v3.26.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Investments at fair value $ 8,653,350 [1],[2] $ 8,108,654
Cash and cash equivalents (restricted cash of $63,654 and $47,671, respectively) 82,499 454,681
Interest receivable 88,570 75,018
Prepaid expenses and other assets 24,763 52,948
Total Assets 8,849,182 8,691,301
Liabilities    
Debt (net of deferred financing costs of $38,624 and $37,041, respectively) 4,088,266 [3],[4] 4,132,825 [5],[6]
Management fees payable to affiliate 10,602 10,261
Incentive fees on net investment income payable to affiliate 20,391 19,818
Incentive fees on net capital gains accrued to affiliate 0 14,922
Dividends payable 112,763 260,389
Other liabilities 82,909 78,405
Total Liabilities 4,319,493 4,520,813
Commitments and contingencies (Note 8)
Net Assets    
Common shares, $0.001 par value; unlimited shares authorized (161,090,631 and 146,285,685, shares issued and outstanding, respectively) 161 146
Additional paid-in capital 4,523,648 4,100,272
Distributable earnings 5,880 70,070
Total Net Assets 4,529,689 4,170,488
Total Liabilities and Net Assets $ 8,849,182 $ 8,691,301
Net Asset Value Per Share [7] $ 28.12 $ 28.51
Affiliated Entity    
Liabilities    
Other payables to affiliate $ 4,562 $ 4,193
Non-controlled, Non-affiliated Investments    
Assets    
Investments at fair value 8,626,425 8,108,654 [8],[9],[10]
Non-controlled, Affiliated Investments    
Assets    
Investments at fair value $ 26,925 $ 0
[1] In accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value
Measurements (“ASC Topic 820”), unless otherwise indicated, the fair values of all investments were determined using
significant unobservable inputs and are considered Level 3 investments. See Note 6 for further information related to
investments at fair value.
[2] Unless otherwise indicated, the Company’s portfolio companies are domiciled in the United States. Certain portfolio company investments are subject to contractual restrictions on sales.
[3] The carrying value of the 2029 Notes, January 2030 Notes, and July 2030 Notes are presented inclusive of an incremental $1.1 million, $(14.9) million and $5.3 million, respectively, which represents an adjustment in the carrying value of the 2029 Notes, January 2030 Notes and July 2030 Notes, resulting from a hedge accounting relationship.
[4] The carrying values of the Subscription Facility, Revolving Credit Facility, the 2029 Notes, January 2030 Notes and July 2030 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $0.2 million, $20.0 million, $9.3 million, $5.8 million and $11.5 million, respectively.
[5] The carrying value of the 2029 Notes, January 2030 Notes and July 2030 Notes are presented inclusive of an incremental $15.1 million, $(5.2) million and $21.0 million, respectively, which represents an adjustment in the carrying value of the 2029 Notes, January 2030 Notes and July 2030 Notes, resulting from a hedge accounting relationship.
[6] The carrying values of the Subscription Facility, Revolving Credit Facility, 2029 Notes, January 2030 Notes and July 2030 Notes are presented net of the combination of deferred financing costs and original issue discounts totaling $1.0 million, $15.5 million, $11.0 million, $6.6 million, and $12.4 million, respectively.
[7] Table may not sum due to rounding.
[8] Certain portfolio company investments are subject to contractual restrictions on sales.
[9] In accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value
Measurements (“ASC Topic 820”), unless otherwise indicated, the fair values of all investments were determined using
significant unobservable inputs and are considered Level 3 investments. See Note 6 for further information related to
investments at fair value.
[10] Unless otherwise indicated, the Company’s portfolio companies are domiciled in the United States. Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Company would “control” a portfolio company if the Company owned
more than 25% of its outstanding voting securities and/or had the power to exercise control over the management or policies of
such portfolio company. As of December 31, 2025, the Company does not “control” any of the portfolio companies. Also under the 1940 Act, the Company would be deemed to be an “Affiliated Person” of a portfolio company if the Company owns more than 5% of the portfolio company’s outstanding voting securities. As of December 31, 2025, the Company does not identify any of its portfolio companies as affiliates.