Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Operations

v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
INVESTMENT INCOME:      
Total investment income $ 566,391 $ 541,026 $ 500,385
EXPENSES:      
Interest (127,998) (123,429) (102,575)
Compensation (52,044) (47,486) (46,279)
General and administrative (21,701) (19,347) (18,042)
Share‑based compensation (21,440) (18,793) (16,520)
Expenses allocated to the External Investment Manager 23,533 23,088 22,050
Total expenses (199,650) (185,967) (161,366)
NET INVESTMENT INCOME BEFORE TAXES 366,741 355,059 339,019
Excise tax expense (4,051) (5,851) (3,190)
Federal and state income and other tax expenses (9,972) (7,807) (5,087)
NET INVESTMENT INCOME 352,718 341,401 330,742
NET REALIZED GAIN (LOSS):      
Total net realized gain (loss) 54,579 45,998 (120,507)
NET UNREALIZED APPRECIATION (DEPRECIATION):      
Total net unrealized appreciation 98,879 137,656 232,577
Income tax provision on net realized gain (loss) and net unrealized appreciation (12,778) (16,975) (14,365)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 493,398 $ 508,080 $ 428,447
NET INVESTMENT INCOME PER SHARE— BASIC (in dollars per share) $ 3.95 $ 3.93 $ 4.04
NET INVESTMENT INCOME PER SHARE— DILUTED (in dollars per share) 3.95 3.93 4.04
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC (in dollars per share) 5.52 5.85 5.23
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—DILUTED (in dollars per share) $ 5.52 $ 5.85 $ 5.23
WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC (in shares) 89,363,140 86,805,755 81,916,663
WEIGHTED-AVERAGE SHARES OUTSTANDING—DILUTED (in shares) 89,363,140 86,805,755 81,916,663
Control investments      
INVESTMENT INCOME:      
Total investment income $ 245,940 $ 205,367 $ 197,150
NET REALIZED GAIN (LOSS):      
Total net realized gain (loss) 19,674 36,922 (50,532)
NET UNREALIZED APPRECIATION (DEPRECIATION):      
Total net unrealized appreciation 46,288 117,867 161,793
Affiliate investments      
INVESTMENT INCOME:      
Total investment income 96,077 84,367 69,829
NET REALIZED GAIN (LOSS):      
Total net realized gain (loss) 58,127 (4,219) (18,729)
NET UNREALIZED APPRECIATION (DEPRECIATION):      
Total net unrealized appreciation 9,153 47,299 33,689
Non‑Control/Non‑Affiliate investments      
INVESTMENT INCOME:      
Total investment income 224,374 251,292 233,406
NET REALIZED GAIN (LOSS):      
Total net realized gain (loss) (23,222) 13,295 (51,246)
NET UNREALIZED APPRECIATION (DEPRECIATION):      
Total net unrealized appreciation $ 43,438 $ (27,510) $ 37,095