Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

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CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Investment income:    
Total interest and dividend income, excluding PIK interest income $ 123,489 $ 102,099
Total PIK interest income 12,914 13,473
Total interest and dividend income 136,403 115,572
Total fee income 5,133 3,939
Total investment income 141,536 119,511
Operating expenses:    
Interest 28,146 19,698
Loan fees 2,677 2,398
General and administrative 4,802 4,812
Tax expenses 990 912
Employee compensation:    
Compensation and benefits 17,291 13,914
Stock-based compensation 4,149 3,602
Total employee compensation 21,440 17,516
Total gross operating expenses 58,055 45,336
Expenses allocated to the Adviser Subsidiary (4,629) (3,283)
Total net operating expenses 53,426 42,053
Net investment income 88,110 77,458
Net realized gain (loss):    
Loss on extinguishment of debt 0 (15)
Total net realized gain (loss) (603) (1,556)
Net change in unrealized appreciation (depreciation):    
Total net change in unrealized appreciation (depreciation) (45,005) (25,565)
Total net realized gain (loss) and net change in unrealized appreciation (depreciation) (45,608) (27,121)
Net increase (decrease) in net assets resulting from operations $ 42,502 $ 50,337
Net investment income before gains and losses per common share:    
Basic (in dollars per share) $ 0.48 $ 0.45
Change in net assets resulting from operations per common share:    
Basic (in dollars per share) 0.23 0.29
Diluted (in dollars per share) $ 0.23 $ 0.29
Weighted average shares outstanding:    
Basic (in shares) 182,760 171,494
Diluted (in shares) 196,821 175,383
Distributions paid per common share:    
Basic (in dollars per share) $ 0.47 $ 0.47
Non-control/Non-affiliate investments    
Investment income:    
Total interest and dividend income, excluding PIK interest income $ 120,090 $ 98,996
Total PIK interest income 12,914 12,939
Total fee income 5,098 3,900
Net realized gain (loss):    
Non-control/Non-affiliate investments (603) (1,541)
Net change in unrealized appreciation (depreciation):    
Total net change in unrealized appreciation (depreciation) (43,466) (27,542)
Control investments    
Investment income:    
Total interest and dividend income, excluding PIK interest income 3,399 3,103
Total PIK interest income 0 534
Total interest and dividend income 3,399 3,637
Total fee income 35 39
Total investment income 3,434 3,676
Net realized gain (loss):    
Non-control/Non-affiliate investments 0 0
Net change in unrealized appreciation (depreciation):    
Total net change in unrealized appreciation (depreciation) $ (1,539) $ 1,977