Quarterly report [Sections 13 or 15(d)]

Consolidated Balance Sheets

v3.25.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Investments at fair value: $ 1,260,202 [1],[2],[3] $ 1,177,507 [4],[5],[6]
Cash and cash equivalents 18,081 28,375
Interest and dividend receivable 12,245 11,925
Deferred financing costs (net of accumulated amortization of $7,045 and $6,449 as of September 30, 2025 and December 31, 2024, respectively) 3,404 1,985
Prepaids and other assets 4,174 4,254
Deferred tax asset, net 0 625
Total assets 1,298,106 1,224,671
LIABILITIES    
Debt 528,677 565,141
Accounts payable and other liabilities 1,133 4,723
Payable for securities purchased 563 0
Interest payable 7,395 6,909
Dividend payable 17,016 14,487
Management and incentive fees payable 8,182 8,508
Deferred tax liability, net 782 0
Total liabilities 563,748 599,768
Commitments and contingencies (Note I)
NET ASSETS    
Common stock, $0.001 par value per share (450,000,000 shares authorized; 47,268,027 and 40,240,358 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively) 47 40
Additional paid‑in capital 791,191 689,580
Total overdistributed earnings (56,880) (64,717)
Total net assets 734,358 624,903
Total liabilities and net assets $ 1,298,106 $ 1,224,671
NET ASSET VALUE PER SHARE (in dollars per share) $ 15.54 $ 15.53
Unsecured Debt | Series A Notes due 2026    
LIABILITIES    
Debt $ 149,677 $ 149,453
Revolving Credit Facility | Line of Credit    
LIABILITIES    
Debt 379,000 415,688
Control investments    
ASSETS    
Investments at fair value: 60,753 [2],[7] 69,878 [5],[8]
Affiliate investments    
ASSETS    
Investments at fair value: 392,285 [2],[9] 351,360 [5],[10]
Non‑Control/Non‑Affiliate investments    
ASSETS    
Investments at fair value: $ 807,164 [2],[11] $ 756,269 [5],[12]
[1] All portfolio company headquarters are based in the United States, unless otherwise noted.
[2] Investment Fair Value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
[3] All investments are LMM (as defined below) portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of LMM portfolio investments. All of the Fund’s investments, unless otherwise noted, are encumbered as security for one of the Credit Facilities (as defined below).
[4] All portfolio company headquarters are based in the United States, unless otherwise noted.
[5] Investment Fair Value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
[6] All investments are LMM portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of LMM portfolio investments. All of the Fund’s investments, unless otherwise noted, are encumbered as security for one of the Fund’s Credit Facilities.
[7] Control” investments are defined by the 1940 Act (as defined below) as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
[8] Control” investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
[9] Affiliate” investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.
[10] Affiliate” investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.
[11] Non-Control/Non-Affiliate” investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.
[12] Non-Control/Non-Affiliate” investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.