v3.26.1
Financial Highlights and Senior Securities (Tables)
 6 Months Ended
Jun. 30, 2026
Investment Company [Abstract]  
Schedule of Financial Highlights
The following are the financial highlights for the six months ended June 30, 2026 and 2025:
Six Months Ended June 30,
20262025
Per Share Data (1):
Net asset value, beginning of period$26.92 $27.39 
Net investment income
1.52 1.60 
Net change in unrealized and realized gain (loss)
(1.37)(0.26)
Net increase (decrease) in net assets resulting from operations0.15 1.34 
Distributions from net investment income (2)
(1.54)(1.54)
Net increase (decrease) in net assets from capital share transactions— 0.14 
Total increase (decrease) in net assets(1.39)(0.06)
Net asset value, end of period$25.53 $27.33 
Market value, end of period
$23.71 $30.75 
Shares outstanding, end of period232,652,003 230,055,444 
Total return based on NAV (3)
1.2 %5.1 %
Total return based on market value (4)
(4.2)%0.2 %
Ratios:
Ratio of net expenses to average net assets (5)
9.3 %10.6 %
Ratio of net investment income to average net assets (5)
11.5 %11.7 %
Portfolio turnover rate4.6 %8.9 %
Supplemental Data:
Net assets, end of period$5,938,733$6,288,296
Asset coverage ratio178.0 %188.5 %
(1)The per share data was derived by using the weighted average shares outstanding during the period.
(2)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9).
(3)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the DRIP) divided by the beginning NAV per share. Total return does not include sales load.
(4)Total return based on market value is calculated as the change in market value per share during the respective periods, taking into account distributions, if any, reinvested in accordance with the DRIP.
(5)Amounts are annualized except for amounts relating to excise and other tax expense. For the six months ended June 30, 2026 and 2025, the ratio of total operating expenses to average net assets was 9.3% and 10.6%, respectively
Schedule of Senior Securities
The following is information about the Company’s senior securities as of the dates indicated in the table below:
Class and Period
Total Amount Outstanding Exclusive of Treasury Securities (1)
Asset Coverage per Unit (2)
Involuntary Liquidating Preference per Unit (3)
Average Market Value per Unit (4)
Subscription Facility
June 30, 2026$— $— —N/A
December 31, 2025— — —N/A
December 31, 2024— — —N/A
December 31, 2023— — —N/A
December 31, 2022— — —N/A
December 31, 2021— — —N/A
December 31, 2020— — —N/A
December 31, 2019119,752 2,151 —N/A
December 31, 2018— — —N/A
Jackson Hole Funding Facility
June 30, 2026— 1,780 —N/A
December 31, 202522,374 1,771 —N/A
December 31, 2024399,874 1,857 —N/A
December 31, 2023233,019 2,003 —N/A
December 31, 2022360,019 1,748 —N/A
December 31, 2021361,007 1,802 —N/A
December 31, 2020362,316 2,300 —N/A
December 31, 2019514,151 2,151 —N/A
December 31, 2018120,000 2,278 —N/A
Breckenridge Funding Facility
June 30, 2026280,850 1,780 —N/A
December 31, 2025652,550 1,771 —N/A
December 31, 2024649,350 1,857 —N/A
December 31, 2023741,700 2,003 —N/A
December 31, 2022825,000 1,748 —N/A
December 31, 2021568,680 1,802 —N/A
December 31, 2020569,000 2,300 —N/A
December 31, 2019820,311 2,151 —N/A
December 31, 201865,000 2,278 —N/A
Big Sky Funding Facility
June 30, 2026357,400 1,780 —N/A
December 31, 2025585,900 1,771 —N/A
December 31, 2024400,000 1,857 —N/A
December 31, 2023480,906 2,003 —N/A
December 31, 2022499,606 1,748 —N/A
December 31, 2021499,606 1,802 —N/A
December 31, 2020200,346 2,300 —N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
Class and Period
Total Amount Outstanding Exclusive of Treasury Securities (1)
Asset Coverage per Unit (2)
Involuntary Liquidating Preference per Unit (3)
Average Market Value per Unit (4)
BXSL 2025-1 Facility
June 30, 2026$40,700 $1,780 —N/A
December 31, 202534,800 1,771 —N/A
December 31, 2024— 1,857 —N/A
December 31, 2023— — —N/A
December 31, 2022— — —N/A
December 31, 2021— — —N/A
December 31, 2020— — —N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
Revolving Credit Facility
June 30, 20261,327,279 1,780 —N/A
December 31, 20251,447,497 1,771 —N/A
December 31, 20241,287,140 1,857 —N/A
December 31, 2023682,258 2,003 —N/A
December 31, 2022678,378 1,748 —N/A
December 31, 2021915,035 1,802 —N/A
December 31, 2020182,901 2,300 —N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
2023 Notes
June 30, 2026— — —N/A
December 31, 2025— — —N/A
December 31, 2024— — —N/A
December 31, 2023— — —N/A
December 31, 2022400,000 1,748 —N/A
December 31, 2021400,000 1,802 —N/A
December 31, 2020400,000 2,300 —N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
2026 Notes
June 30, 2026— — —N/A
December 31, 2025800,000 1,771 —N/A
December 31, 2024800,000 1,857 —N/A
December 31, 2023800,000 2,003 —N/A
December 31, 2022800,000 1,748 —N/A
December 31, 2021800,000 1,802 —N/A
December 31, 2020800,000 2,300 —N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
Class and Period
Total Amount Outstanding Exclusive of Treasury Securities (1)
Asset Coverage per Unit (2)
Involuntary Liquidating Preference per Unit (3)
Average Market Value per Unit (4)
New 2026 Notes
June 30, 2026$700,000 $1,780 —N/A
December 31, 2025700,000 1,771 —N/A
December 31, 2024700,000 1,857 —N/A
December 31, 2023700,000 2,003 —N/A
December 31, 2022700,000 1,748 —N/A
December 31, 2021700,000 1,802 —N/A
December 31, 2020— — —N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
2027 Notes
June 30, 2026650,000 1,780 —N/A
December 31, 2025650,000 1,771 —N/A
December 31, 2024650,000 1,857 —N/A
December 31, 2023650,000 2,003 —N/A
December 31, 2022650,000 1,748 —N/A
December 31, 2021650,000 1,802 —N/A
December 31, 2020— — —N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
2028 Notes
June 30, 2026650,000 1,780 —N/A
December 31, 2025650,000 1,771 —N/A
December 31, 2024650,000 1,857 —N/A
December 31, 2023650,000 2,003 —N/A
December 31, 2022650,000 1,748 —N/A
December 31, 2021650,000 1,802 —N/A
December 31, 2020— — —N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
November 2027 Notes
June 30, 2026400,000 1,780 —N/A
December 31, 2025400,000 1,771 —N/A
December 31, 2024400,000 1,857 —N/A
December 31, 2023— — —N/A
December 31, 2022— — —N/A
December 31, 2021— — —N/A
December 31, 2020— — —N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
Class and Period
Total Amount Outstanding Exclusive of Treasury Securities (1)
Asset Coverage per Unit (2)
Involuntary Liquidating Preference per Unit (3)
Average Market Value per Unit (4)
April 2028 Notes
June 30, 2026$700,000 $1,780 —N/A
December 31, 2025700,000 1,771 —N/A
December 31, 2024700,000 1,857 —N/A
December 31, 2023— — —N/A
December 31, 2022— — —N/A
December 31, 2021— — —N/A
December 31, 2020— — —N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
June 2030 Notes
June 30, 2026500,000 1,780 —N/A
December 31, 2025500,000 1,771 —N/A
December 31, 2024— — —N/A
December 31, 2023— — —N/A
December 31, 2022— — —N/A
December 31, 2021— — —N/A
December 31, 2020— — —N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
January 2031 Notes
June 30, 2026500,000 1,780 —N/A
December 31, 2025500,000 1,771 —N/A
December 31, 2024— — —N/A
December 31, 2023— — —N/A
December 31, 2022— — —N/A
December 31, 2021— — —N/A
December 31, 2020— — —N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
September 2029 Notes
June 30, 2026400,000 1,780 —N/A
December 31, 2025— — —N/A
December 31, 2024— — —N/A
December 31, 2023— — —N/A
December 31, 2022— — —N/A
December 31, 2021— — —N/A
December 31, 2020— — —N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
Class and Period
Total Amount Outstanding Exclusive of Treasury Securities (1)
Asset Coverage per Unit (2)
Involuntary Liquidating Preference per Unit (3)
Average Market Value per Unit (4)
May 2031 Notes
June 30, 2026$650,000 $1,780 —N/A
December 31, 2025— — —N/A
December 31, 2024— — —N/A
December 31, 2023— — —N/A
December 31, 2022— — —N/A
December 31, 2021— — —N/A
December 31, 2020— — —N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
2024-1 Notes
June 30, 2026457,500 1,780 —N/A
December 31, 2025457,500 1,771 —N/A
December 31, 2024457,500 1,857 —N/A
December 31, 2023— — —N/A
December 31, 2022— — —N/A
December 31, 2021— — —N/A
December 31, 2020— — —N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
(1)Total amount of each class of senior securities outstanding at the end of the period presented.
(2)Asset coverage per unit is the ratio of the carrying value of the Company’s total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.
(3)The amount to which such class of senior security would be entitled upon the Company’s involuntary liquidation in preference to any security junior to it. The “-” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.
(4)Not applicable because the senior securities are not registered for public trading.