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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Investment income:        
Payment-in-kind interest income $ 6,234 $ 4,001 $ 15,055 $ 10,003
Dividend income 2,200 498 4,090 1,061
Other income 518 3,405 1,348 6,065
Total investment income 138,698 113,319 385,415 295,115
Operating expenses:        
Interest and other debt financing expenses 48,734 37,754 132,599 95,346
Base management fees 17,264 11,542 47,208 30,169
Incentive fees 8,596 8,312 23,175 21,843
Professional fees 1,243 749 2,666 1,803
Administrative service fees 1,189 790 3,247 2,039
General and administrative expenses 1,400 1,337 3,443 3,330
Directors’ fees 37 38 112 113
Total operating expenses 78,463 60,522 212,450 154,643
Net investment income before income taxes 60,235 52,797 172,965 140,472
Income taxes, including excise taxes 63 199 474 673
Net investment income 60,172 52,598 172,491 139,799
Net realized gain (loss):        
Non-controlled/non-affiliate company investments     (4,246) 719
Foreign currency forward contracts (71) (25) (1,201) (23)
Foreign currency and other transactions 7 (220) 1,236 (126)
Net realized gain (loss) (2,670) 250 (4,211) 570
Net change in unrealized gain (loss):        
Unrealized gain (loss) of investments     (61,252) 15,224
Foreign currency forward contracts 138 (1,786) (2,695) (105)
Foreign currency and other transactions 1,131 (2,881) (8,895) (2,588)
Net change in unrealized gain (loss) (49,423) 5,335 (72,842) 12,531
Net gain (loss) (52,093) 5,585 (77,053) 13,101
Net increase (decrease) in net assets resulting from operations $ 8,079 $ 58,183 $ 95,438 $ 152,900
Per common share data:        
Net investment income per share - basic (in dollars per share) $ 0.24 $ 0.30 $ 0.74 $ 0.91
Net investment income per share - diluted (in dollars per share) 0.24 0.30 0.74 0.91
Net increase (decrease) in net assets resulting from operations per share - basic (in dollars per share) 0.03 0.34 0.41 0.99
Net increase (decrease) in net assets resulting from operations per share - diluted (in dollars per share) $ 0.03 $ 0.34 $ 0.41 $ 0.99
Weighted average common shares outstanding - basic (in shares) 254,865 172,614 233,574 154,300
Weighted average common shares outstanding - diluted (in shares) 254,865 172,614 233,574 154,300
Non-controlled/non-affiliate company investments        
Investment income:        
Interest income $ 128,087 $ 104,063 $ 359,646 $ 274,335
Payment-in-kind interest income 5,210 3,921 12,952 9,777
Dividend income 508 498 1,617 1,061
Other income 497 3,405 1,285 6,065
Total investment income 134,302 111,887 375,500 291,238
Net realized gain (loss):        
Non-controlled/non-affiliate company investments (2,606) 495 (4,246) 719
Net change in unrealized gain (loss):        
Unrealized gain (loss) of investments (50,688) 7,619 (56,982) 22,896
Non-controlled/affiliate company investments        
Investment income:        
Interest income 1,659 1,352 5,276 3,651
Payment-in-kind interest income 1,024 80 2,103 226
Dividend income 1,692 0 2,473 0
Other income 21 0 63 0
Total investment income 4,396 1,432 9,915 3,877
Net realized gain (loss):        
Non-controlled/non-affiliate company investments     0 0
Net change in unrealized gain (loss):        
Unrealized gain (loss) of investments $ (4) $ 2,383 $ (4,270) $ (7,672)