Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Operations

v3.25.2
Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
INVESTMENT INCOME:        
Total investment income $ 143,973 $ 132,154 $ 281,019 $ 263,759
EXPENSES:        
Interest (32,519) (29,161) (63,687) (55,937)
Compensation (12,677) (11,322) (24,153) (23,581)
General and administrative (5,919) (5,375) (11,005) (9,595)
Share‑based compensation (5,416) (4,883) (10,258) (8,986)
Expenses allocated to the External Investment Manager 5,892 5,887 11,228 11,446
Total expenses (50,639) (44,854) (97,875) (86,653)
NET INVESTMENT INCOME BEFORE TAXES 93,334 87,300 183,144 177,106
Excise tax expense (818) (272) (2,159) (1,193)
Federal and state income and other tax expenses (4,333) (3,129) (6,905) (5,583)
NET INVESTMENT INCOME 88,183 83,899 174,080 170,330
NET REALIZED GAIN (LOSS):        
Total net realized gain (loss) 52,420 3,414 22,875 (8,954)
NET UNREALIZED APPRECIATION (DEPRECIATION):        
Total net unrealized appreciation (depreciation) (18,951) 23,044 44,239 63,693
Income tax benefit (provision) on net realized gain (loss) and net unrealized appreciation (depreciation) 882 (7,669) (2,578) (15,234)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 122,534 $ 102,688 $ 238,616 $ 209,835
NET INVESTMENT INCOME PER SHARE— BASIC (in dollars per share) $ 0.99 $ 0.97 $ 1.96 $ 1.99
NET INVESTMENT INCOME PER SHARE— DILUTED (in dollars per share) 0.99 0.97 1.96 1.99
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC (in dollars per share) 1.37 1.19 2.68 2.45
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—DILUTED (in dollars per share) $ 1.37 $ 1.19 $ 2.68 $ 2.45
WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC (in shares) 89,258,390 86,194,092 88,986,215 85,666,311
WEIGHTED-AVERAGE SHARES OUTSTANDING—DILUTED (in shares) 89,258,390 86,194,092 88,986,215 85,666,311
Control investments        
INVESTMENT INCOME:        
Total investment income $ 60,212 $ 51,318 $ 116,454 $ 102,437
NET REALIZED GAIN (LOSS):        
Total net realized gain (loss) (2,998) (361) (2,976) (352)
NET UNREALIZED APPRECIATION (DEPRECIATION):        
Total net unrealized appreciation (depreciation) 33,154 5,589 33,555 37,659
Affiliate investments        
INVESTMENT INCOME:        
Total investment income 25,767 23,201 49,501 40,928
NET REALIZED GAIN (LOSS):        
Total net realized gain (loss) 55,647 7,863 57,711 753
NET UNREALIZED APPRECIATION (DEPRECIATION):        
Total net unrealized appreciation (depreciation) (47,745) 9,502 (8,742) 15,428
Non‑Control/Non‑Affiliate investments        
INVESTMENT INCOME:        
Total investment income 57,994 57,635 115,064 120,394
NET REALIZED GAIN (LOSS):        
Total net realized gain (loss) (229) (4,088) (31,860) (9,355)
NET UNREALIZED APPRECIATION (DEPRECIATION):        
Total net unrealized appreciation (depreciation) $ (4,360) $ 7,953 $ 19,426 $ 10,606