v3.25.2
Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Investment Income        
Payment-in-kind interest income     $ 43,270 $ 49,064
Payment-in-kind dividend income     33,016 18,803
Total Investment Income $ 319,467 $ 174,170 502,284 346,431
Expenses        
Interest expense 87,327 48,451 139,013 97,706
Management fees, net [1] 32,540 13,956 48,416 27,947
Incentive fees 28,052 3,993 37,493 14,090
Professional fees 2,841 1,768 6,209 3,316
Listing advisory fees (net of Adviser reimbursement) 4,821 0 4,821 0
Directors' fees 314 258 573 516
Other general and administrative 3,055 1,496 4,558 2,686
Total Expenses 158,950 69,922 241,083 146,261
Net Investment Income (Loss) Before Taxes 160,517 104,248 261,201 200,170
Income tax expense (benefit), including excise tax expense (benefit) 146 2,453 3,498 5,737
Net Investment Income (Loss) After Taxes 160,371 101,795 257,703 194,433
Net Change in Unrealized Gain (Loss)        
Net change in unrealized gain (loss)     32,466 (71,012)
Translation of assets and liabilities in foreign currencies and other transactions 24,894 469 25,968 (129)
Income tax (provision) benefit (48) 0 (843) 0
Total Net Change in Unrealized Gain (Loss) 78,054 (93,102) 57,591 (71,141)
Net Realized Gain (Loss):        
Non-controlled, non-affiliated investments     (10,259) (22,472)
Foreign currency transactions (24,832) (903) (25,416) (1,831)
Total Net Realized Gain (Loss) (36,938) (578) (35,675) (24,303)
Total Net Realized and Change in Unrealized Gain (Loss) 41,116 (93,680) 21,916 (95,444)
Net Increase (Decrease) in Net Assets Resulting from Operations $ 201,487 $ 8,115 $ 279,619 $ 98,989
Earnings (Loss) Per Share - Basic (in USD per share) $ 0.43 $ 0.04    
Earnings (Loss) Per Share - Diluted (in USD per share) $ 0.43 $ 0.04    
Weighted Average Shares Outstanding - Basic (in shares) 465,124,070 209,079,502 350,872,326 208,572,273
Weighted Average Shares Outstanding - Diluted (in shares) 465,124,070 209,079,502 350,872,326 208,572,273
Non-controlled, non-affiliated investments        
Investment Income        
Interest income $ 264,998 $ 128,685 $ 408,356 $ 260,237
Payment-in-kind interest income 22,648 31,146 37,929 59,069
Dividend income 539 522 539 1,028
Payment-in-kind dividend income 15,455 7,017 23,855 13,558
Other income 4,105 2,056 8,744 4,150
Total Investment Income 307,745 169,426 479,423 338,042
Net Change in Unrealized Gain (Loss)        
Net change in unrealized gain (loss) 19,330 (89,991) (655) (65,080)
Net Realized Gain (Loss):        
Non-controlled, non-affiliated investments (12,106) 325 (10,259) (22,472)
Non-controlled, affiliated investments        
Investment Income        
Interest income 1,612 0 2,233 0
Payment-in-kind interest income 955 0 2,131 0
Dividend income 5,866 1,894 12,019 2,689
Payment-in-kind dividend income 3,119 2,847 6,202 5,694
Other income 32 3 83 6
Total Investment Income 11,584 4,744 22,668 8,389
Net Change in Unrealized Gain (Loss)        
Net change in unrealized gain (loss) 19,194 (10,061) 18,435 (7,958)
Net Realized Gain (Loss):        
Non-controlled, non-affiliated investments     0  
Controlled, affiliated investments        
Investment Income        
Dividend income 138 0 193 0
Other income     0  
Total Investment Income 138 0 193 0
Net Change in Unrealized Gain (Loss)        
Net change in unrealized gain (loss) $ 14,684 $ 6,481 14,686 $ 2,026
Net Realized Gain (Loss):        
Non-controlled, non-affiliated investments     $ 0  
[1] Refer to Note 3 “Agreements and Related Party Transactions” for additional details on management fee waiver.