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

Consolidated Statements of Operations

v3.25.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
INVESTMENT INCOME:      
Total investment income $ 134,828 $ 131,386 $ 103,765
EXPENSES:      
Interest (39,035) (36,458) (24,423)
Base management fees (20,922) (19,828) (19,831)
Incentive fees (12,494) (12,569) (2,130)
Internal administrative services expenses (10,089) (8,916) (5,147)
General and administrative (4,416) (4,254) (3,905)
Total expenses before expense waivers (86,956) (82,025) (55,436)
Waiver of internal administrative services expenses 9,450 8,308 4,540
Total expenses, net of expense waivers (77,506) (73,717) (50,896)
NET INVESTMENT INCOME 57,322 57,669 52,869
NET REALIZED GAIN (LOSS):      
Total net realized gain (loss) 15,776 (34,010) (3,936)
Total net realized gain (loss) 15,776 (34,010) (3,936)
NET UNREALIZED APPRECIATION (DEPRECIATION):      
Total net unrealized appreciation (depreciation) (15,439) 46,319 (1,702)
INCOME TAXES:      
Federal and state income, excise and other taxes (4,989) (872) (1,281)
Deferred taxes 3,883 (2,897) (362)
Total income tax provision (1,106) (3,769) (1,643)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 56,553 $ 66,209 $ 45,588
NET INVESTMENT INCOME PER SHARE— BASIC (in dollars per share) [1] $ 1.43 $ 1.44 $ 1.32
NET INVESTMENT INCOME PER SHARE— DILUTED (in dollars per share) [1] 1.43 1.44 1.32
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC (in dollars per share) [1] 1.41 1.65 1.14
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—DILUTED (in dollars per share) [1] $ 1.41 $ 1.65 $ 1.14
WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC (in shares) [1] 40,174,311 40,134,501 39,996,520
WEIGHTED-AVERAGE SHARES OUTSTANDING—DILUTED (in shares) [1] 40,174,311 40,134,501 39,996,520
Control investments      
INVESTMENT INCOME:      
Total investment income $ 3,441 $ 3,101 $ 3,223
NET REALIZED GAIN (LOSS):      
Total net realized gain (loss) 147 2,223 0
NET UNREALIZED APPRECIATION (DEPRECIATION):      
Total net unrealized appreciation (depreciation) 4,833 (1,289) 1,503
Affiliate investments      
INVESTMENT INCOME:      
Total investment income 31,222 29,805 24,057
NET REALIZED GAIN (LOSS):      
Total net realized gain (loss) (3,560) (7,188) (7,327)
NET UNREALIZED APPRECIATION (DEPRECIATION):      
Total net unrealized appreciation (depreciation) 7,791 25,116 15,689
Non‑Control/Non‑Affiliate investments      
INVESTMENT INCOME:      
Total investment income 100,165 98,480 76,485
NET REALIZED GAIN (LOSS):      
Total net realized gain (loss) 19,189 (29,045) 3,391
NET UNREALIZED APPRECIATION (DEPRECIATION):      
Total net unrealized appreciation (depreciation) $ (28,063) $ 22,492 $ (18,894)
[1] As discussed in Note A.3 - Reverse Stock Split, the Company completed a two-for-one reverse stock split, effective as of December 16, 2024.