v3.26.1
NET ASSETS
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
NET ASSETS
11. NET ASSETS
The Company has the authority to issue 198,000,000 shares of common stock, par value $0.01 per share, of which 70,270,936 and 71,807,190 shares were issued and outstanding as of March 31, 2026 and December 31, 2025, respectively.
Cumulative Convertible Preferred Stock
On May 5, 2020, the Company issued and sold 2,000,000 shares of Preferred Stock to an affiliate of Carlyle in a private placement at a price of $25 per share. The Preferred Stock had a liquidation preference equal to $25 per share (the “Liquidation Preference”) plus any accumulated but unpaid dividends up to but excluding the date of distribution. Dividends were payable on a quarterly basis in an initial amount equal to 7.00% per annum of the Liquidation Preference per share, payable in cash, or at the Company’s option, 9.00% per annum of the Liquidation Preference payable in additional shares of Preferred Stock.
In connection with the completion of the CSL III Merger on March 27, 2025, and in a transaction exempt from registration under the Securities Act, CIM exchanged all 2,000,000 shares of the Company’s Preferred Stock for 3,004,808 shares of the Company’s common stock based on the aggregate $50,000 Liquidation Preference of the Preferred Stock and the Company’s net asset value per share as of March 25, 2025, equal to $16.64. Following the completion of the Preferred Stock Exchange and the issuance of the related common shares, the Preferred Stock was cancelled, ceased to be outstanding, and no longer exists. Thereafter, CIM, the former holder of Preferred Stock, holds only the Company’s common stock.
In connection with the completion of the CSL III Merger on March 27, 2025, CIM, as the holder of record of the Preferred Stock, entered into a Lock-Up Agreement with the Company (the “Lock-Up Agreement”) and an amended and restated registration rights agreement (the “Registration Rights Agreement”). The Lock-Up Agreement restricts CIM from transferring, assigning, pledging, or otherwise disposing of or encumbering any of the Company’s common stock received in the Preferred Stock Exchange during the applicable lock-up periods, unless such transfer is approved by the Company’s Board of Directors and is in compliance with applicable securities and other laws.
Under the terms of the Lock-Up Agreement, the restricted period commenced on March 27, 2025 and (i) ended on March 22, 2026 for one-third of the shares of the Company’s common stock issued to CIM as a result of the Preferred Stock Exchange, (ii) will end on September 18, 2026 for one-third of the shares of the Company’s common stock issued to CIM as a result of the Preferred Stock Exchange and (iii) will end on March 17, 2027 for one-third of the shares of Company’s common stock issued to CIM as a result of the Preferred Stock Exchange.
The following table summarizes the Company’s dividends declared on the Preferred Stock during the three most recent fiscal years, prior to the Preferred Stock Exchange. Unless otherwise noted, dividends were declared and paid, or are payable, in cash.
Date DeclaredRecord DatePayment DatePer Share Amount
2024
March 26, 2024March 29, 2024March 29, 2024$0.438 
June 25, 2024June 28, 2024June 28, 20240.438 
September 26, 2024September 30, 2024September 30, 20240.438 
December 11, 2024December 31, 2024December 31, 20240.438 
Total$1.752 
2025
March 12, 2025March 26, 2025March 27, 2025$0.413 
Total$0.413 
Share Issuances
CSL III Merger
On March 27, 2025, the Company completed its previously announced merger with CSL III. Pursuant to the terms of the CSL III Merger, the Company issued an aggregate of 18,935,108 shares of its common stock to former CSL III shareholders. Refer to Note 16, Merger with CSL III, to these unaudited consolidated financial statements for additional information regarding the CSL III Merger.
In connection with the completion of the CSL III Merger, and in a transaction exempt from registration under the Securities Act, CIM exchanged all 2,000,000 shares of the Company’s Preferred Stock for 3,004,808 shares of the Company’s common stock.
Dividend Reinvestment
Prior to July 5, 2017, the Company had an “opt in” dividend reinvestment plan. Effective on July 5, 2017, the Company converted the “opt in” dividend reinvestment plan to an “opt out” dividend reinvestment plan that provides for reinvestment of dividends and other distributions on behalf of the common stockholders, other than those common stockholders who have “opted out” of the plan. The Company intends to use primarily newly issued shares to implement the plan so long as the market value per share is equal to or greater than the net asset value per share on the relevant valuation date. If the market value per share is less than the net asset value per share on the relevant valuation date, the plan administrator would implement the plan through the purchase of common stock on behalf of participants in the open market, unless the Company instructs the plan administrator otherwise.
No shares were issued under the dividend reinvestment plan during the three months ended March 31, 2026.
The following table summarizes the shares of the Company’s common stock issued under the dividend reinvestment plan during the three months ended March 31, 2025:
Shares IssuedTotal Consideration
Three Months Ended March 31, 2025
January 17, 202550,728 $949 
Total50,728 $949 
At-The-Market (“ATM”) Program
On March 28, 2025, the Company entered into an equity distribution agreement with Oppenheimer & Co. Inc., B. Riley Securities, Inc., Citizens JMP Securities, LLC, Keefe, Bruyette & Woods, Inc., and Raymond James & Associates, Inc. (collectively, the “Placement Agents”). The agreement provides for the offer and sale of up to $150,000 in aggregate offering amount of the Company’s common stock from time to time through an ATM offering, as defined in Rule 415 under the Securities Act of 1933. The minimum price per share on any day at which common stock may be sold under the ATM program will not be below the then-current net asset value per share.
No shares were issued under the ATM program during the three months ended March 31, 2026.
The following table summarizes the shares of the Company’s common stock issued under the ATM offering during the three months ended March 31, 2025:
Shares IssuedGross Proceeds
Net Proceeds(1)
Three Months Ended March 31, 2025
March 28, 20256,075 $102 $101 
Total6,075 $102 $101 
(1)Represents the proceeds received after deducting the Placement Agents’ commissions and offering related expenses.
Company Stock Repurchase Program
On October 29, 2025, the Company's Board of Directors approved the continuation of the Company's stock repurchase program (the “Stock Repurchase Program”) until November 5, 2026, or until the approved dollar amount has been used to repurchase shares of common stock. On February 18, 2026, the Company’s Board of Directors approved a $100 million increase in the authorized amount available for repurchases under the Stock Repurchase Program to up to $300 million. This program may be suspended, extended, modified or discontinued by the Company at any time, subject to applicable law. Pursuant to this authorization, the Company has adopted a 10b5-1 plan (the “Company 10b5-1 Plan”). The Company 10b5-1 Plan provides that purchases will be conducted on the open market in accordance with Rule 10b5-1 and 10b-18 under the Exchange Act and will otherwise be subject to applicable law, which may prohibit purchases under certain circumstances. The amount of purchases made under the Company 10b5-1 Plan or otherwise and how much will be purchased at any time is uncertain, dependent on prevailing market prices and trading volumes, all of which the Company cannot predict.
The Company's Stock Repurchase Program was originally approved by the Company's Board of Directors on November 5, 2018 and announced on November 6, 2018. Since the inception of the Company’s Stock Repurchase Program through March 31, 2026, the Company has repurchased 14,405,763 shares of the Company's common stock at an average cost of $13.20 per share, or $190,112 in the aggregate, resulting in accretion to NAV per common share of $0.82.
For the three months ended March 31, 2026 the Company repurchased and extinguished 1,536,254 shares for $18,501. For the three months ended March 31, 2025, there were no share repurchases.
Changes in Net Assets
The following table summarizes capital activity during the three months ended March 31, 2026:
 
 
Common Stock
Capital in Excess of Par ValueOffering CostsAccumulated Net Investment Income (Loss)Accumulated Net Realized Gain (Loss)Accumulated Net Unrealized Appreciation (Depreciation)Total Net Assets
 SharesAmount
Balance, January 1, 202671,807,190 $718 $1,363,998 $(1,633)$49,923 $(232,362)$(13,256)$1,167,388 
Repurchase of common stock(1,536,254)(15)(18,486)— — — — (18,501)
Net investment income (loss)— — — — 25,204 — — 25,204 
Net realized gain (loss)— — — — — (9,618)— (9,618)
Net change in unrealized appreciation (depreciation)— — — — — — (19,804)(19,804)
Dividends declared on common stock— — — — (28,108)— — (28,108)
Balance, March 31, 202670,270,936 $703 $1,345,512 $(1,633)$47,019 $(241,980)$(33,060)$1,116,561 
The following table summarizes capital activity during the three months ended March 31, 2025:
 Preferred Stock
 
Common Stock
Capital in Excess of Par ValueOffering CostsAccumulated Net Investment Income (Loss)Accumulated Net Realized Gain (Loss)Accumulated Net Unrealized Appreciation (Depreciation)Total Net Assets
 SharesAmountSharesAmount
Balance, January 1, 20252,000,000 $50,000 50,906,262 $509 $1,014,308 $(1,633)$68,440 $(185,346)$(41,074)$905,204 
Common stock issued, net of offering and underwriting costs— — 6,075 0 101 — — — — 101 
Common stock issued - CSL III Merger— — 18,935,108 189 315,649 — — — — 315,838 
Common stock issued - Preferred Stock Exchange(2,000,000)(50,000)3,004,808 30 49,970 — — — — — 
Dividend reinvestment— — 50,728 1 948 — — — — 949 
Net investment income (loss)— — — — — — 21,629 — — 21,629 
Net realized gain (loss)— — — — — — — (19,341)— (19,341)
Net change in unrealized appreciation (depreciation)— — — — — — — — 11,766 11,766 
Dividends declared on common stock and preferred stock— — — — — — (23,757)— — (23,757)
Balance, March 31, 2025— $— 72,902,981 $729 $1,380,976 $(1,633)$66,312 $(204,687)$(29,308)$1,212,389 
Earnings Per Share
The Company calculates earnings per share in accordance with ASC 260. Basic earnings per share is calculated by dividing the net increase (decrease) in net assets resulting from operations, less preferred dividends, by the weighted average number of common shares outstanding for the period. Diluted earnings per share gives effect to all dilutive potential common
shares outstanding using the if-converted method for the convertible Preferred Stock. Diluted earnings per share excludes all dilutive potential common shares if their effect is anti-dilutive.     
Basic and diluted earnings per common share were as follows:
Three Months Ended March 31,
20262025
BasicDilutedBasicDiluted
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders$(4,218)$(4,218)$13,228 $14,054 
Weighted average common shares outstanding70,907,909 70,907,909 51,923,228 57,339,759 
Basic and diluted earnings per share$(0.06)$(0.06)$0.25 $0.25 
The following table summarizes updates to the Company’s dividend policy as of March 31, 2026.
Record DateBase Dividend Per Share
September 30, 2020$0.32 
September 30, 2022$0.34 
December 30, 2022$0.36 
March 31, 2023$0.37 
March 29, 2024$0.40 
June 30, 2026$0.35 
The following table summarizes the Company’s dividends declared on its common stock during the two most recent fiscal years and the current fiscal year to date:
Date DeclaredRecord DatePayment DatePer Common Share Amount 
February 20, 2024March 29, 2024April 17, 2024$0.40 
February 20, 2024March 29, 2024April 17, 2024$0.08 
(1)
May 2, 2024June 28, 2024July 17, 2024$0.40 
May 2, 2024June 28, 2024July 17, 2024$0.07 
(1)
August 1, 2024September 30, 2024October 17, 2024$0.40 
August 1, 2024September 30, 2024October 17, 2024$0.07 
(1)
November 4, 2024December 31, 2024January 17, 2025$0.40 
November 4, 2024December 31, 2024January 17, 2025$0.05 
(1)
February 18, 2025March 24, 2025April 17, 2025$0.40 
February 18, 2025March 24, 2025April 17, 2025$0.05 
(1)
April 29, 2025June 30, 2025July 17, 2025$0.40 
July 29, 2025September 30, 2025October 17, 2025$0.40 
October 29, 2025December 31, 2025January 16, 2026$0.40 
February 18, 2026March 31, 2026April 16, 2026$0.40 
(1)Represents a special/supplemental dividend.