Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

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CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning balance (in shares) 157,758,000    
Beginning balance $ 1,802,706 $ 1,401,459 $ 1,308,547
Net increase in net assets resulting from operations $ 262,966 $ 337,484 $ 102,081
Public offering, net of offering expenses (in shares) 11,700,000 22,700,000 14,600,000
Public offering, net of offering expenses $ 218,329 $ 338,215 $ 229,659
Issuance of common stock under equity-based award plans 3,068 495 1,484
Shares retired on vesting of equity-based awards $ (6,498) $ (13,197) (6,016)
Issuance of Convertible Notes     $ 0
Distributions reinvested in common stock (in shares) 471,949 303,960 259,466
Distributions reinvested in common stock $ 8,769 $ 4,624 $ 3,953
Distributions (312,244) (278,301) (249,077)
Stock-based compensation [1] $ 12,485 $ 11,927 10,828
Ending balance (in shares) 170,575,000 157,758,000  
Ending balance $ 1,989,581 $ 1,802,706 $ 1,401,459
Common Stock      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning balance (in shares) 157,758,000 133,045,000 116,619,000
Beginning balance $ 158 $ 134 $ 117
Public offering, net of offering expenses (in shares) 11,725,000 22,728,000 14,559,000
Public offering, net of offering expenses $ 12 $ 22 $ 15
Issuance of common stock under equity-based award plans (in shares) 1,040,000 1,932,000 922,000
Issuance of common stock under equity-based award plans $ 1 $ 2 $ 1
Shares retired on vesting of equity-based awards (in shares) (419,000) (251,000) (295,000)
Issuance of Convertible Notes (in shares)     981,000
Issuance of Convertible Notes     $ 1
Distributions reinvested in common stock (in shares) 471,000 304,000 259,000
Distributions $ (309,413) $ (275,548) $ (246,873)
Ending balance (in shares) 170,575,000 157,758,000 133,045,000
Ending balance $ 171 $ 158 $ 134
Capital in excess of par value      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning balance 1,662,535 1,341,416 1,091,907
Public offering, net of offering expenses 218,317 338,193 229,644
Issuance of common stock under equity-based award plans 3,067 493 1,483
Shares retired on vesting of equity-based awards (6,498) (13,197) (6,016)
Issuance of Convertible Notes     (1)
Distributions reinvested in common stock 8,769 4,624 3,953
Stock-based compensation [1] 12,485 11,927 10,828
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles 1,815 (20,921) 9,618
Ending balance 1,900,490 1,662,535 1,341,416
Distributable Earnings      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning balance 140,013 59,909 216,523
Net increase in net assets resulting from operations 262,966 337,484 102,081
Distributions (312,244) (278,301) (249,077)
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles (1,815) 20,921 (9,618)
Ending balance $ 88,920 $ 140,013 $ 59,909
[1] Stock-based compensation includes $143 thousand, $117 thousand, and $149 thousand of restricted stock and option expense related to director compensation for the years ended December 31, 2024, 2023 and 2022, respectively.