Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.22.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Investment income:      
Total interest and dividend income $ 307,258 $ 253,360 $ 263,379
Total fee income 14,430 27,616 23,879
Total investment income 321,688 280,976 287,258
Operating expenses:      
Interest 54,749 [1] 54,447 [2] 59,605 [3]
Loan fees 7,598 8,657 7,269
General and administrative 16,948 16,111 18,910
Tax expenses 5,416 7,928 4,285
Employee compensation:      
Compensation and benefits 43,852 36,970 28,996
Stock-based compensation 13,378 11,930 11,053
Total employee compensation 57,230 48,900 40,049
Total gross operating expenses 141,941 136,043 130,118
Expenses allocated to the Adviser Subsidiary 8,321 5,035 0
Total net operating expenses 133,620 131,008 130,118
Net investment income 188,068 149,968 157,140
Net realized gain (loss):      
Loss on extinguishment of debt (3,686) (4,419) 0
Realized Investment Gains (Losses), Total (924) 20,876 (56,105)
Net change in unrealized appreciation (depreciation):      
Net Change in Unrealized Appreciation (Depreciation) (85,063) 3,311 126,226
Total net realized gain (loss) and net change in unrealized appreciation (depreciation) (85,987) 24,187 70,121
Net increase (decrease) in net assets resulting from operations $ 102,081 $ 174,155 $ 227,261
Net investment income before gains and losses per common share:      
Net investment income [4] $ 1.50 $ 1.29 $ 1.39
Change in net assets resulting from operations per common share:      
Basic 0.80 1.50 2.02
Diluted $ 0.79 $ 1.49 $ 2.01
Weighted average shares outstanding      
Basic 125,189,000 114,742,000 111,985,000
Diluted 126,659,000 115,955,000 112,267,000
Distributions paid per common share:      
Basic $ 1.97 $ 1.55 $ 1.38
Common Stock      
Net investment income before gains and losses per common share:      
Net investment income 1.48 1.29 1.39
Distributions paid per common share:      
Basic $ 1.97 $ 1.55 $ 1.38
Investment, Unaffiliated Issuer [Member]      
Investment income:      
Total interest and dividend income $ 301,433 $ 249,341 $ 259,989
Total fee income 14,362 27,557 23,858
Net realized gain (loss):      
Realized Investment Gains (Losses), Total 1,004 87,438 (41,956)
Net change in unrealized appreciation (depreciation):      
Net Change in Unrealized Appreciation (Depreciation) (88,874) (57,818) 128,238
Investment, Affiliated Issuer, Controlled [Member]      
Investment income:      
Total interest and dividend income 4,621 4,009 2,857
Total fee income 68 59 21
Total investment income 4,689 [5] 4,068 [6]  
Net realized gain (loss):      
Realized Investment Gains (Losses), Total 0 0  
Net change in unrealized appreciation (depreciation):      
Net Change in Unrealized Appreciation (Depreciation) (278) (2,677) (2,271)
Investment, Affiliated Issuer, Noncontrolled [Member]      
Investment income:      
Total interest and dividend income 1,204 10 533
Total investment income 1,204 [5] 10 [6]  
Net realized gain (loss):      
Realized Investment Gains (Losses), Total 1,758 (62,143) (14,149)
Net change in unrealized appreciation (depreciation):      
Net Change in Unrealized Appreciation (Depreciation) $ 4,089 $ 63,806 $ 259
[1] Interest expense includes amortization of original issue discounts for the year ended December 31, 2022, of $23 thousand, $112 thousand, $166 thousand, $475 thousand, and $98 thousand related to the 2022 Notes, 2022 Convertible Notes, September 2026 Notes, January 2027 Notes, and 2031 Asset-Backed Notes, respectively.
[2] Interest expense includes amortization of original issue discounts for the year ended December 31, 2021, of $165 thousand, $671 thousand, and $48 thousand for the 2022 Notes, 2022 Convertible Notes, and September 2026 Notes, respectively.
[3] Interest expense includes amortization of original issue discounts for the year ended December 31, 2020, of $165 thousand, $671 thousand, for the 2022 Notes, and 2022 Convertible Notes, respectively.
[4] All per share activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date.
[5] Represents the total amount of interest, fees, or dividends credited to income for the period an investment was an affiliate or control investment.
[6] Represents the total amount of interest, fees, or dividends credited to income for the period an investment was an affiliate or control investment.