v3.25.4
Consolidated Statements of Assets and Liabilities - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Investments, at fair value    
Investment Owned, Fair Value $ 15,674,510 [1] $ 7,273,815
Total investments, at fair value (cost of $15,704,123 and $7,285,922) 15,674,510 7,273,815
Cash 197,449 120,377
Interest and dividends receivable 86,798 40,396
Deferred financing costs 36,924 29,448
Receivable for investments sold 37,844 40,859
Receivable from investment adviser 4,459 3,074
Deferred offering costs 715 965
Unrealized appreciation on derivatives 343 0
Other assets 2,072 599
Total assets 16,314,857 7,954,251
Liabilities    
Debt (net of debt issuance costs of $34,274 and $-) 7,061,721 [2] 2,576,893
Payable for investments purchased 135,487 349,328
Distribution payable 108,900 64,446
Payable for share repurchases 281,339 25,582
Interest and other debt expenses payable 51,453 15,335
Management fees payable 10,416 5,067
Incentive fees based on income payable 15,794 7,039
Accrued expenses and other liabilities 9,241 4,857
Total liabilities 7,674,351 3,048,547
Commitments and contingencies (Note 8)
Net assets    
Preferred stock, par value $0.001 per share (1,000,000 shares authorized, no shares issued and outstanding) 0 0
Common stock, par value $0.001 per share (1,000,000,000 shares authorized, 345,702,942 and 194,480,997 common shares issued and outstanding as of December 31, 2025 and December 31, 2024) 346 194
Paid-in capital in excess of par 8,705,055 4,907,427
Distributable earnings (loss) (64,895) (1,917)
Total net assets 8,640,506 4,905,704
Total liabilities and net assets $ 16,314,857 $ 7,954,251
Net asset value per common share $ 24.99 $ 25.22
Non-Controlled/Non-Affiliated Investments    
Investments, at fair value    
Investment Owned, Fair Value $ 15,607,836 $ 7,226,585
Non-controlled Affiliated Investments    
Investments, at fair value    
Investment Owned, Fair Value 66,674 47,230
Controlled Affiliated Investments    
Investments, at fair value    
Investments in affiliated money market fund (cost of $273,743 and $444,718) $ 273,743 $ 444,718
[1] For Industry subtotal and percentage, see Note 4 “Investments.”
[2] The carrying value is presented net of the unamortized debt issuance costs and includes the cumulative hedging adjustments for those borrowings that are designated in a fair value hedging relationship, as applicable.