Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Operations

v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
INVESTMENT INCOME:      
Total investment income $ 139,153 $ 134,828 $ 131,386
EXPENSES:      
Interest (33,927) (39,035) (36,458)
Base management fee (19,757) (20,922) (19,828)
Incentive fee on income (12,145) (12,494) (12,569)
Incentive fee on capital gains (2,763) 0 0
General and administrative (4,337) (4,416) (4,254)
Internal administrative services expenses (701) (10,089) (8,916)
Total expenses before expense waivers (73,630) (86,956) (82,025)
Waiver of internal administrative services expenses 0 9,450 8,308
Total expenses, net of expense waivers (73,630) (77,506) (73,717)
NET INVESTMENT INCOME BEFORE TAXES 65,523 57,322 57,669
Excise tax expense (510) (851) (519)
Federal and state income and other tax expenses (3,260) (2,590) (1,662)
NET INVESTMENT INCOME 61,753 53,881 55,488
NET REALIZED GAIN (LOSS):      
Total net realized gain (loss) (9,503) 15,776 (34,010)
NET UNREALIZED APPRECIATION (DEPRECIATION):      
Total net unrealized appreciation (depreciation) 36,428 (15,439) 46,319
Income tax benefit (provision) on net realized gain (loss) and net unrealized appreciation (depreciation) 50 2,335 (1,588)
Net increase in net assets resulting from operations $ 88,728 $ 56,553 $ 66,209
NET INVESTMENT INCOME PER SHARE— BASIC (in dollars per share) [1] $ 1.33 $ 1.34 $ 1.38
NET INVESTMENT INCOME PER SHARE— DILUTED (in dollars per share) [1] 1.33 1.34 1.38
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC (in dollars per share) [1] 1.91 1.41 1.65
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—DILUTED (in dollars per share) [1] $ 1.91 $ 1.41 $ 1.65
WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC (in shares) [1] 46,497,019 40,174,311 40,134,501
WEIGHTED-AVERAGE SHARES OUTSTANDING—DILUTED (in shares) [1] 46,497,019 40,174,311 40,134,501
Control investments      
INVESTMENT INCOME:      
Total investment income $ 5,483 $ 3,441 $ 3,101
NET REALIZED GAIN (LOSS):      
Total net realized gain (loss) 5,305 147 2,223
NET UNREALIZED APPRECIATION (DEPRECIATION):      
Total net unrealized appreciation (depreciation) (9,495) 4,833 (1,289)
Affiliate investments      
INVESTMENT INCOME:      
Total investment income 38,849 31,222 29,805
NET REALIZED GAIN (LOSS):      
Total net realized gain (loss) 6,320 (3,560) (7,188)
NET UNREALIZED APPRECIATION (DEPRECIATION):      
Total net unrealized appreciation (depreciation) 17,548 7,791 25,116
Non‑Control/Non‑Affiliate investments      
INVESTMENT INCOME:      
Total investment income 94,821 100,165 98,480
NET REALIZED GAIN (LOSS):      
Total net realized gain (loss) (21,128) 19,189 (29,045)
NET UNREALIZED APPRECIATION (DEPRECIATION):      
Total net unrealized appreciation (depreciation) $ 28,375 $ (28,063) $ 22,492
[1] See Note A.3 - Reverse Stock Split, the Fund completed a two-for-one reverse stock split, effective as of December 16, 2024.