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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 from cash and cash equivalents $ 1,034 $ 817 $ 2,472 $ 1,753
Total investment income 21,237 12,690 40,552 23,455
Expenses:        
Interest and financing expenses (see Note 5) 7,254 1,625 13,269 2,547
Incentive fee (see Note 6) 1,620 1,213 3,134 2,382
Management fee (see Note 6) 1,585 872 3,063 1,614
Administrative services fee (see Note 6) 450 500 900 1,006
General and administrative expenses 590 773 840 1,103
Income tax expense 41 0 670 0
Professional fees 350 746 659 1,123
Directors' fees 80 80 160 160
Organizational costs (See Note 2) 75 0 75 0
Total expenses 12,045 5,809 22,770 9,935
Net investment income (loss) 9,192 6,881 17,782 13,520
Net realized gains (losses) on investments:        
Total net realized gains (losses) on investments 24 0 82 0
Net change in unrealized gains (losses) on investments:        
Total net change in unrealized gains (losses) on investments (111) (400) 2,388 829
Net increase (decrease) in net assets resulting from operations $ 9,105 $ 6,481 $ 20,252 $ 14,349
Weighted average common shares outstanding, basic (in shares) 24,217,260 22,178,576 24,098,036 21,880,114
Weighted average common shares outstanding, diluted (in shares) 24,217,260 22,178,576 24,098,036 21,880,114
Net investment income (loss) per common share, basic (in dollar per share) $ 0.38 $ 0.31 $ 0.74 $ 0.62
Net investment income (loss) per common share, diluted (in dollar per share) 0.38 0.31 0.74 0.62
Earnings (loss) per common share, basic (in dollar per share) 0.38 0.29 0.84 0.66
Earnings (loss) per common share, diluted (in dollar per share) $ 0.38 $ 0.29 $ 0.84 $ 0.66
Non-controlled/non-affiliated investments        
Investment Income:        
Cash $ 19,775 $ 10,766 $ 36,278 $ 19,559
Fee income 359 274 1,086 487
Net realized gains (losses) on investments:        
Total net realized gains (losses) on investments 24 0 82 0
Net change in unrealized gains (losses) on investments:        
Net change in unrealized gains (losses) on investments in non-controlled/non-affiliated investments (552) (390) 347 740
Non-controlled/affiliated investments        
Investment Income:        
Cash 69 767 716 1,590
Fee income 0 66 0 66
Interest from cash and cash equivalents 1,034 817 2,472 1,753
Net change in unrealized gains (losses) on investments:        
Net change in unrealized gains (losses) on investments in non-controlled/non-affiliated investments $ 441 $ (10) $ 2,041 $ 89