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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Investment income:        
Interest from cash and cash equivalents $ 313 $ 9 $ 414 $ 9
Total investment income from control investments 23,844 10,890 46,268 20,501
Operating expenses:        
Management fees 1,039 774 2,043 1,454
Incentive fee on income 2,045 889 3,854 1,707
Incentive fee on capital gains 0 (316) 0 (409)
Interest and debt fees 7,627 3,209 15,603 5,454
Professional fees 511 349 1,023 758
Other general and administrative 456 347 912 644
Administrative services 91 57 149 104
Directors' fees 274 139 423 295
Total expenses before incentive fee waiver 12,043 5,448 24,007 10,007
Incentive fee waiver (2,045) (573) (3,854) (1,298)
Expenses, net of incentive fee waiver 9,998 4,875 20,153 8,709
Net investment income (loss) before income taxes 13,846 6,015 26,115 11,792
Income tax expense, including excise tax 210 91 418 414
Net investment income (loss) 13,636 5,924 25,697 11,378
Net realized gain (loss)        
Net realized gain (loss) from investments 31 54 (130) 66
Net change in unrealized appreciation (depreciation) on investments        
Net change in deferred taxes 1 [1] 0 (515) 0
Total net change in unrealized appreciation (depreciation) on investments (2,198) (3,919) (3,459) (4,554)
Net realized and unrealized gain (loss) (2,167) (3,865) (3,589) (4,488)
Net increase (decrease) in net assets resulting from operations attributable to participating securities 11,469 2,059 22,108 6,890
Accretion to redemption value of Series A redeemable convertible preferred stock (4) (1) (7) (1)
Accrual of Series A redeemable convertible preferred stock distributions (2,197) (253) (3,220) (350)
Net increase (decrease) in net assets resulting from operations attributable to common stockholders $ 9,268 $ 1,805 $ 18,881 $ 6,539
Net investment income (loss) (in dollars per share) $ 0.54 $ 0.37 $ 1.03 $ 0.73
Net increase (decrease) in net assets resulting from operations attributable to participating securities (in dollars per share) 0.45 0.12 0.89 0.44
Basic earnings (loss) per share (in dollar per share) 0.36 0.10 0.71 0.39
Diluted earnings (loss) per share (in dollar per share) $ 0.36 $ 0.10 $ 0.71 $ 0.39
Weighted average common shares outstanding, Basic (in shares) 25,464,807 16,026,077 25,058,806 15,668,119
Weighted average common shares outstanding, Diluted (in shares) 25,464,807 16,026,077 25,058,806 15,668,119
Controlled        
Investment income:        
Interest income $ 1,114 $ 635 $ 2,098 $ 1,196
Dividend income 675 675 1,350 1,348
Fee and other income 2 1 3 1
Total investment income from control investments 1,791 1,311 3,451 2,545
Net change in unrealized appreciation (depreciation) on investments        
Net change in unrealized appreciation (depreciation) on investments (2) (37) (9) 41
Affiliated        
Investment income:        
Interest income 0 1 0 7
Total investment income from control investments 0 1 0 7
Net change in unrealized appreciation (depreciation) on investments        
Net change in unrealized appreciation (depreciation) on investments 0 (3) 0 (2)
Non-Affiliated        
Investment income:        
Interest income 21,154 9,310 41,475 17,496
Dividend income 33 0 67 0
Fee and other income 553 259 861 444
Total investment income from control investments 21,740 9,569 42,403 17,940
Net realized gain (loss)        
Net realized gain (loss) from investments 31 54 (130) 66
Net change in unrealized appreciation (depreciation) on investments        
Net change in unrealized appreciation (depreciation) on investments $ (2,196) $ (3,879) $ (2,935) $ (4,593)
[1] Less than $1.