Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Investment income:      
Total interest and dividend income, excluding PIK interest income $ 415,925 $ 409,755 $ 286,803
Total PIK interest income 51,270 24,670 20,455
Total interest and dividend income 467,195 434,425 307,258
Total fee income 26,396 26,243 14,430
Total investment income 493,591 460,668 321,688
Operating expenses:      
Interest 77,151 67,620 54,749
Loan fees 8,807 9,845 7,598
General and administrative 19,672 18,696 16,948
Tax expenses 5,835 6,071 5,416
Employee compensation:      
Compensation and benefits 54,233 50,258 43,852
Stock-based compensation 12,841 13,242 13,378
Total employee compensation 67,074 63,500 57,230
Total gross operating expenses 178,539 165,732 141,941
Expenses allocated to the Adviser Subsidiary (10,780) (9,101) (8,321)
Total net operating expenses 167,759 156,631 133,620
Net investment income 325,832 304,037 188,068
Net realized gain (loss):      
Loss on extinguishment of debt (171) 0 (3,686)
Total net realized gain (loss) (31,657) 8,437 (924)
Net change in unrealized appreciation (depreciation):      
Total net change in unrealized appreciation (depreciation) (31,209) 25,010 (85,063)
Total net realized gain (loss) and net change in unrealized appreciation (depreciation) (62,866) 33,447 (85,987)
Net increase (decrease) in net assets resulting from operations $ 262,966 $ 337,484 $ 102,081
Net investment income before gains and losses per common share:      
Basic (in dollars per share) $ 2.00 $ 2.09 $ 1.48
Change in net assets resulting from operations per common share:      
Basic (in dollars per share) 1.61 2.32 0.80
Diluted (in dollars per share) $ 1.61 $ 2.31 $ 0.79
Weighted average shares outstanding:      
Basic (in shares) 161,082 144,091 125,189
Diluted (in shares) 161,599 144,826 126,659
Distributions paid per common share:      
Basic (in dollars per share) $ 1.92 $ 1.90 $ 1.97
Non-control/Non-affiliate investments      
Investment income:      
Total interest and dividend income, excluding PIK interest income $ 404,091 $ 405,113 $ 282,174
Total PIK interest income 49,701 24,670 19,259
Total fee income 26,250 26,148 14,362
Net realized gain (loss):      
Net realized gain (loss) (31,486) 8,437 1,004
Net change in unrealized appreciation (depreciation):      
Total net change in unrealized appreciation (depreciation) (27,650) 2,376 (88,874)
Control investments      
Investment income:      
Total interest and dividend income, excluding PIK interest income 11,834 4,642 4,621
Total PIK interest income 1,569 0 0
Total interest and dividend income 13,403    
Total fee income 146 95 68
Total investment income 13,549 4,737  
Net realized gain (loss):      
Net realized gain (loss) 0 0 0
Net change in unrealized appreciation (depreciation):      
Total net change in unrealized appreciation (depreciation) (3,559) 22,634 (278)
Affiliate investments      
Investment income:      
Total interest and dividend income, excluding PIK interest income 0 0 8
Total PIK interest income 0 0 1,196
Net realized gain (loss):      
Net realized gain (loss) 0 0 1,758
Net change in unrealized appreciation (depreciation):      
Total net change in unrealized appreciation (depreciation) $ 0 $ 0 $ 4,089