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

Consolidated Statements of Operations

v3.25.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
INVESTMENT INCOME:      
Total investment income $ 541,026 $ 500,385 $ 376,860
EXPENSES:      
Interest (123,429) (102,575) (78,276)
Compensation (47,486) (46,279) (36,543)
General and administrative (19,347) (18,042) (16,050)
Share‑based compensation (18,793) (16,520) (13,629)
Expenses allocated to the External Investment Manager 23,088 22,050 12,965
Total expenses (185,967) (161,366) (131,533)
NET INVESTMENT INCOME 355,059 339,019 245,327
NET REALIZED GAIN (LOSS):      
Total net realized gain (loss) 45,998 (120,507) (5,212)
NET UNREALIZED APPRECIATION (DEPRECIATION):      
Total net unrealized appreciation 137,656 232,577 24,816
INCOME TAXES:      
Federal and state income, excise and other taxes (8,380) (6,633) (5,199)
Deferred taxes (22,253) (16,009) (18,126)
Total income tax provision (30,633) (22,642) (23,325)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 508,080 $ 428,447 $ 241,606
NET INVESTMENT INCOME PER SHARE— BASIC (in dollars per share) $ 4.09 $ 4.14 $ 3.29
NET INVESTMENT INCOME PER SHARE— DILUTED (in dollars per share) 4.09 4.14 3.29
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC (in dollars per share) 5.85 5.23 3.24
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—DILUTED (in dollars per share) $ 5.85 $ 5.23 $ 3.24
WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC (in shares) 86,805,755 81,916,663 74,482,176
WEIGHTED-AVERAGE SHARES OUTSTANDING—DILUTED (in shares) 86,805,755 81,916,663 74,482,176
Control investments      
INVESTMENT INCOME:      
Total investment income $ 205,367 $ 197,150 $ 155,967
NET REALIZED GAIN (LOSS):      
Total net realized gain (loss) 36,922 (50,532) (5,822)
NET UNREALIZED APPRECIATION (DEPRECIATION):      
Total net unrealized appreciation 117,867 161,793 56,682
Affiliate investments      
INVESTMENT INCOME:      
Total investment income 84,367 69,829 54,963
NET REALIZED GAIN (LOSS):      
Total net realized gain (loss) (4,219) (18,729) (3,319)
NET UNREALIZED APPRECIATION (DEPRECIATION):      
Total net unrealized appreciation 47,299 33,689 10,314
Non‑Control/Non‑Affiliate investments      
INVESTMENT INCOME:      
Total investment income 251,292 233,406 165,930
NET REALIZED GAIN (LOSS):      
Total net realized gain (loss) 13,295 (51,246) 3,929
NET UNREALIZED APPRECIATION (DEPRECIATION):      
Total net unrealized appreciation $ (27,510) $ 37,095 $ (42,180)