Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

v3.22.2.2
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Investment income:        
Total interest income $ 81,408 $ 63,312 $ 212,391 $ 188,400
Fee Income 2,821 6,881 9,110 20,111
Gross Investment Income, Operating, Total 84,229 70,193 221,501 208,511
Operating expenses:        
Interest expense, debt 14,499 [1] 13,069 [1] 38,844 [2] 42,309 [1]
Loan fees 2,183 1,674 5,517 6,694
General and administrative 4,364 4,085 12,504 11,749
Investment Income, Operating, Tax Expense (Benefit) 1,602 2,395 4,135 5,579
Total gross operating expenses 36,090 33,441 101,916 102,372
Expenses allocated to the Adviser Subsidiary 1,863 1,337 6,335 3,474
Employee compensation:        
Compensation and benefits 10,968 8,898 30,357 27,051
Employee benefits and share-based compensation 2,474 3,320 10,559 8,990
Employee compensation 13,442 12,218 40,916 36,041
Total net operating expenses 34,227 32,104 95,581 98,898
Net investment income 50,002 38,089 125,920 109,613
Net realized gain (loss):        
Loss on debt extinguishment 0 (1,702) (3,686) (1,702)
Realized Investment Gains (Losses), Total 5,289 21,111 775 14,599
Net change in unrealized appreciation (depreciation):        
Total net change in unrealized appreciation (depreciation) (2,089) (35,651) (87,147) 46,231
Total net realized gain (loss) and net change in unrealized appreciation (depreciation) 3,200 (14,540) (86,372) 60,830
Net increase (decrease) in net assets resulting from operations $ 53,202 $ 23,549 $ 39,548 $ 170,443
Net investment income before investment gains and losses per common share:        
Net investment income before investment gains and losses per common share: Basic $ 0.39 $ 0.33 $ 1.01 $ 0.95
Change in net assets resulting from operations per common share:        
Basic 0.41 0.20 0.31 1.47
Diluted $ 0.41 $ 0.20 $ 0.30 $ 1.46
Weighted average shares outstanding        
Basic 127,484 114,805 123,379 114,590
Diluted 129,334 116,239 124,767 115,550
Distributions paid per common share:        
Basic [3]       $ 0.09
Common Stock [Member]        
Distributions paid per common share:        
Basic $ 0.50 $ 0.39 $ 1.46 $ 1.15
Investment, Affiliated Issuer [Member]        
Investment income:        
Gross Investment Income, Operating, Total     $ 4,694 [4] $ 2,946 [5]
Net realized gain (loss):        
Realized Investment Gains (Losses), Total     1,758 (62,143)
Net change in unrealized appreciation (depreciation):        
Total net change in unrealized appreciation (depreciation)     7,700 56,893
Investment, Unaffiliated Issuer [Member]        
Investment income:        
Total interest income $ 80,146 $ 62,239 207,747 185,497
Fee Income 2,803 6,861 9,059 20,068
Net realized gain (loss):        
Realized Investment Gains (Losses), Total 7,303 22,813 2,703 78,444
Net change in unrealized appreciation (depreciation):        
Total net change in unrealized appreciation (depreciation) (4,149) (31,759) (94,847) (10,662)
Investment, Affiliated Issuer, Controlled [Member]        
Investment income:        
Total interest income 1,181 1,072 3,440 2,900
Fee Income 18 20 51 43
Gross Investment Income, Operating, Total     3,490 [4] 2,943 [5]
Net realized gain (loss):        
Realized Investment Gains (Losses), Total     0 0
Net change in unrealized appreciation (depreciation):        
Total net change in unrealized appreciation (depreciation) (2,571) (3,774) 3,611 (7,327)
Investment, Affiliated Issuer, Noncontrolled [Member]        
Investment income:        
Total interest income 81 1 1,204 3
Gross Investment Income, Operating, Total     1,204 [4] 3 [5]
Net realized gain (loss):        
Realized Investment Gains (Losses), Total (2,014) 0 1,758 (62,143)
Net change in unrealized appreciation (depreciation):        
Total net change in unrealized appreciation (depreciation) $ 4,631 $ (118) $ 4,089 $ 64,220
[1] Interest expense includes amortization of original issue discounts for the three months ended September 30, 2021 of $41 thousand, $168 thousand, and $6 thousand, for the 2022 Notes, 2022 Convertible Notes, and September 2026 Notes, respectively. Interest expense includes for the nine months ended September 30, 2021, $123 thousand, $504 thousand, and $6 thousand for the 2022 Notes, 2022 Convertible Notes, and September 2026 Notes, respectively.
[2] Interest expense includes amortization of original issue discounts for the three months ended September 30, 2022 of $42 thousand, $126 thousand, and $47 thousand related to the September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively. For the nine months ended September 30, 2022, $23 thousand, $112 thousand, $125 thousand, $349 thousand, and $51 thousand related to the 2022 Notes, 2022 Convertible Notes, September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively.
[3] Includes distributions on unvested restricted stock awards.
[4] Represents the total amount of interest, fees, or dividends credited to income for the period an investment was an affiliate or control investment.
[5] Represents the total amount of interest, fees, or dividends credited to income for the period an investment was an affiliate or control investment.