Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Operations

v3.25.3
Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
INVESTMENT INCOME:        
Total investment income $ 139,831 $ 136,824 $ 420,850 $ 400,586
EXPENSES:        
Interest (32,472) (33,474) (96,159) (89,411)
Compensation (13,217) (11,644) (37,370) (35,225)
General and administrative (4,928) (4,564) (15,933) (14,159)
Share‑based compensation (5,433) (4,868) (15,691) (13,853)
Expenses allocated to the External Investment Manager 5,734 5,322 16,962 16,768
Total expenses (50,316) (49,228) (148,191) (135,880)
NET INVESTMENT INCOME BEFORE TAXES 89,515 87,596 272,659 264,706
Excise tax expense (838) (458) (2,997) (1,652)
Federal and state income and other tax expenses (2,139) (2,758) (9,044) (8,340)
NET INVESTMENT INCOME 86,538 84,380 260,618 254,714
NET REALIZED GAIN (LOSS):        
Total net realized gain (loss) (19,104) 26,382 3,771 17,429
NET UNREALIZED APPRECIATION (DEPRECIATION):        
Total net unrealized appreciation 62,978 21,738 107,217 85,431
Income tax provision on net realized gain (loss) and net unrealized appreciation (6,741) (8,493) (9,319) (23,727)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 123,671 $ 124,007 $ 362,287 $ 333,847
NET INVESTMENT INCOME PER SHARE— BASIC (in dollars per share) $ 0.97 $ 0.96 $ 2.92 $ 2.95
NET INVESTMENT INCOME PER SHARE— DILUTED (in dollars per share) 0.97 0.96 2.92 2.95
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC (in dollars per share) 1.38 1.42 4.06 3.87
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—DILUTED (in dollars per share) $ 1.38 $ 1.42 $ 4.06 $ 3.87
WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC (in shares) 89,627,718 87,459,533 89,202,399 86,268,415
WEIGHTED-AVERAGE SHARES OUTSTANDING—DILUTED (in shares) 89,627,718 87,459,533 89,202,399 86,268,415
Control investments        
INVESTMENT INCOME:        
Total investment income $ 60,027 $ 50,134 $ 176,481 $ 152,572
NET REALIZED GAIN (LOSS):        
Total net realized gain (loss) (9,988) 0 (12,964) (352)
NET UNREALIZED APPRECIATION (DEPRECIATION):        
Total net unrealized appreciation 23,461 50,348 57,016 88,007
Affiliate investments        
INVESTMENT INCOME:        
Total investment income 22,407 20,884 71,908 61,813
NET REALIZED GAIN (LOSS):        
Total net realized gain (loss) (2) 32 57,709 786
NET UNREALIZED APPRECIATION (DEPRECIATION):        
Total net unrealized appreciation 13,260 7,181 4,518 22,609
Non‑Control/Non‑Affiliate investments        
INVESTMENT INCOME:        
Total investment income 57,397 65,806 172,461 186,201
NET REALIZED GAIN (LOSS):        
Total net realized gain (loss) (9,114) 26,350 (40,974) 16,995
NET UNREALIZED APPRECIATION (DEPRECIATION):        
Total net unrealized appreciation $ 26,257 $ (35,791) $ 45,683 $ (25,185)