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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:      
Payment-in-kind interest income $ 15,868 $ 7,694 $ 5,920
Dividend income 1,599 569 501
Other income 10,887 2,184 2,182
Total investment income 410,919 224,644 91,675
Operating expenses:      
Interest and other debt financing expenses 132,244 61,928 21,734
Base management fees 42,930 23,875 13,011
Incentive fees 29,497 16,365 6,344
Professional fees 2,562 1,790 1,656
Administrative service fees 2,961 1,731 1,132
General and administrative expenses 3,519 2,364 900
Directors’ fees 150 91 82
Operating expenses before fee waivers 213,863 108,144 44,859
Base management fee waivers 0 0 (1,701)
Incentive fee waivers 0 0 (1,468)
Total operating expenses, net of fee waivers 213,863 108,144 41,690
Net investment income before income taxes 197,056 116,500 49,985
Income taxes, including excise taxes 1,206 614 169
Net investment income 195,850 115,886 49,816
Net realized gain (loss):      
Non-controlled/non-affiliate company investments 2,993 (403) (17)
Foreign currency forward contracts (308) 1,755 664
Foreign currency and other transactions (467) 272 (4)
Net realized gain (loss) 2,218 1,624 643
Net change in unrealized gain (loss):      
Unrealized gain (loss) of investments 1,085 1,459 (5,330)
Foreign currency forward contracts 4,588 (4,383) 711
Foreign currency and other transactions 2,732 (28) 1
Net change in unrealized gain (loss) 8,405 (2,952) (4,618)
Net gain (loss) 10,623 (1,328) (3,975)
Net increase (decrease) in net assets resulting from operations $ 206,473 $ 114,558 $ 45,841
Per common share data:      
Net investment income per share - basic (in dollars per share) $ 1.20 $ 1.21 $ 0.90
Net investment income per share - diluted (in dollars per share) 1.20 1.21 0.90
Net increase (decrease) in net assets resulting from operations per share - basic (in dollars per share) 1.27 1.19 0.83
Net increase (decrease) in net assets resulting from operations per share - diluted (in dollars per share) $ 1.27 $ 1.19 $ 0.83
Weighted average common shares outstanding - basic (in shares) 163,042 96,102 55,418
Weighted average common shares outstanding - diluted (in shares) 163,042 96,102 55,418
Non-controlled/non-affiliate company investments      
Investment income:      
Interest income $ 377,064 $ 211,362 $ 81,857
Payment-in-kind interest income 15,217 7,637 5,920
Dividend income 1,549 569 501
Other income 10,887 2,019 2,182
Total investment income 404,717 221,587 90,460
Net realized gain (loss):      
Non-controlled/non-affiliate company investments 3,031 (403) (17)
Net change in unrealized gain (loss):      
Unrealized gain (loss) of investments 13,437 (1,242) (5,634)
Non-controlled/affiliate company investments      
Investment income:      
Interest income 5,501 2,835 1,215
Payment-in-kind interest income 651 57 0
Dividend income 50 0 0
Other income 0 165 0
Total investment income 6,202 3,057 1,215
Net realized gain (loss):      
Non-controlled/non-affiliate company investments (38) 0 0
Net change in unrealized gain (loss):      
Unrealized gain (loss) of investments $ (12,352) $ 2,701 $ 304