Quarterly report [Sections 13 or 15(d)]

Consolidated Balance Sheets

v3.25.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
ASSETS    
Investments at fair value: $ 5,054,139 [1],[2],[3] $ 4,932,669 [4],[5]
Cash and cash equivalents 109,180 78,251
Interest and dividend receivable and other assets 98,395 98,084
Deferred financing costs (net of accumulated amortization of $15,258 and $14,592 as of March 31, 2025 and December 31, 2024, respectively) 11,671 12,337
Total assets 5,273,385 5,121,341
LIABILITIES    
Debt 2,253,179 2,122,371
Accounts payable and other liabilities 46,894 69,631
Interest payable 20,016 23,290
Dividend payable 22,165 22,100
Deferred tax liability, net 90,998 86,111
Total liabilities 2,433,252 2,323,503
Commitments and contingencies (Note K)
NET ASSETS    
Common stock, $0.01 par value per share (150,000,000 shares authorized; 88,659,597 and 88,398,713 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively) 887 884
Additional paid‑in capital 2,413,914 2,394,492
Total undistributed earnings 425,332 402,462
Total net assets 2,840,133 2,797,838
Total liabilities and net assets $ 5,273,385 $ 5,121,341
NET ASSET VALUE PER SHARE (in dollars per share) $ 32.03 $ 31.65
Line of Credit | Revolving Credit Facility    
LIABILITIES    
Debt $ 514,000 $ 384,000
Unsecured Notes | July 2026 Notes    
LIABILITIES    
Debt 499,320 499,188
Unsecured Notes | June 2027 Notes    
LIABILITIES    
Debt 399,354 399,282
Unsecured Notes | March 2029 Notes    
LIABILITIES    
Debt 347,182 347,002
Unsecured Notes | SBIC Debentures    
LIABILITIES    
Debt 343,711 343,417
Unsecured Notes | December 2025 Notes    
LIABILITIES    
Debt 149,612 149,482
Control investments    
ASSETS    
Investments at fair value: 2,172,956 [2],[6] 2,087,890 [7],[8]
Affiliate investments    
ASSETS    
Investments at fair value: 899,326 [2],[9] 846,798 [7],[10]
Non‑Control/Non‑Affiliate investments    
ASSETS    
Investments at fair value: $ 1,981,857 [2],[11] $ 1,997,981 [7],[12]
[1] All portfolio company headquarters are based in the United States, unless otherwise noted.
[2] Investment fair value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments —Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
[3] All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Company’s Corporate Facility or SPV Facility (each as defined in Note B.5. — Summary of Significant Accounting Policies —Deferred Financing Costs, and together the “Credit Facilities”) or in support of the SBA-guaranteed debentures issued by the Funds.
[4] All portfolio company headquarters are based in the United States, unless otherwise noted.
[5] All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Company’s Corporate Facility or SPV Facility (each as defined in Note B.5. — Summary of Significant Accounting Policies —Deferred Financing Costs, and together the “Credit Facilities”) or in support of the SBA-guaranteed debentures issued by the Funds.
[6] Control investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
[7] Investment fair value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
[8] Control investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
[9] Affiliate investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.
[10] Affiliate investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.
[11] Non-Control/Non-Affiliate investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.
[12] Non-Control/Non-Affiliate investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.