v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Investments at fair value: $ 5,674,751 [1],[2],[3] $ 5,518,117 [4],[5],[6]
Cash and cash equivalents 20,791 41,959
Interest and dividend receivable and other assets 119,805 107,905
Deferred financing costs (net of accumulated amortization of $18,351 and $17,601 as of March 31, 2026 and December 31, 2025, respectively) 13,051 13,720
Total assets 5,828,398 5,681,701
LIABILITIES    
Credit Facilities 2,529,576 2,457,594
Accounts payable and other liabilities 47,826 67,799
Interest payable 20,306 30,094
Dividend payable 24,126 23,358
Deferred tax liability, net 112,920 108,963
Total liabilities 2,734,754 2,687,808
Commitments and contingencies (Note K)
NET ASSETS    
Common stock, $0.01 par value per share (150,000,000 shares authorized; 92,454,655 and 89,834,849 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively) 925 898
Additional paid‑in capital 2,607,285 2,457,660
Total undistributed earnings 485,434 535,335
Total net assets 3,093,644 2,993,893
Total liabilities and net assets $ 5,828,398 $ 5,681,701
NET ASSET VALUE PER SHARE (in dollars per share) $ 33.46 $ 33.33
Line of Credit | Revolving Credit Facility    
LIABILITIES    
Credit Facilities $ 386,000 $ 518,000
Unsecured Notes | March 2029 Notes    
LIABILITIES    
Credit Facilities 551,015 347,721
Unsecured Notes | July 2026 Notes    
LIABILITIES    
Credit Facilities 499,846 499,715
Unsecured Notes | June 2027 Notes    
LIABILITIES    
Credit Facilities 399,641 399,569
Unsecured Notes | August 2028 Notes    
LIABILITIES    
Credit Facilities 348,187 347,996
Unsecured Notes | SBIC debentures    
LIABILITIES    
Credit Facilities 344,887 344,593
Control investments    
ASSETS    
Investments at fair value: 2,583,010 [2],[7] 2,569,626 [5],[8]
Affiliate investments    
ASSETS    
Investments at fair value: 1,055,658 [2],[9] 965,179 [5]
Non‑Control/Non‑Affiliate investments    
ASSETS    
Investments at fair value: $ 2,036,083 [2],[10] $ 1,983,312 [5],[11]
[1] All portfolio company headquarters are based in the U.S., unless otherwise noted.
[2] Investment Fair Value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments —Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
[3] All investments are LMM (as defined below) portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of LMM portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for
the Corporate Facility or SPV Facility (each as defined below) or in support of the debentures guaranteed by the SBA (as defined below) and issued by the Funds (as defined below).
[4] All portfolio company headquarters are based in the U.S., unless otherwise noted.
[5] Investment Fair Value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
[6] All investments are LMM portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of LMM portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Corporate Facility or SPV Facility or in support of the debentures guaranteed by the SBA and issued by the Funds.
[7] “Control” investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
[8] “Control” investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
[9] “Affiliate” investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.
[10] “Non-Control/Non-Affiliate” investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.
[11] “Non-Control/Non-Affiliate” investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.