Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025		Dec. 31, 2024
Assets:
Total investments at fair value	$ 4,033,847		$ 3,094,065
Cash (restricted cash of $14,355 and $7,932 as of June 30, 2025 and December 31, 2024, respectively)	75,014		108,470
Foreign currencies (cost of $27,602 and $23,188 as of June 30, 2025 and December 31, 2024, respectively)	28,223		22,596
Interest and fees receivable	52,987		49,593
Prepaid expenses and other assets	116		321
Derivative assets	2,848		41,184
Deferred financing fees	8,066		9,179
Receivable from unsettled transactions	58,199		3,016
Total assets	4,259,300		3,328,424
Liabilities:
Accounts payable and accrued liabilities	5,643		6,244
Share repurchases payable	58,588		5,847
Interest payable	17,100		14,916
Administrative fees payable	462		541
Base management fees payable	6,164		5,243
Incentive management fees payable	4,215		3,563
Derivative liabilities	13,563		12,875
Payable from unsettled transactions	88,351		2,580
Borrowings under credit facilities	579,739		594,357
Debt securitization (net of deferred financing fees)	406,187		406,020
Notes payable (net of deferred financing fees)	695,418		299,602
Total liabilities	1,875,430		1,351,788
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (499,950,000 shares authorized, 115,580,795 and 95,007,965 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively)	116		95
Additional paid-in capital	2,380,607		1,953,628
Total distributable earnings	3,147		22,913
Total net assets	2,383,870		1,976,636
Total liabilities and net assets	$ 4,259,300		$ 3,328,424
Net asset value per share (in dollars per share)	$ 20.63		$ 20.80
Short-term investments
Assets:
Total investments at fair value	$ 10,588		$ 10,200
Non-Control / Non-Affiliate investments
Assets:
Total investments at fair value	3,721,595		2,802,456
Affiliate investments
Assets:
Total investments at fair value	275,479	[1]	273,758	[2]
Control investments
Assets:
Total investments at fair value	$ 26,185	[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 six months ended June 30, 2025 were as follows: December 31, 2024
ValueGross Additions
(a)Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)June 30,
2025
ValueAmount of Interest or Dividends Credited to Income(c)Portfolio CompanyType of Investment Biolam Group (d) First Lien Senior Secured Term Loan (EURIBOR + 4.50%, 8.7% PIK) (e) $— $3,200 $— $— $825 $4,025 $25  Common Stock (1,703,014 shares) — — — — — — —  Convertible Bonds (3,173,310 shares) — — — — — — —  Ordinary Shares (30,382,002 shares) — — — — — — —  Preferred Stock A (83,384 shares) — — — — — — —  Preferred Stock A2 (27,077 shares) — — — — — — —  Preferred Stock B (3,058,432 shares) — — — — — — —  Preferred Stock C (22,307 shares) — — — — — — —  Preferred Stock O1 (2,673,324 shares) — — — — — — —  Preferred Stock O2 (269,231 shares) — — — — — — —  Warrants (5,200,000 units) — — — — — — — — 3,200 — — 825 4,025 25  Coastal Marina Holdings, LLC (d) Subordinated Term Loan (8.0% Cash) 7,885 25 — — 6 7,916 355  Subordinated Term Loan (8.0% Cash) 3,635 9 — — 5 3,649 161  LLC Units (1,759,051 units) 8,426 — — — 1,478 9,904 — 19,946 34 — — 1,489 21,469 516 CPCF BPCC LLC 9.1% Member Interest 8,889 — (8,494)— (173)222 236 8,889 — (8,494)— (173)222 236  Eclipse Business Capital, LLC (d) Revolver (SOFR + 6.50%, 10.9% Cash) 7,123 1,547 (1,732)— (7)6,931 417  Second Lien Senior Secured Term Loan (7.5% Cash) 3,209 2 — — (2)3,209 124  LLC units (63,139,338 units) 96,603 16 — — 1,878 98,497 5,841 106,935 1,565 (1,732)— 1,869 108,637 6,382  Rocade Holdings LLC (d) Preferred LP Units (108,000 units) (SOFR + 6.00%, 10.3% PIK) 124,083 6,434 — — (19)130,498 6,434  Common LP Units (30.8 units) 315 — — — 1,004 1,319 399 124,398 6,434 — — 985 131,817 6,833  December 31, 2024
ValueGross Additions
(a)Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)June 30,
2025
ValueAmount of Interest or Dividends Credited to Income(c)Portfolio CompanyType of InvestmentThompson Rivers LLC 6.3% Member Interest $2,860 $— $(634)$— $(28)$2,198 $— 2,860 — (634)— (28)2,198 — Waccamaw River LLC 20% Member Interest 10,730 — (3,329)— (290)7,111 541 10,730 — (3,329)— (290)7,111 541 Total Affiliate Investments$273,758 $11,233 $(14,189)$— $4,677 $275,479 $14,533  (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. (e) Non-accrual investment.

[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 six months ended June 30, 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)June 30,
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% Cash) $5,738 $13,973 $— $— $— $19,711 $829  LLC Units (6,474,123 units) 1,913 4,575 — — (14)6,474 — Total Control Investments$7,651 $18,548 $— $— $(14)$26,185 $829  (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.