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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        
Payment-in-kind interest     $ 2,244 $ 1,278
Total investment income $ 95,953 $ 63,719 184,808 112,481
Expenses        
Interest 32,605 19,669 64,558 35,127
Income incentive fees [1] 6,718 4,807 12,804 8,390
Capital gains incentive fees [1] 277 62 277 55
Management fees [1] 5,580 3,437 10,502 6,084
Other 1,306 458 2,301 618
Professional fees 597 531 1,123 1,085
Offering costs 486 377 1,098 716
Administrative fees [1] 454 363 830 595
Accounting fees 255 141 428 310
Insurance fees 77 308 265 461
Trustees' fees 58 45 116 90
Total expenses 48,788 30,322 94,935 53,743
Net expenses 48,674 30,235 94,746 53,594
Net investment income (loss) before taxes 47,279 33,484 90,062 58,887
Deferred federal tax provision [2] 720 (95) 1,000 216
Current federal tax [2] 76 32 163 32
Net investment income (loss) after taxes 46,483 33,547 88,899 58,639
Net realized gain (loss) on investment transactions:        
Net realized gain (loss) on investment transactions     764 265
Foreign currency forward contracts (11) 46 36 14
Net change in unrealized gain (loss) on investment transactions:        
Net change in unrealized gain (loss) on investment transactions     2,741 3
Total net realized and change in unrealized gain (loss) on investment transactions 2,798 500 3,815 319
Net increase (decrease) in net assets resulting from operations 49,281 34,047 92,714 58,958
Interest rate swaps        
Net change in unrealized gain (loss) on investment transactions:        
Net change in unrealized gain (loss) on foreign currency forward contracts and interest rate swaps     326 0
Foreign currency forward contracts        
Net change in unrealized gain (loss) on investment transactions:        
Net change in unrealized gain (loss) on foreign currency forward contracts and interest rate swaps (7) (30) (52) 37
Common Class S        
Expenses        
Distribution and shareholder servicing fees: 374 123 631 211
Distribution and shareholder servicing fees waived (113) (87) (187) (149)
Common Class D        
Expenses        
Distribution and shareholder servicing fees: 1 1 2 1
Distribution and shareholder servicing fees waived (1) 0 (2) 0
Non-controlled/non-affiliated        
Investment income        
Interest 93,239 60,839 179,783 107,587
Payment-in-kind interest 1,277 471 2,244 1,278
Other 1,437 2,409 2,781 3,616
Total investment income 95,953 63,719 184,808 112,481
Net realized gain (loss) on investment transactions:        
Net realized gain (loss) on investment transactions 2 230 50 230
Net change in unrealized gain (loss) on investment transactions:        
Net change in unrealized gain (loss) on investment transactions (655) 729 (2,068) (1,086)
Non-controlled/affiliated        
Net realized gain (loss) on investment transactions:        
Net realized gain (loss) on investment transactions 369 35 714 35
Net change in unrealized gain (loss) on investment transactions:        
Net change in unrealized gain (loss) on investment transactions $ 3,210 $ (510) $ 4,809 $ 1,089
[1] Refer to Note 6 - Agreements and Related Party Transactions
[2] Related to the Company’s wholly-owned, consolidated subsidiaries, Twin Brook Equity XVIII Corp. and Twin Brook Equity XXXIII Corp., which are treated as corporations for United States federal income tax purposes