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

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

v3.25.4
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning balance (in shares) 170,575,000    
Beginning balance $ 1,989,581 $ 1,802,706 $ 1,401,459
Net increase (decrease) in net assets resulting from operations $ 339,737 $ 262,966 $ 337,484
Public offering, net of offering expenses (in shares) 11,200,000 11,700,000 22,700,000
Public offering, net of offering expenses $ 204,426 $ 218,329 $ 338,215
Issuance of common stock under equity-based award plans 311 3,068 495
Shares retired on vesting of equity-based awards $ (6,801) $ (6,498) $ (13,197)
Distributions reinvested in common stock (in shares) 495,631 471,949 303,960
Distributions reinvested in common stock $ 9,271 $ 8,769 $ 4,624
Distributions (335,263) (312,244) (278,301)
Stock-based compensation [1] 14,791 12,485 11,927
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles $ 0 $ 0 0
Ending balance (in shares) 182,695,000 170,575,000  
Ending balance $ 2,216,053 $ 1,989,581 $ 1,802,706
Common Stock      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning balance (in shares) 170,575,000 157,758,000 133,045,000
Beginning balance $ 171 $ 158 $ 134
Public offering, net of offering expenses (in shares) 11,189,000 11,725,000 22,728,000
Public offering, net of offering expenses $ 11 $ 12 $ 22
Issuance of common stock under equity-based award plans (in shares) 831,000 1,040,000 1,932,000
Issuance of common stock under equity-based award plans $ 1 $ 1 $ 2
Shares retired on vesting of equity-based awards (in shares) (396,000) (419,000) (251,000)
Distributions reinvested in common stock (in shares) 496,000 471,000 304,000
Distributions $ (332,587) $ (309,413) $ (275,548)
Ending balance (in shares) 182,695,000 170,575,000 157,758,000
Ending balance $ 183 $ 171 $ 158
Capital in excess of par value      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning balance 1,900,490 1,662,535 1,341,416
Public offering, net of offering expenses 204,415 218,317 338,193
Issuance of common stock under equity-based award plans 310 3,067 493
Shares retired on vesting of equity-based awards (6,801) (6,498) (13,197)
Distributions reinvested in common stock 9,271 8,769 4,624
Stock-based compensation [1] 14,791 12,485 11,927
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles (7,757) 1,815 (20,921)
Ending balance 2,114,719 1,900,490 1,662,535
Distributable Earnings (loss)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning balance 88,920 140,013 59,909
Net increase (decrease) in net assets resulting from operations 339,737 262,966 337,484
Distributions (335,263) (312,244) (278,301)
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles 7,757 (1,815) 20,921
Ending balance $ 101,151 $ 88,920 $ 140,013
[1] Stock-based compensation includes $142 thousand, $143 thousand, and $117 thousand of restricted stock and option expense related to director compensation for the years ended December 31, 2025, 2024 and 2023, respectively.