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Unaudited 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        
Paid-in-kind interest income     $ 2,555 $ 528
Total investment income $ 39,527 $ 15,260 71,999 26,680
Operating expenses        
Management fees 3,347 1,039 6,155 1,832
Subordinated income incentive fees [1] 3,680 1,174 6,875 2,216
Capital gains incentive fees [1] (18) 458 498 724
Interest expense [2] 8,115 3,372 13,755 5,368
Administrative services expense 546 380 1,138 816
Accounting and administrative fees 154 80 258 114
Organizational and offering costs 440 807 440 1,265
Insurance expense 39 46 66 91
Audit expense 186 136 330 289
Other general and administrative expenses 607 388 1,010 539
Total operating expenses 17,096 7,880 30,525 13,254
Management and incentive fee waivers (7,027) (2,213) (13,030) (4,048)
Recoupment of previously waived expenses [3] 0 0 0 436
Net expenses 10,069 5,667 17,495 9,642
Net investment income 29,458 9,593 54,504 17,038
Realized and unrealized gain/loss        
Non-controlled/unaffiliated investments     (254) 56
Net realized gain (loss) on foreign currency forward contracts (88) 0 (88) 0
Net realized gain (loss) on foreign currency (41) 6 (86) 51
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts (356) (6) (504) (6)
Net change in unrealized gain (loss) on foreign currency (4,305) 12 (5,942) 169
Total net realized and unrealized gain (loss) (148) 3,666 3,984 5,794
Net increase (decrease) in net assets resulting from operations $ 29,310 $ 13,259 $ 58,488 $ 22,832
Per share information—basic and diluted        
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) - basic (in dollars per share) $ 0.79 $ 1.12 $ 1.72 $ 2.20
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) - diluted (in dollars per share) $ 0.79 $ 1.12 $ 1.72 $ 2.20
Weighted average shares outstanding - basic (in shares) 36,969,324 11,782,694 34,043,068 10,383,252
Weighted average shares outstanding - diluted (in shares) 36,969,324 11,782,694 34,043,068 10,383,252
Non-controlled/unaffiliated investments        
Investment income        
Interest income $ 36,098 $ 13,682 $ 63,840 $ 22,449
Paid-in-kind interest income 812 378 2,351 528
Fee income 1,213 635 2,969 2,559
Dividend and other income 495 483 1,118 1,052
Realized and unrealized gain/loss        
Non-controlled/unaffiliated investments (223) (9) (254) 56
Net change in unrealized appreciation (depreciation) on investments: 5,204 3,631 11,046 5,467
Non-controlled/affiliated investments        
Investment income        
Interest income 0 54 0 64
Paid-in-kind interest income 111 0 204 0
Dividend and other income 320 0 320 0
Realized and unrealized gain/loss        
Net change in unrealized appreciation (depreciation) on investments: (453) (13) (326) (13)
Controlled/affiliated investments        
Investment income        
Interest income 383 0 735 0
Paid-in-kind interest income [4]     0  
Fee income 0 0 23 [4] 0
Dividend and other income 95 28 439 [4] 28
Realized and unrealized gain/loss        
Non-controlled/unaffiliated investments     0  
Net change in unrealized appreciation (depreciation) on investments: $ 114 $ 45 $ 138 $ 70
[1] See Note 2 and 4 for a discussion of the methodology employed by the Company in calculating the subordinated income incentive fees and capital gains incentive fees.
[2] See Note 9 for a discussion of the Company’s financing arrangements.
[3] See Note 4 for a discussion of the Company’s expense support and conditional reimbursement.
[4] Interest, PIK, Fee and Dividend and Other income presented for the full six months ended June 30, 2025.