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

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Investment income:      
Total interest and dividend income, excluding PIK interest income $ 451,964 $ 415,925 $ 409,755
Total PIK interest income 55,923 51,270 24,670
Total interest and dividend income 507,887 467,195 434,425
Total fee income 24,606 26,396 26,243
Total investment income 532,493 493,591 460,668
Operating expenses:      
Interest 92,176 77,151 67,620
Loan fees 11,009 8,807 9,845
General and administrative 19,029 19,672 18,696
Tax expenses 5,805 5,835 6,071
Employee compensation:      
Compensation and benefits 63,349 54,233 50,258
Stock-based compensation 14,649 12,841 13,242
Total employee compensation 77,998 67,074 63,500
Total gross operating expenses 206,017 178,539 165,732
Expenses allocated to the Adviser Subsidiary (15,244) (10,780) (9,101)
Total net operating expenses 190,773 167,759 156,631
Net investment income 341,720 325,832 304,037
Net realized gain (loss):      
Loss on extinguishment of debt (184) (171) 0
Total net realized gain (loss) (40,795) (31,657) 8,437
Net change in unrealized appreciation (depreciation):      
Total net change in unrealized appreciation (depreciation) 38,812 (31,209) 25,010
Total net realized gain (loss) and net change in unrealized appreciation (depreciation) (1,983) (62,866) 33,447
Net increase (decrease) in net assets resulting from operations $ 339,737 $ 262,966 $ 337,484
Net investment income before gains and losses per common share:      
Basic (in dollars per share) $ 1.91 $ 2.00 $ 2.09
Change in net assets resulting from operations per common share:      
Basic (in dollars per share) 1.90 1.61 2.32
Diluted (in dollars per share) $ 1.85 $ 1.61 $ 2.31
Weighted average shares outstanding:      
Basic (in shares) 177,392 161,082 144,091
Diluted (in shares) 188,861 161,599 144,826
Distributions paid per common share:      
Basic (in dollars per share) $ 1.88 $ 1.92 $ 1.90
Non-control/Non-affiliate investments      
Investment income:      
Total interest and dividend income, excluding PIK interest income $ 440,383 $ 404,091 $ 405,113
Total PIK interest income 53,687 49,701 24,670
Total fee income 24,437 26,250 26,148
Net realized gain (loss):      
Net realized gain (loss) (40,611) (31,486) 8,437
Net change in unrealized appreciation (depreciation):      
Total net change in unrealized appreciation (depreciation) 37,433 (27,650) 2,376
Control investments      
Investment income:      
Total interest and dividend income, excluding PIK interest income 11,581 11,834 4,642
Total PIK interest income 2,236 1,569 0
Total interest and dividend income 13,817 13,403  
Total fee income 169 146 95
Total investment income 13,986 13,549  
Net realized gain (loss):      
Net realized gain (loss) 0 0 0
Net change in unrealized appreciation (depreciation):      
Total net change in unrealized appreciation (depreciation) $ 1,379 $ (3,559) $ 22,634