Financial Performance - Total investment income for Q1 2025 was $12.118 million, compared to $16.526 million in Q1 2024[35] - Core investment income for Q1 2025 was $12.102 million, compared to $16.453 million in Q1 2024[18] - Net investment income (NII) for Q1 2025 was $4.340 million ($0.47 per share), compared to $6.226 million ($0.67 per share) in Q1 2024[35] - Net asset value (NAV) as of March 31, 2025, was $173.511 million ($18.85 per share), compared to $178.493 million ($19.41 per share) as of December 31, 2024[33] Portfolio Composition and Trends - Investment portfolio at fair value as of March 31, 2025, was $406.423 million, comprised of 93 different portfolio companies[33] - The debt investment portfolio, excluding CLO Funds, equities, and Joint Ventures, totaled $324.8 million at fair value as of March 31, 2025[9] - Non-accruals on debt investments, as of March 31, 2025, were six debt investments representing 2.6% of the Company's investment portfolio at fair value[9] - Weighted average annualized yield (excluding income from non-accruals and collateralized loan obligations) was approximately 11.0% as of March 31, 2025[9] Capital Structure and Liquidity - Par value of outstanding borrowings, as of March 31, 2025, was $255.4 million, compared to $267.5 million as of December 31, 2024[9] - Asset coverage ratio of total assets to total borrowings was 168% as of March 31, 2025[9]

Financial Performance - Net investment income per share for Q4 2024 was $0.35, while earnings per share were $0.10[9] - The net asset value per share decreased by $0.30, or 1.9%, to $15.43 as of December 31, 2024, primarily due to mark-to-market adjustments[9] - The company declared a Q4 2024 base distribution of $0.36 per share and a year-end special distribution of $0.05 per share[9] Debt and Leverage - As of December 31, 2024, the company had $1.12 billion in total principal amount of debt outstanding, with 38% as senior secured bank debt and 62% as unsecured debt[9] - The net debt-to-equity ratio was 1.27x as of December 31, 2024, compared to 1.18x as of September 30, 2024[9] - The company issued $172.5 million of 7.50% unsecured notes due 2029[9] Investment Portfolio - Total investments at fair value were $1.82 billion across 105 portfolio companies in 24 industries as of December 31, 2024[9] - Senior secured loans comprised 86.1% of the investment portfolio, with 86.0% in first lien investments[9] - Investments on non-accrual status were 1.41% of the total investment portfolio at fair value[9] - New investment commitments for the quarter were $106 million, of which $100 million were funded[12]

Financial Performance - Net investment income per share was $0.48 ($0.49 excluding excise taxes)[6] - Net asset value per share was $16.70[6] - Annualized ROE on net investment income was 11.5% (11.8% excluding excise taxes)[6] - The company declared a 4Q'24 regular dividend per share of $0.40, resulting in an annualized dividend yield of approximately 9.6%[6] Portfolio Composition - The total fair value of the portfolio was approximately $2.0 billion, invested in 110 companies[6] - The weighted average yield at amortized cost of debt investments was 10.7%[6] - Approximately 98% of the portfolio consisted of first-lien loans[6] - Non-accrual investments represented 1.3% of the portfolio based on fair value[6] Balance Sheet and Liquidity - The outstanding debt balance was $858 million, with a quarter-end debt-to-equity ratio of 0.72x[6] - Total liquidity was $513 million, including $71 million in cash and $442 million in undrawn committed debt capacity[6]