v3.25.4
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Investments, at fair value: $ 5,819,755 [1],[2] $ 4,008,973 [3],[4]
Cash and cash equivalents 69,216 129,634
Restricted cash and cash equivalents 147,031 124,390
Net unrealized gain on foreign currency forward contracts 0 1,501
Interest and dividend receivable 65,242 39,387
Receivable for unsettled trades 27,213 0
Other assets 1,831 1,265
Total assets 6,130,288 4,305,150
Liabilities    
Debt 3,224,163 2,151,713
Less: Unamortized debt issuance costs (30,656) (23,351)
Total debt, less unamortized debt issuance costs 3,193,507 2,128,362
Interest payable 35,001 21,325
Net unrealized loss on foreign currency forward contracts 3,172 0
Payable for unsettled trades 12,492 53,458
Base management fees payable 18,480 12,761
Incentive fees payable 9,187 9,540
Accounts payable and accrued expenses 27,870 19,977
Total liabilities 3,299,709 2,245,423
Commitments and contingencies (See Note 12)
Net Assets    
Common stock, $0.001 par value, 600,000 and 300,000 shares authorized, 286,677 and 198,704 shares issued and outstanding, respectively 287 199
Capital in excess of par value 2,920,900 2,018,583
Accumulated undistributed (overdistributed) earnings (90,608) 40,945
Total net assets 2,830,579 2,059,727
Total liabilities and total net assets $ 6,130,288 $ 4,305,150
Net asset value per share (in dollars per share) $ 9.87 $ 10.37
Non-controlled/non-affiliate company investments    
Assets    
Investments, at fair value: $ 5,511,585 [1],[2],[5],[6],[7] $ 3,863,218 [3],[4]
Non-controlled affiliate company investments    
Assets    
Investments, at fair value: $ 308,170 [1],[2],[8] $ 145,755 [3],[4],[9]
[1] All of the Company’s investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940, as amended, (the “1940 Act”), unless otherwise noted. All of the Company’s investments are issued by U.S. portfolio companies unless otherwise noted.
[2] Except as otherwise noted, because there is no readily available market value for these investments, the fair value of each of these investments is determined in good faith using significant unobservable inputs by the Valuation Designee. (See Note 4 in the accompanying notes to the consolidated financial statements).
[3] All of the Company’s investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940, as amended, (the “1940 Act”), unless otherwise noted. All of the Company’s investments are issued by U.S. portfolio companies unless otherwise noted.
[4] Except as otherwise noted, because there is no readily available market value for these investments, the fair value of each of these investments is determined in good faith using significant unobservable inputs by the Valuation Designee. (See Note 4 in the accompanying notes to the consolidated financial statements).
[5] Investments without an interest rate are non-income producing.
[6] Ownership of certain equity investments may occur through a holding company or partnership.
[7] Represents less than 5% ownership of the portfolio company’s voting securities.
[8] As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of the portfolio company as it owns 5% or more of the portfolio company’s voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was an Affiliated Person (but not a portfolio company that the Company is deemed to control).
[9] As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of the portfolio company as it owns 5% or more of the portfolio company’s voting securities. See Note 5 in the accompanying notes to the consolidated financial statements for additional information on transactions in which the issuer was an Affiliated Person (but not a portfolio company that the Company is deemed to control).