Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Operations

v3.25.2
Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
INVESTMENT INCOME:        
Interest, fee and dividend income $ 35,643 $ 33,946 $ 68,870 $ 67,895
EXPENSES:        
Interest (8,678) (9,546) (16,921) (19,095)
Base management fees (4,907) (5,179) (9,879) (10,207)
Incentive fees (3,431) (3,591) (5,454) (7,228)
Internal administrative services expenses (172) (2,520) (346) (4,787)
General and administrative (1,149) (1,106) (2,176) (2,139)
Total expenses before expense waivers (18,337) (21,942) (34,776) (43,456)
Waiver of internal administrative services expenses 0 2,361 0 4,472
Total expenses, net of expense waivers (18,337) (19,581) (34,776) (38,984)
NET INVESTMENT INCOME BEFORE TAXES 17,306 14,365 34,094 28,911
Excise tax expense (87) (4) (279) (80)
Federal and state income and other tax expenses (912) (942) (1,761) (1,425)
NET INVESTMENT INCOME 16,307 13,419 32,054 27,406
NET REALIZED GAIN (LOSS):        
Total net realized gain (loss) 4,779 314 (16,287) (1,570)
NET UNREALIZED APPRECIATION (DEPRECIATION):        
Total net unrealized appreciation (depreciation) (3,904) 6,226 14,879 5,093
Income tax benefit (provision) on net realized gain (loss) and net unrealized appreciation (depreciation) (893) (1,830) 1,518 (2,212)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 16,289 $ 18,129 $ 32,164 $ 28,717
Net investment income per share— basic (in dollars per share) [1] $ 0.35 $ 0.33 $ 0.70 $ 0.68
Net investment income per share— diluted (in dollars per share) [1] 0.35 0.33 0.70 0.68
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC (in dollars per share) [1] 0.35 0.45 0.70 0.72
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—DILUTED (in dollars per share) [1] $ 0.35 $ 0.45 $ 0.70 $ 0.72
WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC (in shares) [1] 47,047,888 40,166,664 45,870,527 40,148,029
WEIGHTED-AVERAGE SHARES OUTSTANDING—DILUTED (in shares) [1] 47,047,888 40,166,664 45,870,527 40,148,029
Control investments        
INVESTMENT INCOME:        
Interest, fee and dividend income $ 1,514 $ 1,014 $ 2,956 $ 1,824
NET REALIZED GAIN (LOSS):        
Total net realized gain (loss) 5,296 47 5,305 57
NET UNREALIZED APPRECIATION (DEPRECIATION):        
Total net unrealized appreciation (depreciation) (5,068) 3,297 (5,901) 3,719
Affiliate investments        
INVESTMENT INCOME:        
Interest, fee and dividend income 9,617 8,243 18,952 15,171
NET REALIZED GAIN (LOSS):        
Total net realized gain (loss)     2 0
NET UNREALIZED APPRECIATION (DEPRECIATION):        
Total net unrealized appreciation (depreciation) (69) 1,003 2,767 984
Non‑Control/Non‑Affiliate investments        
INVESTMENT INCOME:        
Interest, fee and dividend income 24,512 24,689 46,962 50,900
NET REALIZED GAIN (LOSS):        
Total net realized gain (loss) (519) 267 (21,594) (1,627)
NET UNREALIZED APPRECIATION (DEPRECIATION):        
Total net unrealized appreciation (depreciation) $ 1,233 $ 1,926 $ 18,013 $ 390
[1] As discussed in Note A.3. — Reverse Stock Split, the Company completed a two-for-one reverse stock split, effective as of December 16, 2024.