v3.26.1
Consolidated Statements of Assets and Liabilities (Unaudited) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Non-controlled/non-affiliated investments, at fair value $ 6,391,054 $ 4,529,064
Cash and cash equivalents 128,658 [1],[2],[3],[4],[5] 109,302 [6],[7],[8],[9],[10]
Restricted cash 3,160 410
Interest and dividends receivable 28,665 31,819
Principal receivable 20,809 5,503
Unrealized appreciation on forward contracts   9,441
Prepaid expenses and other assets 18,104 124
Total assets 6,590,450 4,685,663
LIABILITIES    
Credit facility 3,251,000 2,232,043
Unsecured Notes 1,499,425 599,141
Loan repurchase obligations   52,043
Deferred financing costs net of accumulated amortization (41,820) (28,269)
Total debt, net of financing costs 3,208,605 2,202,915
Payable for investments purchased 12,627 19,113
Interest payable 34,977 29,984
Income based incentive fee payable 13,369 10,398
Management fees payable 11,777 8,063
Capital gains incentive fee payable 4,386 5,359
Accrued expenses and other liabilities 3,261 2,190
Accrued professional fees 840 1,012
Financing costs payable 771 1,944
Unrealized depreciation on forward contracts 18,860  
Total liabilities 3,312,098 2,283,729
Commitments and contingencies (Note 8)
NET ASSETS    
Paid-in capital in excess of par value of Preferred Stock 0 750
Common stock, par value $0.001 (200,000,000 shares authorized, 138,244,276 and 100,611,506 shares issued and outstanding, respectively) 138 101
Paid-in capital in excess of par value 3,301,386 2,408,415
Distributable earnings (accumulated losses) (23,172) (7,332)
Total net assets $ 3,278,352 $ 2,401,934
Net asset value per common share $ 23.71 $ 23.87
Non-controlled/Non-affiliated Investments    
ASSETS    
Non-controlled/non-affiliated investments, at fair value [11] $ 6,391,054 [1],[2],[3],[5] $ 4,529,064 [6],[7],[8],[10]
Affiliated Entity    
LIABILITIES    
Due to affiliates 2,625 2,751
SPV I Facility    
LIABILITIES    
Credit facility 474,000 503,000
SPV II Facility    
LIABILITIES    
Credit facility 727,000 537,000
Collateralized Loan Obligations    
LIABILITIES    
Credit facility 390,000 390,000
Revolving Credit Facility    
LIABILITIES    
Credit facility $ 160,000 $ 150,000
[1] All debt and equity investments are income producing unless otherwise noted.
[2] All investments are non-controlled/non-affiliated investments as defined by the 1940 Act. The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities. The provisions of the 1940 Act also
classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.
[3] All investments are pledged as collateral under the Company's Credit Facilities (as defined below) (see Note 7. Borrowings). A single investment may be divided into parts that are individually pledged as collateral to our Credit Facilities.
[4] Cost represents amortized cost, inclusive of any capitalized paid-in-kind income ("PIK"), for debt securities, and cost plus capitalized PIK, if any, for preferred stock.
[5] Security may be an obligation of one or more entities affiliated with the named portfolio company.
[6] All debt and equity investments are income producing unless otherwise noted.
[7] All debt investments are pledged as collateral under the Company's credit facilities. As defined below (see Note 7. Borrowings), credit facilities, a single investment may be divided into parts that are individually pledged as collateral to our credit facilities.
[8] All investments are non-controlled/non-affiliated investments as defined by the 1940 Act. The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities. The provisions of the 1940 Act also classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.
[9] Cost represents amortized cost, inclusive of any capitalized paid-in-kind income ("PIK"), for debt securities, and cost plus capitalized PIK, if any, for preferred stock.
[10] Security may be an obligation of one or more entities affiliated with the named portfolio company.
[11] Non-controlled/non-affiliated investments at amortized cost $6,389,065 and $4,534,957 as of December 31, 2025 and December 31, 2024, respectively.
(2)
Preferred Stock par value for December 31, 2024 is zero due to rounding.