Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

v3.25.3
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Investment income:        
Total interest and dividend income, excluding PIK interest income $ 116,682 $ 106,344 $ 334,717 $ 314,488
Total PIK interest income 14,475 12,706 41,583 37,870
Total interest and dividend income 131,157 119,050 376,300 352,358
Total fee income 6,936 6,198 18,763 19,449
Total investment income 138,093 125,248 395,063 371,807
Operating expenses:        
Interest 24,189 20,370 66,817 57,156
Loan fees 3,004 1,993 8,149 6,736
General and administrative 4,477 4,596 14,392 14,135
Tax expenses 1,703 1,986 3,683 4,451
Employee compensation:        
Compensation and benefits 16,540 12,159 47,118 42,917
Stock-based compensation 3,691 3,194 10,955 9,671
Total employee compensation 20,231 15,353 58,073 52,588
Total gross operating expenses 53,604 44,298 151,114 135,066
Expenses allocated to the Adviser Subsidiary (4,063) (2,214) (10,795) (7,943)
Total net operating expenses 49,541 42,084 140,319 127,123
Net investment income 88,552 83,164 254,744 244,684
Net realized gain (loss):        
Loss on extinguishment of debt (84) 0 (120) 0
Total net realized gain (loss) (1,856) (559) (61,049) 1,825
Net change in unrealized appreciation (depreciation):        
Total net change in unrealized appreciation (depreciation) 32,989 (13,894) 55,214 (44,982)
Total net realized gain (loss) and net change in unrealized appreciation (depreciation) 31,133 (14,453) (5,835) (43,157)
Net increase (decrease) in net assets resulting from operations $ 119,685 $ 68,711 $ 248,909 $ 201,527
Net investment income before gains and losses per common share:        
Basic (in dollars per share) $ 0.49 $ 0.51 $ 1.44 $ 1.52
Change in net assets resulting from operations per common share:        
Basic (in dollars per share) 0.66 0.42 1.41 1.25
Diluted (in dollars per share) $ 0.63 $ 0.42 $ 1.37 $ 1.24
Weighted average shares outstanding:        
Basic (in shares) 180,360 161,019 175,633 159,742
Diluted (in shares) 194,358 161,515 186,251 160,253
Distributions paid per common share:        
Basic (in dollars per share) $ 0.47 $ 0.48 $ 1.41 $ 1.44
Non-control/Non-affiliate investments        
Investment income:        
Total interest and dividend income, excluding PIK interest income $ 113,854 $ 103,382 $ 325,970 $ 305,621
Total PIK interest income 13,906 12,181 39,928 36,836
Total fee income 6,892 6,162 18,639 19,341
Net realized gain (loss):        
Non-control/Non-affiliate investments (1,772) (559) (60,929) 1,825
Net change in unrealized appreciation (depreciation):        
Total net change in unrealized appreciation (depreciation) 35,530 (15,167) 56,614 (41,920)
Control investments        
Investment income:        
Total interest and dividend income, excluding PIK interest income 2,828 2,962 8,747 8,867
Total PIK interest income 569 525 1,655 1,034
Total interest and dividend income 3,397 3,487 10,402 9,901
Total fee income 44 36 124 108
Total investment income     10,526 10,009
Net realized gain (loss):        
Non-control/Non-affiliate investments 0 0 0 0
Net change in unrealized appreciation (depreciation):        
Total net change in unrealized appreciation (depreciation) $ (2,541) $ 1,273 $ (1,400) $ (3,062)