Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Operations

v3.25.3
Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
INVESTMENT INCOME:        
Interest, dividend and fee income $ 35,367 $ 33,477 $ 104,237 $ 101,373
EXPENSES:        
Interest (8,649) (10,374) (25,570) (29,470)
Base management fees (4,860) (5,338) (14,739) (15,545)
Incentive fees (3,321) (2,136) (8,775) (9,364)
Internal administrative services expenses (173) (2,368) (519) (7,155)
General and administrative (1,334) (1,285) (3,510) (3,424)
Total expenses before expense waivers (18,337) (21,501) (53,113) (64,958)
Waiver of internal administrative services expenses 0 2,206 0 6,678
Total expenses, net of expense waivers (18,337) (19,295) (53,113) (58,280)
NET INVESTMENT INCOME BEFORE TAXES 17,030 14,182 51,124 43,093
Excise tax benefit (expense) 39 (491) (240) (570)
Federal and state income and other tax expenses (492) (775) (2,253) (2,201)
NET INVESTMENT INCOME 16,577 12,916 48,631 40,322
NET REALIZED GAIN (LOSS):        
Total net realized gain (loss) (9,854) 25,372 (26,141) 23,802
NET UNREALIZED APPRECIATION (DEPRECIATION):        
Total net unrealized appreciation (depreciation) 21,007 (29,749) 35,886 (24,656)
Income tax benefit (provision) on net realized gain (loss) and net unrealized appreciation (depreciation) (1,201) (1,168) 317 (3,379)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 26,529 $ 7,371 $ 58,693 $ 36,089
NET INVESTMENT INCOME PER SHARE— BASIC (in dollars per share) [1] $ 0.35 $ 0.32 $ 1.05 $ 1.00
NET INVESTMENT INCOME PER SHARE— DILUTED (in dollars per share) [1] 0.35 0.32 1.05 1.00
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC (in dollars per share) [1] 0.56 0.18 1.27 0.90
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—DILUTED (in dollars per share) [1] $ 0.56 $ 0.18 $ 1.27 $ 0.90
WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC (in shares) [1] 47,303,204 40,167,985 46,353,334 40,154,730
WEIGHTED-AVERAGE SHARES OUTSTANDING—DILUTED (in shares) [1] 47,303,204 40,167,985 46,353,334 40,154,730
Control investments        
INVESTMENT INCOME:        
Interest, dividend and fee income $ 1,293 $ 818 $ 4,249 $ 2,643
NET REALIZED GAIN (LOSS):        
Total net realized gain (loss) 0 0 5,305 57
NET UNREALIZED APPRECIATION (DEPRECIATION):        
Total net unrealized appreciation (depreciation) (1,113) 912 (7,014) 4,631
Affiliate investments        
INVESTMENT INCOME:        
Interest, dividend and fee income 9,268 7,719 28,220 22,891
NET REALIZED GAIN (LOSS):        
Total net realized gain (loss) (2,321) 0 (2,319) 0
NET UNREALIZED APPRECIATION (DEPRECIATION):        
Total net unrealized appreciation (depreciation) 9,693 182 12,460 1,166
Non‑Control/Non‑Affiliate investments        
INVESTMENT INCOME:        
Interest, dividend and fee income 24,806 24,940 71,768 75,839
NET REALIZED GAIN (LOSS):        
Total net realized gain (loss) (7,533) 25,372 (29,127) 23,745
NET UNREALIZED APPRECIATION (DEPRECIATION):        
Total net unrealized appreciation (depreciation) $ 12,427 $ (30,843) $ 30,440 $ (30,453)
[1] As discussed in Note A.3. — Reverse Stock Split, the Fund completed a two-for-one reverse stock split, effective as of December 16, 2024.