INCOME    
Interest income 16,324 15,263
Dividend income 0 1,063
Success fee income 5,591 447
REALIZED AND UNREALIZED GAIN (LOSS)    
Total net realized loss (9,000) 0
Total net unrealized (depreciation) appreciation (30,795) (2,154)
Affiliate investments    
INVESTMENT INCOME    
Interest income 6,320 6,187
Dividend income 89 79
Success fee income 0 307
REALIZED AND UNREALIZED GAIN (LOSS)    
Total net unrealized (depreciation) appreciation 12,076 1,082
Control investments    
REALIZED AND UNREALIZED GAIN (LOSS)    
Total net unrealized (depreciation) appreciation (109) 25
Other    
REALIZED AND UNREALIZED GAIN (LOSS)    
Total net unrealized (depreciation) appreciation $ 46 $ (269)
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.