Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2025		Dec. 31, 2024
Assets:
Total investments at fair value		$ 4,479,835		$ 3,094,065
Cash (restricted cash of $10,910 and $7,932 as of September 30, 2025 and December 31, 2024, respectively)		139,822		108,470
Foreign currencies (cost of $26,055 and $23,188 as of September 30, 2025 and December 31, 2024, respectively)		26,452		22,596
Interest and fees receivable		62,233		49,593
Prepaid expenses and other assets		2,334		321
Derivative assets		6,217		41,184
Deferred financing fees		8,501		9,179
Receivable from unsettled transactions		211,973		3,016
Total assets		4,937,367		3,328,424
Liabilities:
Accounts payable and accrued liabilities		5,747		6,244
Share repurchases payable		46,178		5,847
Interest payable		24,723		14,916
Administrative fees payable		417		541
Base management fees payable		6,927		5,243
Incentive management fees payable		4,642		3,563
Derivative liabilities		15		12,875
Payable from unsettled transactions		271,522		2,580
Borrowings under credit facilities		826,604		594,357
Debt securitization (net of deferred financing fees)		406,272		406,020
Notes payable (net of deferred financing fees)		698,498		299,602
Total liabilities		2,291,545		1,351,788
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (499,950,000 shares authorized, 128,852,866 and 95,007,965 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively)		129		95
Additional paid-in capital		2,654,974		1,953,628
Total distributable earnings		(9,281)		22,913
Total net assets		2,645,822		1,976,636
Total liabilities and net assets		$ 4,937,367		$ 3,328,424
Net asset value per share (in dollars per share)		$ 20.53		$ 20.80
Short-term investments
Assets:
Total investments at fair value		$ 10,702		$ 10,200
Non-Control / Non-Affiliate investments
Assets:
Total investments at fair value		4,153,071		2,802,456
Affiliate investments
Assets:
Total investments at fair value		282,692	[1]	273,758	[2]
Control investments
Assets:
Total investments at fair value	[4]	$ 33,370	[3]	$ 7,651	[5]

[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 nine months ended September 30, 2025 were as follows: December 31, 2024
ValueGross Additions
(a)Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)September 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%, 12.5% PIK)(e) $— $3,355 $(55)$3 $1,274 $4,577 $(14) 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) — — — — — — — — 3,355 (55)3 1,274 4,577 (14) Coastal Marina Holdings, LLC (d) Subordinated Term Loan (8.0% Cash) 7,885 38 — — 8 7,931 535  Subordinated Term Loan (8.0% Cash) 3,635 14 — — 7 3,656 243  LLC Units (1,759,051 units) 8,426 — — — 1,566 9,992 — 19,946 52 — — 1,581 21,579 778 CPCF BPCC LLC 9.1% Member Interest 8,889 — (8,706)— (175)8 236 8,889 — (8,706)— (175)8 236  Eclipse Business Capital, LLC (d) Revolver (SOFR + 6.50%, 10.8% Cash) 7,123 2,128 (4,300)— (10)4,941 588  Second Lien Senior Secured Term Loan (7.5% Cash) 3,209 3 — — (3)3,209 187  LLC units (63,139,338 units) 96,603 16 — — 1,878 98,497 8,748 106,935 2,147 (4,300)— 1,865 106,647 9,523  December 31, 2024
ValueGross Additions
(a)Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)September 30,
2025
ValueAmount of Interest or Dividends Credited to Income(c)Portfolio CompanyType of Investment Rocade Holdings LLC (d) Preferred LP Units (115,000 units) (SOFR + 6.00%, 10.3% PIK) $124,083 $16,985 $— $— $(26)$141,042 $9,985  Common LP Units (30.8 units) 315 — — — 1,236 1,551 399 124,398 16,985 — — 1,210 142,593 10,384 Thompson Rivers LLC 6.3% Member Interest 2,860 — (951)— (54)1,855 — 2,860 — (951)— (54)1,855 — Waccamaw River LLC 20% Member Interest 10,730 — (4,925)— (372)5,433 745 10,730 — (4,925)— (372)5,433 745 Total Affiliate Investments$273,758 $22,539 $(18,937)$3 $5,329 $282,692 $21,652  (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 nine months ended September 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)September 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 $19,579 $(289)$— $— $25,028 $1,483  LLC Units (8,342,544 units) 1,913 6,443 — — (14)8,342 — Total Control Investments$7,651 $26,022 $(289)$— $(14)$33,370 $1,483  (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] The fair value of the investment was determined using significant unobservable inputs.

[5] 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.