v3.26.1
Share Data and Net Assets
 9 Months Ended
Jun. 30, 2026
Stockholders' Equity Note [Abstract]  
Share Data and Net Assets Share Data and Net Assets
Earnings per Share
The following table sets forth the computation of basic and diluted earnings per share, pursuant to ASC Topic 260-10, Earnings per Share, for the three and nine months ended June 30, 2026 and 2025:
(Share amounts in thousands)Three months ended June 30, 2026Three months ended June 30, 2025Nine months ended June 30, 2026Nine months ended June 30, 2025
Earnings (loss) per common share — basic and diluted:
Net increase (decrease) in net assets resulting from operations$30,940 $38,352 $17,659 $9,342 
Weighted average common shares outstanding — basic and diluted88,086 88,086 88,086 85,402 
Earnings (loss) per common share — basic and diluted$0.35 $0.44 $0.20 $0.11 
Changes in Net Assets

The following table presents the changes in net assets for the three and nine months ended June 30, 2026:
Common Stock
(Share amounts in thousands)SharesPar ValueAdditional paid-in-capitalAccumulated Overdistributed EarningsTotal Net Assets
Balance as of September 30, 202588,086 $881 $2,350,075 $(885,143)$1,465,813 
Net investment income— ——36,70336,703
Net unrealized appreciation (depreciation)———(32,418)(32,418)
Net realized gains (losses)———1,3421,342
(Provision) benefit for taxes on realized and unrealized gains (losses)———(19)(19)
Distributions to stockholders———(35,234)(35,234)
Issuance of common stock under dividend reinvestment plan8911,136—1,137
Repurchase of common stock under dividend reinvestment plan(89)(1)(1,136)—(1,137)
Balance as of December 31, 202588,086 881 2,350,075 (914,769)1,436,187 
Net investment income— ——34,36234,362
Net unrealized appreciation (depreciation)———(39,338)(39,338)
Net realized gains (losses)———(13,610)(13,610)
(Provision) benefit for taxes on realized and unrealized gains (losses)———(303)(303)
Distributions to stockholders———(35,234)(35,234)
Issuance of common stock under dividend reinvestment plan9811,139—1,140
Repurchase of common stock under dividend reinvestment plan(98)(1)(1,139)—(1,140)
Balance as of March 31, 202688,086 $881 $2,350,075 $(968,892)$1,382,064 
Net investment income— ——32,52132,521
Net unrealized appreciation (depreciation)———48,21048,210
Net realized gains (losses)———(49,539)(49,539)
(Provision) benefit for taxes on realized and unrealized gains (losses)———(252)(252)
Distributions to stockholders———(29,949)(29,949)
Issuance of common stock under dividend reinvestment plan8811,081—1,082
Repurchase of common stock under dividend reinvestment plan(88)(1)(1,081)—(1,082)
Balance as of June 30, 202688,086 $881 $2,350,075 $(967,901)$1,383,055 
The following table presents the changes in net assets for the three and nine months ended June 30, 2025:
Common Stock
(Share amounts in thousands)SharesPar ValueAdditional paid-in-capitalAccumulated Overdistributed EarningsTotal Net Assets
Balance as of September 30, 202482,245 $822 $2,264,449 $(777,460)$1,487,811 
Net investment income— ——44,30244,302
Net unrealized appreciation (depreciation)———(19,614)(19,614)
Net realized gains (losses)———(17,310)(17,310)
(Provision) benefit for taxes on realized and unrealized gains (losses)———(139)(139)
Distributions to stockholders———(45,235)(45,235)
Issuance of common stock under dividend reinvestment plan9511,454—1,455
Repurchase of common stock under dividend reinvestment plan(95)(1)(1,454)—(1,455)
Balance as of December 31, 202482,245 $822 $2,264,449 $(815,456)$1,449,815 
Net investment income— — — 39,055 39,055
Net unrealized appreciation (depreciation)— — — (82,023)(82,023)
Net realized gains (losses)— — — 6,705 6,705
(Provision) benefit for taxes on realized and unrealized gains (losses)— — — 14 14
Distributions to stockholders— — — (41,400)(41,400)
Issuance of common stock under dividend reinvestment plan276 3 4,286 — 4,289
Repurchase of common stock under dividend reinvestment plan(276)(3)(4,286)— (4,289)
Issuance of common stock in private placement5,672 57 99,943 — 100,000
Issuance of common stock in connection with the "at the market" offering169 2 2,945 — 2,947
Balance as of March 31, 202588,086 $881 $2,367,337 $(893,105)$1,475,113 
Net investment income— — — 33,481 33,481
Net unrealized appreciation (depreciation)— — — 18,572 18,572
Net realized gains (losses)— — — (13,432)(13,432)
(Provision) benefit for taxes on realized and unrealized gains (losses)— — — (269)(269)
Distributions to stockholders— — — (36,996)(36,996)
Issuance of common stock under dividend reinvestment plan269 3 3,748 — 3,751
Repurchase of common stock under dividend reinvestment plan(269)(3)(3,748)— (3,751)
Balance as of June 30, 202588,086 $881 $2,367,337 $(891,749)$1,476,469 

Distributions
Distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend is determined by the Board of Directors and is based on management’s estimate of the Company’s annual taxable income. Net realized capital gains, if any, may be distributed to stockholders or retained for reinvestment.
The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Company’s Board of Directors declares a cash distribution, then the Company’s stockholders who have not “opted out” of the Company’s DRIP will have their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. If the Company’s shares are trading at a premium to net asset value, the Company typically issues new shares to implement the DRIP with such shares issued at the greater of the most recently computed net asset value per share of common stock or 95% of the current market price per share of common stock on the payment date for such distribution. If the Company’s shares are trading at a discount to net asset value, the Company typically purchases shares in the open market in connection with the Company’s obligations under the DRIP.

For income tax purposes, the Company has reported its distributions for the 2025 calendar year as ordinary income. The character of such distributions was appropriately reported to the Internal Revenue Service and stockholders for the 2025 calendar year. To the extent the Company’s taxable earnings for a fiscal and taxable year fall below the amount of distributions paid for the fiscal and taxable year, a portion of the total amount of the Company’s distributions for the fiscal and taxable year is deemed a return of capital for U.S. federal income tax purposes to the Company’s stockholders.
The following table reflects the distributions per share that the Company has paid, including shares issued under the DRIP, on its common stock during the nine months ended June 30, 2026 and 2025:
DistributionDate DeclaredRecord DatePayment DateAmount
per Share		Cash
Distribution		DRIP Shares
Issued		DRIP Shares
Value
QuarterlyNovember 10, 2025December 15, 2025December 31, 2025$0.40 $34.1 million89,143 (1)$1.1 million
QuarterlyJanuary 26, 2026March 16, 2026March 31, 2026$0.40 $34.1 million98,293 (1)$1.2 million
QuarterlyApril 27, 2026June 15, 2026June 30, 2026$0.30 $25.5 million77,947 (1)$1.0 million
SupplementalApril 27, 2026June 15, 2026June 30, 2026$0.04 $3.4 million10,393 (1)$0.1 million
Total for the nine months ended June 30, 2026$1.14 $97.1 million275,776 $3.4 million
DistributionDate DeclaredRecord DatePayment DateAmount
per Share		Cash
Distribution		DRIP Shares
Issued		DRIP Shares
Value
QuarterlyNovember 7, 2024December 16, 2024December 31, 2024$0.55 $43.8 million94,970 (1)$1.5 million
QuarterlyJanuary 27, 2025March 17, 2025March 31, 2025$0.40 $31.5 million234,752 (1)$3.7 million
SupplementalJanuary 27, 2025March 17, 2025March 31, 2025$0.07 $5.6 million41,082 (1)$0.6 million
QuarterlyApril 28, 2025June 16, 2025June 30, 2025$0.40 $31.6 million256,343 (1)$3.6 million
SupplementalApril 28, 2025June 16, 2025June 30, 2025$0.02 $1.6 million12,817 (1)$0.2 million
Total for the nine months ended June 30, 2025$1.44 $114.1 million639,964 $9.5 million
 __________
(1) Shares were purchased on the open market and distributed.

Common Stock Issuances
During the three and nine months ended June 30, 2026 and 2025, the Company did not issue any shares of common stock as part of the DRIP.
The Company is party to an equity distribution agreement, dated February 7, 2022, as amended, by and among the Company, Oaktree and Oaktree Administrator and Keefe, Bruyette & Woods, Inc., Citizens JMP Securities, LLC, Raymond James & Associates, Inc. and SMBC Nikko Securities America, Inc., pursuant to which the Company may offer and sell shares of its common stock from time to time having an aggregate offering price of up to $300.0 million under its current shelf registration statement. Sales of the common stock may be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on the Nasdaq Global Select Market or similar securities exchanges or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices.
In connection with the "at the market" offering, the Company did not issue and sell any shares of common stock during the nine months ended June 30, 2026.
In connection with the "at the market" offering, the Company issued and sold 168,055 shares of common stock during the nine months ended June 30, 2025 for net proceeds of $3.0 million (net of offering costs).
Number of Shares IssuedGross ProceedsPlacement Agent FeesNet Proceeds (1)Average Sales Price per Share (2)
"At the market" offering168,055 $2,987 $26 $2,960 $17.77 
(1) Net proceeds excludes offering costs of less than $0.1 million.
(2) Represents the gross sales price, including supplemental payments by Oaktree, before deducting placement agent fees and estimated offering expenses.
On January 31, 2025, the Company and Oaktree Capital I, L.P., an affiliate of Oaktree, entered into a purchase agreement pursuant to which Oaktree Capital I, L.P. purchased 5,672,149 shares of the Company’s common stock on February 3, 2025 for an aggregate purchase price of $100.0 million. These shares were sold at $17.63 per share, which was the Company’s net asset value per share as of January 31, 2025 as calculated in accordance with Section 23 of the Investment Company Act.