Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.24.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Investment income:      
Total interest and dividend income $ 434,425 $ 307,258 $ 253,360
Total fee income 26,243 14,430 27,616
Total investment income 460,668 321,688 280,976
Operating expenses:      
Interest 67,620 54,749 54,447
Loan fees 9,845 7,598 8,657
General and administrative 18,696 16,948 16,111
Tax expenses 6,071 5,416 7,928
Employee compensation:      
Compensation and benefits 50,258 43,852 36,970
Stock-based compensation 13,242 13,378 11,930
Total employee compensation 63,500 57,230 48,900
Total gross operating expenses 165,732 141,941 136,043
Expenses allocated to the Adviser Subsidiary (9,101) (8,321) (5,035)
Total net operating expenses 156,631 133,620 131,008
Net investment income 304,037 188,068 149,968
Net realized gain (loss):      
Loss on extinguishment of debt 0 (3,686) (4,419)
Total net realized gain (loss) 8,437 (924) 20,876
Net change in unrealized appreciation (depreciation):      
Total net change in unrealized appreciation (depreciation) 25,010 (85,063) 3,311
Total net realized gain (loss) and net change in unrealized appreciation (depreciation) 33,447 (85,987) 24,187
Net increase (decrease) in net assets resulting from operations $ 337,484 $ 102,081 $ 174,155
Net investment income before gains and losses per common share:      
Basic (in dollars per share) $ 2.09 $ 1.48 $ 1.29
Change in net assets resulting from operations per common share:      
Basic (in dollars per share) 2.32 0.80 1.50
Diluted (in dollars per share) $ 2.31 $ 0.79 $ 1.49
Weighted average shares outstanding:      
Basic (in shares) 144,091 125,189 114,742
Diluted (in shares) 144,826 126,659 115,955
Distributions paid per common share:      
Basic (in dollars per share) $ 1.90 $ 1.97 $ 1.55
Non-control/Non-affiliate investments      
Investment income:      
Total interest and dividend income $ 429,783 $ 301,433 $ 249,341
Total fee income 26,148 14,362 27,557
Net realized gain (loss):      
Total net realized gain (loss) 8,437 1,004 87,438
Net change in unrealized appreciation (depreciation):      
Total net change in unrealized appreciation (depreciation) 2,376 (88,874) (57,818)
Control investments      
Investment income:      
Total interest and dividend income 4,642 4,621 4,009
Total fee income 95 68 59
Total investment income 4,737 4,689  
Net realized gain (loss):      
Total net realized gain (loss) 0 0 0
Net change in unrealized appreciation (depreciation):      
Total net change in unrealized appreciation (depreciation) 22,634 (278) (2,677)
Affiliate investments      
Investment income:      
Total interest and dividend income 0 1,204 10
Total investment income   1,204  
Net realized gain (loss):      
Total net realized gain (loss) 0 1,758 (62,143)
Net change in unrealized appreciation (depreciation):      
Total net change in unrealized appreciation (depreciation) $ 0 $ 4,089 $ 63,806