CONSOLIDATED FINANCIAL HIGHLIGHTS (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Consolidated Financial Highlights

The following is a schedule of consolidated financial highlights for the years ended December 31, 2025, 2024, 2023, 2022 and 2021. The amounts presented below are for Class I common stock and there were no Class S or Class D common stock outstanding during the periods presented.


	Year Ended December 31,
	2025			2024			2023			2022			2021
Per Share Data:
Net asset value per share, beginning of year	$	19.43		$	19.60		$	19.72		$	20.46		$	19.63
Net investment income (loss)(1)	1.79			2.22			2.46			2.05			2.02
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities and forward currency contracts	(0.45)			(0.47)			(0.55)			(0.69)			0.73
Net increase (decrease) in net assets resulting from operations	1.34			1.75			1.91			1.36			2.75
Dividends declared(2)	(1.96)			(2.02)			(2.04)			(2.11)			(1.93)
Other(3)	0.01			0.10			0.01			0.01			0.01
Net asset value per share, end of year	$	18.82		$	19.43		$	19.60		$	19.72		$	20.46
Number of shares outstanding, end of year	93,812,679			76,812,863			56,280,182			58,396,516			57,005,057
Total return based on net asset value(4)	7.26		%	12.64		%	10.18		%	6.65		%	14.06		%
Net assets, end of year	$	1,765,624		$	1,492,462		$	1,103,212		$	1,151,501		$	1,166,241
Ratio to average net assets:(5)
Expenses before incentive fees	4.89		%	6.47		%	7.87		%	5.16		%	4.30		%
Expenses after incentive fees	6.25		%	8.10		%	9.67		%	6.69		%	6.03		%
Net investment income (loss)	9.48		%	11.41		%	12.58		%	10.15		%	9.82		%
Interest expense and credit facility fees	3.34		%	4.76		%	6.31		%	3.49		%	2.62		%
Ratios/Supplemental Data:
Asset coverage, end of year	275.20		%	393.37		%	246.17		%	217.21		%	220.61		%
Portfolio turnover	27.77		%	25.03		%	8.99		%	23.78		%	25.67		%
Total committed capital, end of year	NM(6)			NM(6)			NM(6)			NM(6)			1,227,312
Ratio of total contributed capital to total committed capital, end of year	NM(6)			NM(6)			NM(6)			NM(6)			94.73		%
Weighted-average shares outstanding	81,573,132			59,200,911			56,551,480			57,991,971			50,982,223

(1)Net investment income (loss) per share was calculated as net investment income (loss) for the year divided by the weighted average number of shares outstanding for the year.

(2)Dividends declared per share was calculated as the sum of dividends declared during the year divided by the number of shares outstanding at the date of the relevant transaction (refer to Note 9, Net Assets, to these consolidated financial statements).

(3)Includes the impact of different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding and certain per share data based on the shares outstanding as of a period end or transaction date.

(4)Total return based on net asset value (not annualized) is based on the change in net asset value per share during the year plus the declared dividends, assuming reinvestment of dividends in accordance with the dividend reinvestment plan, divided by the beginning net asset value for the year.

(5)These ratios to average net assets attributable to Common Stockholders have not been annualized.

(6)On January 21, 2022, stockholders approved the Company’s conversion from a finite life private BDC with no interim liquidity to a private BDC with a perpetual life and a regular quarterly liquidity program. As such, the supplemental data is no longer a meaningful measurement of the Company’s performance.

The following is a schedule of consolidated financial highlights for the periods ended December 31, 2019, 2018, and 2017. The amounts presented below are for Class I common stock and there are no Class S or Class D common stock outstanding during the periods presented.


	Year Ended December 31,
	2020			2019			2018			For the period from Commencement through December 31, 2017
Per Share Data:
Net asset value per share, beginning of period	$	20.61		$	20.32		$	20.03		$	20.00
Net investment income (loss) (1)	1.95			2.10			1.78			(0.50)
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities	(1.00)			0.10			(0.07)			0.27
Net increase (decrease) in net assets resulting from operations	0.95			2.20			1.71			(0.23)
Dividends declared (2)	(1.94)			(1.98)			(1.53)			—
Other (3)	0.01			0.07			0.11			0.26
Net asset value per share, end of period	$	19.63		$	20.61		$	20.32		$	20.03
Number of shares outstanding, end of period	49,062,820			35,769,223			14,299,500			4,130,683
Total return based on net asset value (4)	4.66		%	11.17		%	9.09		%	0.15		%
Net assets, end of period	$	963,136		$	737,109		$	289,214		$	82,722
Ratio to average net assets(5):
Expenses before incentive fees	4.60		%	5.06		%	5.84		%	4.19		%
Expenses after incentive fees	6.34		%	6.74		%	6.90		%	4.19		%
Net investment income (loss)	9.85		%	9.54		%	7.92		%	(1.75)		%
Interest expense and credit facility fees	2.84		%	3.41		%	3.10		%	0.66		%
Ratios/Supplemental Data:
Asset coverage, end of period	209.33		%	213.72		%	232.85		%	236.17		%
Portfolio turnover	15.03		%	12.47		%	20.41		%	8.76		%
Total committed capital, end of period	$	1,227,312		$	1,227,687		$	1,227,938		$	508,928
Ratio of total contributed capital to total committed capital, end of period	81.28		%	60.09		%	23.85		%	16.21		%
Weighted-average shares outstanding	44,300,431			23,431,444			7,907,949			1,421,700

(1)Net investment income (loss) per common share was calculated as net investment income (loss) less the preferred dividend for the year divided by the weighted average number of common shares outstanding for the year.

(2)Dividends declared per common share was calculated as the sum of dividends on common stock declared during the year divided by the number of common shares outstanding at each respective quarter-end date (refer to Note 9, Net Assets, to these consolidated financial statements).

(4)Total return based on net asset value (not annualized) is based on the change in net asset value per common share during the year plus the declared dividends on common stock, assuming reinvestment of dividends in accordance with the dividend reinvestment plan, divided by the beginning net asset value for the year.

(5)For the period from Commencement through December 31, 2017, the ratios to average net assets attributable to Common Stockholders have not been annualized.