v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Investment income:      
Payment-in-kind interest income $ 21,033 $ 15,868 $ 7,694
Dividend income 6,946 1,599 569
Other income 2,506 10,887 2,184
Total investment income 533,924 410,919 224,644
Operating expenses:      
Interest and other debt financing expenses 184,241 132,244 61,928
Base management fees 65,688 42,930 23,875
Incentive fees 32,362 29,497 16,365
Professional fees 4,375 2,562 1,790
Administrative service fees 4,591 2,961 1,731
General and administrative expenses 5,090 3,519 2,364
Directors’ fees 150 150 91
Total operating expenses 296,497 213,863 108,144
Net investment income before income taxes 237,427 197,056 116,500
Income taxes, including excise taxes 624 1,206 614
Net investment income 236,803 195,850 115,886
Net realized gain (loss):      
Non-controlled affiliate/non-affiliate company investments (5,329) 2,993 (403)
Foreign currency forward contracts (1,271) (308) 1,755
Foreign currency and other transactions 1,293 (467) 272
Net realized gain (loss) (5,307) 2,218 1,624
Net change in unrealized gain (loss):      
Unrealized gain (loss) of investments (99,796) 1,085 1,459
Foreign currency forward contracts (4,673) 4,588 (4,383)
Foreign currency and other transactions (9,290) 2,732 (28)
Net change in unrealized gain (loss) (113,759) 8,405 (2,952)
Net gain (loss) (119,066) 10,623 (1,328)
Net increase (decrease) in net assets resulting from operations $ 117,737 $ 206,473 $ 114,558
Per common share data:      
Net investment income per share - basic (in dollars per share) $ 0.96 $ 1.20 $ 1.21
Net investment income per share - diluted (in dollars per share) 0.96 1.20 1.21
Net increase (decrease) in net assets resulting from operations per share - basic (in dollars per share) 0.48 1.27 1.19
Net increase (decrease) in net assets resulting from operations per share - diluted (in dollars per share) $ 0.48 $ 1.27 $ 1.19
Weighted average common shares outstanding - basic (in shares) 245,976 163,042 96,102
Weighted average common shares outstanding - diluted (in shares) 245,976 163,042 96,102
Non-controlled/non-affiliate company investments      
Investment income:      
Interest income $ 496,500 $ 377,064 $ 211,362
Payment-in-kind interest income 17,739 15,217 7,637
Dividend income 2,191 1,549 569
Other income 2,443 10,887 2,019
Total investment income 518,873 404,717 221,587
Net realized gain (loss):      
Non-controlled affiliate/non-affiliate company investments (5,329) 3,031 (403)
Net change in unrealized gain (loss):      
Unrealized gain (loss) of investments (75,240) 13,437 (1,242)
Non-controlled/affiliate company investments      
Investment income:      
Interest income 6,939 5,501 2,835
Payment-in-kind interest income 3,294 651 57
Dividend income 4,755 50 0
Other income 63 0 165
Total investment income 15,051 6,202 3,057
Net realized gain (loss):      
Non-controlled affiliate/non-affiliate company investments 0 (38) 0
Net change in unrealized gain (loss):      
Unrealized gain (loss) of investments $ (24,556) $ (12,352) $ 2,701