v3.26.1
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Investments, at fair value $ 2,277,105 [1] $ 2,463,922 [2]
Cash, cash equivalents and restricted cash 97,241 76,493
Receivable for investments sold 152,912 214,757
Interest and dividend receivable 20,780 24,678
Derivative assets, at fair value (Note 8) 0 298
Prepaid expenses and other assets 9,575 10,019
Total assets 2,557,613 2,790,167
LIABILITIES    
Debt and secured borrowings (Note 9) 1,379,555 1,531,210
Payable for investments purchased 0 21,547
Interest and credit facility fees payable (Note 9) 9,985 19,092
Dividend payable (Note 11) 28,108 28,723
Base management and incentive fees payable (Note 4) 14,124 14,360
Administrative service fees payable (Note 4) 1,738 1,261
Derivative liabilities, at fair value (Note 8) 5,033 1,436
Other accrued expenses and liabilities 2,509 5,150
Total liabilities 1,441,052 1,622,779
Commitments and contingencies (Notes 10 and 14)
NET ASSETS    
Common stock, $0.01 par value; 198,000,000 shares authorized; 70,270,936 and 71,807,190 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 703 718
Paid-in capital in excess of par value 1,345,512 1,363,998
Offering costs (1,633) (1,633)
Total distributable earnings (loss) (228,021) (195,695)
Total net assets $ 1,116,561 $ 1,167,388
NET ASSETS PER COMMON SHARE (in dollars per share) $ 15.89 $ 16.26
Non-controlled/non-affiliated    
ASSETS    
Investments, at fair value $ 2,029,229 [1],[3] $ 2,197,244 [2],[4]
Non-controlled/affiliated    
ASSETS    
Investments, at fair value 124,893 [1] 103,064 [2]
Controlled/affiliated    
ASSETS    
Investments, at fair value $ 122,983 [1] $ 163,614 [2]
[1] Fair value is determined in good faith by or under the direction of the Investment Adviser, as the valuation designee pursuant to Rule 2a-5 under the Investment Company Act (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements, to these unaudited consolidated financial statements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments, equity investments and the investment funds was determined using significant unobservable inputs.
[2] Fair value is determined in good faith by or under the direction of the Investment Adviser, as the valuation designee pursuant to Rule 2a-5 under the Investment Company Act (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements, to these unaudited consolidated financial statements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments, equity investments and the investment funds was determined using significant unobservable inputs.
[3] Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of March 31, 2026, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of March 31, 2026, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales.
[4] Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2025, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2025, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales.