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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Investment income:      
PIK income $ 21,334 $ 18,884 $ 12,596
Total investment income 242,681 225,140 246,547
Expenses:      
Base management fees (Note 4) 15,255 11,520 10,864
Net investment income incentive fees (Note 4) 20,889 18,801 19,941
Professional fees 2,228 1,613 1,753
Administrative service fees (Note 4) 1,680 1,791 1,426
Interest expense and credit facility fees (Note 7) 51,477 54,924 69,852
Directors’ fees and expenses 416 332 269
Other general and administrative 2,973 2,825 2,313
Total expenses 94,918 91,806 106,418
Net investment income (loss) before taxes 147,763 133,334 140,129
Excise tax expense 1,497 1,701 731
Net investment income (loss) 146,266 131,633 139,398
Net realized gain (loss) and net change in unrealized appreciation (depreciation):      
Net realized gain (loss) on investments (55,489) (52,258) 27
Net realized currency gain (loss) on non-investment assets and liabilities 205 6,062 (120)
Net realized gain (loss) on forward currency contracts (3,222) 0 0
Net change in unrealized appreciation (depreciation) on investments 32,708 19,430 (28,048)
Net change in unrealized currency gain (loss) on non-investment assets and liabilities (8,072) (4,963) (3,122)
Net change in unrealized gain (loss) on forward currency contracts (3,428) 3,772 0
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities, and forward currency contracts (37,298) (27,957) (31,263)
Net increase (decrease) in net assets resulting from operations $ 108,968 $ 103,676 $ 108,135
Basic earnings per share (in dollars per share) $ 1.34 $ 1.75 $ 1.91
Diluted earnings per share (in dollars per share) $ 1.34 $ 1.75 $ 1.91
Weighted-average shares of common stock outstanding—basic (in shares) 81,573,132 59,200,911 56,551,480
Weighted-average shares of common stock outstanding—diluted (in shares) 81,573,132 59,200,911 56,551,480
Non-controlled/non-affiliated      
Investment income:      
Interest income $ 217,080 $ 201,377 $ 227,448
PIK income 20,114 18,884 12,596
Other income 4,240 4,879 6,503
Total investment income 241,434 225,140 246,547
Net realized gain (loss) and net change in unrealized appreciation (depreciation):      
Net realized gain (loss) on investments (55,489) (52,258) 27
Net change in unrealized appreciation (depreciation) on investments 33,060 19,430 (28,048)
Non-controlled/affiliated      
Investment income:      
Interest income 27 0 0
PIK income 1,220 0 0
Total investment income 1,247 0
Net realized gain (loss) and net change in unrealized appreciation (depreciation):      
Net realized gain (loss) on investments 0    
Net change in unrealized appreciation (depreciation) on investments $ (352) $ 0 $ 0