Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2025		Dec. 31, 2024
Assets:
Total investments at fair value	$ 3,430,001		$ 3,094,065
Cash (restricted cash of $4,422 and $7,932 as of March 31, 2025 and December 31, 2024, respectively)	189,421		108,470
Foreign currencies (cost of $24,144 and $23,188 as of March 31, 2025 and December 31, 2024, respectively)	23,955		22,596
Interest and fees receivable	49,640		49,593
Prepaid expenses and other assets	2,544		321
Derivative assets	2,298		41,184
Deferred financing fees	8,617		9,179
Receivable from unsettled transactions	1,815		3,016
Total assets	3,708,291		3,328,424
Liabilities:
Accounts payable and accrued liabilities	5,449		6,244
Share repurchases payable	12,793		5,847
Interest payable	15,202		14,916
Administrative fees payable	353		541
Base management fees payable	5,723		5,243
Incentive management fees payable	3,801		3,563
Derivative liabilities	9,749		12,875
Payable from unsettled transactions	95,528		2,580
Borrowings under credit facilities	671,534		594,357
Debt securitization (net of deferred financing fees)	406,104		406,020
Notes payable (net of deferred financing fees)	303,596		299,602
Total liabilities	1,529,832		1,351,788
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (499,950,000 shares authorized, 104,987,948 and 95,007,965 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively)	105		95
Additional paid-in capital	2,160,942		1,953,628
Total distributable earnings	17,412		22,913
Total net assets	2,178,459		1,976,636
Total liabilities and net assets	$ 3,708,291		$ 3,328,424
Net asset value per share (in dollars per share)	$ 20.75		$ 20.80
Short-term investments
Assets:
Total investments at fair value	$ 10,200		$ 10,200
Non-Control / Non-Affiliate investments
Assets:
Total investments at fair value	3,123,231		2,802,456
Affiliate investments
Assets:
Total investments at fair value	270,674	[1]	273,758	[2]
Control investments
Assets:
Total investments at fair value	$ 25,896	[3]	$ 7,651	[4]

[1] As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company’s voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled “Affiliate Investments” for the three months ended March 31, 2025 were as follows: December 31, 2024
ValueGross Additions
(a)Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)March 31, 2025
ValueAmount of Interest or Dividends Credited to Income(c)Portfolio CompanyType of Investment Coastal Marina Holdings, LLC (d) Subordinated Term Loan (8.0% Cash) $7,885 $12 $— $— $3 $7,900 $176  Subordinated Term Loan (8.0% Cash) 3,635 5 — — 2 3,642 80  LLC Units (1,759,051 units) 8,426 — — — 1,566 9,992 — 19,946 17 — — 1,571 21,534 256 CPCF BPCC LLC 9.1% Member Interest 8,889 — (6,312)— (182)2,395 236 8,889 — (6,312)— (182)2,395 236  Eclipse Business Capital, LLC (d) Revolver (SOFR + 6.5%, 10.9% Cash) 7,123 1,223 (385)— (4)7,957 203  Second Lien Senior Secured Term Loan (7.5% Cash) 3,209 1 — — (1)3,209 62  LLC units (63,139,338 units) 96,603 16 — — (16)96,603 2,815 106,935 1,240 (385)— (21)107,769 3,080  Rocade Holdings LLC (d) Preferred LP Units (108,000 units) (SOFR + 6.0% PIK, 10.4% PIK) 124,083 3,160 — — (19)127,224 3,160  Common LP Units (30.8 units) 315 — — — 320 635 — 124,398 3,160 — — 301 127,859 3,160 Thompson Rivers LLC 6.3% Member Interest 2,860 — (380)— 9 2,489 — 2,860 — (380)— 9 2,489 — Waccamaw River LLC 20% Member Interest 10,730 — (1,749)— (353)8,628 302 10,730 — (1,749)— (353)8,628 302 Total Affiliate Investments$273,758 $4,417 $(8,826)$— $1,325 $270,674 $7,034  (a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable. (b)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital. (c)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category. (d) The fair value of the investment was determined using significant unobservable inputs.

[2] As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company’s voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled “Affiliate Investments” for the year ended December 31, 2024 were as follows: December 31, 2023
ValueGross Additions
(a)Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)December 31, 2024
ValueAmount of Interest or Dividends Credited to Income(c)Portfolio CompanyType of Investment Coastal Marina Holdings, LLC (d) Subordinated Term Loan (8.0% Cash) $7,824 $48 $— $— $13 $7,885 $714  Subordinated Term Loan (8.0% Cash) 3,434 201 — — — 3,635 356  LLC Units (1,759,051 units) 6,080 2,776 — — (430)8,426 — 17,338 3,025 — — (417)19,946 1,070 CPCF BPCC LLC 9.1% Member Interest 7,763 1,519 (212)— (181)8,889 1,236 7,763 1,519 (212)— (181)8,889 1,236  Eclipse Business Capital, LLC (d) Revolver (SOFR + 7.25%, 11.9% Cash) 3,915 19,522 (16,300)— (14)7,123 465  Second Lien Senior Secured Term Loan (7.5% Cash) 3,209 4 — — (4)3,209 341  LLC units (63,139,338 units) 102,917 47 — — (6,361)96,603 10,513 110,041 19,573 (16,300)— (6,379)106,935 11,319  Rocade Holdings LLC (d) Preferred LP Units (108,000 units) (SOFR + 6.0% PIK, 10.3% PIK) 114,113 13,289 (3,337)— 18 124,083 13,289  Common LP Units (30.8 units) 1,092 — — — (777)315 — 115,205 13,289 (3,337)— (759)124,398 13,289 Thompson Rivers LLC 6.3% Member Interest 5,304 — (2,378)— (66)2,860 — 5,304 — (2,378)— (66)2,860 — Waccamaw River LLC 20% Member Interest 15,470 — (2,087)— (2,653)10,730 3,534 15,470 — (2,087)— (2,653)10,730 3,534 Total Affiliate Investments$271,121 $37,406 $(24,314)$— $(10,455)$273,758 $30,448  (a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable. (b)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital. (c)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category. (d) The fair value of the investment was determined using significant unobservable inputs.

[3] As defined in in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management of policies of such portfolio company (including through a management agreement). Transactions as of and during the three months ended March 31, 2025 in which the portfolio company is deemed to be a “Control Investment” of the Company were as follows: December 31, 2024
ValueGross Additions
(a)Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)March 31, 2025
ValueAmount of Interest or Dividends Credited to Income(c)Portfolio CompanyType of Investment Skyvault Holdings LLC (d) First Lien Senior Secured Term Loan (12.0% PIK) $5,738 $13,684 $— $— $— $19,422 $231  LLC Units (6,474,123 units) 1,913 4,575 — — (14)6,474 — Total Control Investments$7,651 $18,259 $— $— $(14)$25,896 $231  (a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable. (b)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital. (c)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category. (d) The fair value of the investment was determined using significant unobservable inputs.

[4] As defined in in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management of policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2024 in which the portfolio company is deemed to be a “Control Investment” of the Company were as follows: December 31, 2023
ValueGross Additions
(a)Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)December 31, 2024
ValueAmount of Interest or Dividends Credited to Income(c)Portfolio CompanyType of Investment Skyvault Holdings LLC (d) First Lien Senior Secured Term Loan (12.0% PIK) $— $5,738 $— $— $— $5,738 $57  LLC Units (1,912,719.3 units) — 1,913 — — — 1,913 — Total Control Investments$— $7,651 $— $— $— $7,651 $57  (a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable. (b)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital. (c)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category. (d) The fair value of the investment was determined using significant unobservable inputs.