v3.26.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Investment Income    
Payment-in-kind ("PIK") interest income $ 36,176 $ 28,295
Total Investment Income 325,940 182,817
Operating Expenses    
Interest expense 103,825 51,686
Management fees, net [1] 53,913 15,876
Performance based incentive fees (10,685) 9,441
Professional fees 2,741 3,368
Directors' fees 274 259
Other general and administrative 3,286 1,503
Total Operating Expenses 153,354 82,133
Net Investment Income (Loss) Before Taxes 172,586 100,684
Income tax expense (benefit), including excise tax expense (benefit) 1,275 3,352
Net Investment Income (Loss) After Taxes 171,311 97,332
Net change in unrealized gain (loss):    
Net change in unrealized gain (loss) (490,703) (20,742)
Translation of assets and liabilities in foreign currencies and other transactions (3,659) 1,074
Income tax (provision) benefit 79 (795)
Total Net Change in Unrealized Gain (Loss) (494,283) (20,463)
Net realized gain (loss):    
Non-controlled, non-affiliated investments 100,667 1,847
Foreign currency transactions 2,414 (584)
Total Net Realized Gain (Loss) 103,081 1,263
Total Net Realized and Change in Unrealized Gain (Loss) (391,202) (19,200)
Net Increase (Decrease) in Net Assets Resulting from Operations $ (219,891) $ 78,132
Earnings Per Share - Basic (in USD per share) $ (0.47) $ 0.33
Earnings Per Share - Diluted (in USD per share) $ (0.47) $ 0.33
Weighted Average Shares Outstanding - Basic (in shares) 464,266,454 235,351,119
Weighted Average Shares Outstanding - Diluted (in shares) 464,266,454 235,351,119
Non-controlled, non-affiliated investments    
Investment Income    
Interest income $ 268,322 $ 143,358
Payment-in-kind ("PIK") interest income 24,057 15,281
Dividend income 525 0
PIK dividend income 14,344 8,400
Other income 3,176 4,639
Total Investment Income 310,424 171,678
Net change in unrealized gain (loss):    
Net change in unrealized gain (loss) (448,584) (19,985)
Net realized gain (loss):    
Non-controlled, non-affiliated investments 123,823 1,847
Non-controlled, affiliated investments    
Investment Income    
Interest income 1,029 621
Payment-in-kind ("PIK") interest income 778 1,176
Dividend income 9,627 6,153
PIK dividend income 3,367 3,083
Other income 22 51
Total Investment Income 14,823 11,084
Net change in unrealized gain (loss):    
Net change in unrealized gain (loss) (43,775) (759)
Net realized gain (loss):    
Non-controlled, non-affiliated investments (23,156) 0
Controlled, affiliated investments    
Investment Income    
Dividend income 693 55
Other income 0  
Total Investment Income 693 55
Net change in unrealized gain (loss):    
Net change in unrealized gain (loss) 1,656 $ 2
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.