Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Investment income:        
Total interest and dividend income, excluding PIK interest income $ 125,700 $ 115,936 $ 249,189 $ 218,035
Total PIK interest income 12,342 13,635 25,256 27,108
Total interest and dividend income 138,042 129,571 274,445 245,143
Total fee income 11,072 7,888 16,205 11,827
Total investment income 149,114 137,459 290,650 256,970
Operating expenses:        
Interest 28,130 22,930 56,276 42,628
Loan fees 3,006 2,747 5,683 5,145
General and administrative 4,871 5,103 9,673 9,915
Tax expenses 2,790 1,068 3,780 1,980
Employee compensation:        
Compensation and benefits 18,366 16,664 35,657 30,578
Stock-based compensation 3,937 3,662 8,086 7,264
Total employee compensation 22,303 20,326 43,743 37,842
Total gross operating expenses 61,100 52,174 119,155 97,510
Expenses allocated to the Adviser Subsidiary (4,901) (3,449) (9,530) (6,732)
Total net operating expenses 56,199 48,725 109,625 90,778
Net investment income 92,915 88,734 181,025 166,192
Net realized gain (loss):        
Loss on extinguishment of debt (2) (21) (2) (36)
Total net realized gain (loss) 7,700 (57,637) 7,097 (59,193)
Net change in unrealized appreciation (depreciation):        
Total net change in unrealized appreciation (depreciation) 29,566 47,790 (15,439) 22,225
Total net realized gain (loss) and net change in unrealized appreciation (depreciation) 37,266 (9,847) (8,342) (36,968)
Net increase (decrease) in net assets resulting from operations $ 130,181 $ 78,887 $ 172,683 $ 129,224
Net investment income before gains and losses per common share:        
Basic (in dollars per share) $ 0.50 $ 0.50 $ 0.97 $ 0.95
Change in net assets resulting from operations per common share:        
Basic (in dollars per share) 0.70 0.44 0.93 0.74
Diluted (in dollars per share) $ 0.67 $ 0.43 $ 0.90 $ 0.73
Weighted average shares outstanding:        
Basic (in shares) 185,517 176,809 184,146 173,231
Diluted (in shares) 199,577 190,777 198,206 182,159
Distributions paid per common share:        
Basic (in dollars per share) $ 0.47 $ 0.47 $ 0.94 $ 0.94
Non-control/Non-affiliate investments        
Investment income:        
Total interest and dividend income, excluding PIK interest income $ 122,236 $ 113,120 $ 242,326 $ 212,116
Total PIK interest income 12,342 13,083 25,256 26,022
Total fee income 11,041 7,847 16,139 11,747
Net realized gain (loss):        
Non-control/Non-affiliate investments 7,702 (57,616) 7,099 (59,157)
Net change in unrealized appreciation (depreciation):        
Total net change in unrealized appreciation (depreciation) 30,013 48,626 (13,453) 21,084
Control investments        
Investment income:        
Total interest and dividend income, excluding PIK interest income 3,464 2,816 6,863 5,919
Total PIK interest income 0 552 0 1,086
Total interest and dividend income 3,464 3,368 6,863 7,005
Total fee income 31 41 66 80
Total investment income     6,929 7,085
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) $ (447) $ (836) $ (1,986) $ 1,141