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Financial Highlights and Senior Securities
 12 Months Ended
Dec. 31, 2023
Investment Company [Abstract]  
Financial Highlights and Senior Securities Financial Highlights and Senior Securities
The following are the financial highlights for the years ended December 31, 2023, 2022, 2021, 2020, 2019 and for the period ended December 31, 2018:
 For The Year Ended December 31,For the Period Ended December 31,
20232022202120202019
2018 (6)
Per Share Data (1):
Net asset value, beginning of period$25.93 $26.27 $25.20 $26.02 $24.57 $25.00 
Net investment income3.90 2.91 2.43 2.51 2.18 0.17 
Net change in unrealized and realized gain (loss)(0.24)(0.47)0.76 (0.22)0.96 (0.57)
Net increase (decrease) in net assets resulting from operations3.66 2.44 3.19 2.29 3.14 (0.40)
Distributions declared (2)
(2.94)(2.91)(2.03)(2.30)(2.00)— 
Net increase (decrease) in net assets from capital share transactions0.01 0.13 (0.09)(0.81)0.31 (0.03)
Total increase (decrease) in net assets0.73 (0.34)1.07 (0.82)1.45 (0.43)
Net asset value, end of period$26.66 $25.93 $26.27 $25.20 $26.02 $24.57 
Shares outstanding, end of period185,782,408 160,362,861 169,274,033 129,661,586 64,289,742 9,621,319 
Total return based on NAV (3)
14.7 %10.3 %12.6 %6.5 %14.4 %(1.7)%
Total return based on market value (4)
37.4 %(26.1)%32.1 %N/AN/AN/A
Ratios:
Ratio of net expenses to average net assets (5)
10.9 %8.4 %7.2 %6.5 %8.5 %8.9 %
Ratio of net investment income to average net assets (5)
14.6 %11.1 %9.3 %10.4 %8.5 %6.1 %
Portfolio turnover rate13.4 %9.9 %35.4 %46.8 %31.5 %— %
Supplemental Data:
Net assets, end of period$4,952,041$4,158,966$4,447,479$3,267,809$1,673,117$236,365
Asset coverage ratio200.3 %174.8 %180.2 %230.0%215.1 %227.8 %
(1)The per share data was derived by using the weighted average shares outstanding during the period.
(2)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 8).
(3)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company's dividend reinvestment plan) divided by the beginning NAV per share. Total return does not include sales load.
(4)Total return based on market value is calculated as the change in market value per share during the respective periods, taking into account distributions, if any, reinvested in accordance with the Company’s dividend reinvestment plan. The beginning market value per share is based on the initial public offering price of $26.15 per share and not annualized.
(5)Amounts are annualized except for expense support amounts relating to organizational costs and management fee and income based incentive fee waivers by the Adviser (refer to Note 3). For the years ended December 31, 2023, 2022, 2021, 2020, 2019 and the period ended December 31, 2018, the ratio of total operating expenses to average net assets was 11.7%, 9.3%, 7.4%, 6.4%, 8.5%, and 14.1% respectively, on an annualized basis, excluding the effect of expense support/(recoupment) and management fee and income based incentive fee waivers by the Adviser which represented (0.8)%, (0.9)%, (0.2)%, (0.1)%, (0.0)% and 5.2%, respectively, of average net assets.
(6)The period ended December 31, 2018 represents the period from November 20, 2018 (commencement of operations) to December 31, 2018.
The following is information about the Company’s senior securities as of the dates indicated in the below table:
Class and Period
Total Amount Outstanding Exclusive of Treasury Securities (1)
 ($ in millions)
Asset Coverage per Unit (2)
 ($ in millions)
Involuntary Liquidating Preference per Unit (3)
Average Market Value per Unit (4)
Subscription Facility (5)
December 31, 2023$— $— —N/A
December 31, 2022— — —N/A
December 31, 2021— — —N/A
December 31, 2020— — —N/A
December 31, 2019119.8 2,151 —N/A
December 31, 2018— — —N/A
Jackson Hole Funding Facility
December 31, 2023233.0 2,003—N/A
December 31, 2022360.0 1,748—N/A
December 31, 2021361.0 1,802—N/A
December 31, 2020362.3 2,300—N/A
December 31, 2019514.2 2,151—N/A
December 31, 2018120.0 2,278—N/A
Breckenridge Funding Facility
December 31, 2023741.7 2,003—N/A
December 31, 2022825.0 1,748—N/A
December 31, 2021568.7 1,802—N/A
December 31, 2020569.0 2,300—N/A
December 31, 2019820.3 2,151—N/A
December 31, 201865.0 2,278—N/A
Big Sky Funding facility
December 31, 2023480.9 2,003—N/A
December 31, 2022499.6 1,748—N/A
December 31, 2021499.6 1,802—N/A
December 31, 2020200.3 2,300—N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
Revolving Credit Facility
December 31, 2023682.3 2,003—N/A
December 31, 2022678.4 1,748—N/A
December 31, 2021915.0 1,802—N/A
December 31, 2020182.9 2,300—N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
2023 Notes (6)
December 31, 2023— — —N/A
December 31, 2022400.0 1,748—N/A
December 31, 2021400.0 1,802—N/A
December 31, 2020400.0 2,300—N/A
Class and Period
Total Amount Outstanding Exclusive of Treasury Securities (1)
 ($ in millions)
Asset Coverage per Unit (2)
 ($ in millions)
Involuntary Liquidating Preference per Unit (3)
Average Market Value per Unit (4)
December 31, 2019$— $— —N/A
December 31, 2018— — —N/A
2026 Notes
December 31, 2023800.0 2,003—N/A
December 31, 2022800.0 1,748—N/A
December 31, 2021800.0 1,802—N/A
December 31, 2020800.0 2,300—N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
New 2026 Notes
December 31, 2023700.0 2,003—N/A
December 31, 2022700.0 1,748—N/A
December 31, 2021700.0 1,802—N/A
December 31, 2020— — —N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
2027 Notes
December 31, 2023650.0 2,003—N/A
December 31, 2022650.0 1,748—N/A
December 31, 2021650.0 1,802—N/A
December 31, 2020— — —N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
2028 Notes
December 31, 2023650.0 2,003—N/A
December 31, 2022650.0 1,748—N/A
December 31, 2021650.0 1,802—N/A
December 31, 2020— — —N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
(1)Total amount of each class of senior securities outstanding at the end of the period presented.
(2)Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.
(3)The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “-” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.
(4)Not applicable because the senior securities are not registered for public trading.
(5)The Subscription Facility was terminated on November 3, 2020.
(6)The 2023 Notes matured on July 14, 2023 and were paid off consistent with the terms of the 2023 Notes Indenture.