Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.25.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
INVESTMENT INCOME    
Interest income $ 21,648 $ 20,625
Dividend income 1,142 0
Success fee income 754 1,553
Total investment income 23,544 22,178
EXPENSES    
Base management fee [1] 5,080 4,618
Loan servicing fee [1] 2,672 2,222
Incentive fee [1] (209) (3,788)
Administration fee [1] 433 506
Interest expense on borrowings 8,499 6,480
Amortization of deferred financing costs and discounts 910 631
Professional fees 502 330
Other general and administrative expenses 640 1,614
Expenses before credits from Adviser 18,527 12,613
Credits to base management fee – loan servicing fee [1] (2,672) (2,222)
Credits to fees from Adviser - other [1] (1,399) (627)
Total expenses, net of credits to fees 14,456 9,764
NET INVESTMENT INCOME 9,088 12,414
REALIZED AND UNREALIZED GAIN (LOSS)    
Total net realized gain 0 2
Total net unrealized depreciation (1,316) (18,942)
Net realized and unrealized loss (1,316) (18,940)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 7,772 $ (6,526)
BASIC AND DILUTED PER COMMON SHARE:    
Net investment income, basic (in USD per share) $ 0.25 $ 0.34
Net investment income, diluted (in USD per share) 0.25 0.34
Net increase (decrease) in net assets resulting from operations, basic (in USD per share) 0.21 (0.18)
Net increase (decrease) in net assets resulting from operations, diluted (in USD per share) $ 0.21 $ (0.18)
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:    
Basic (in shares) 36,908,943 36,688,667
Diluted (in shares) 36,908,943 36,688,667
Cash and cash equivalents    
INVESTMENT INCOME    
Interest income $ 198 $ 43
Non-Control/Non-Affiliate Investments    
INVESTMENT INCOME    
Interest income 15,263 14,542
Dividend income 1,063 0
Success fee income 447 1,553
REALIZED AND UNREALIZED GAIN (LOSS)    
Total net realized gain 0 2
Total net unrealized depreciation (2,154) (12,434)
Affiliate Investments    
INVESTMENT INCOME    
Interest income 6,187 6,040
Dividend income 79 0
Success fee income 307 0
REALIZED AND UNREALIZED GAIN (LOSS)    
Total net unrealized depreciation 1,082 (5,065)
Control Investments    
REALIZED AND UNREALIZED GAIN (LOSS)    
Total net unrealized depreciation 25 (1,443)
Other    
REALIZED AND UNREALIZED GAIN (LOSS)    
Total net unrealized depreciation $ (269) $ 0
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.