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Financial Highlights and Senior Securities
 3 Months Ended
Mar. 31, 2024
Investment Company [Abstract]  
Financial Highlights and Senior Securities Financial Highlights and Senior Securities
The following are the financial highlights for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
 20242023
Per Share Data (1):
Net asset value, beginning of period$26.66 $25.93 
Net investment income
0.87 0.93 
Net change in unrealized and realized gain (loss)
0.09 (0.06)
Net increase (decrease) in net assets resulting from operations0.96 0.87 
Distributions declared (2)
(0.77)(0.70)
Net increase (decrease) in net assets from capital share transactions0.02 — 
Total increase (decrease) in net assets0.21 0.17 
Net asset value, end of period$26.87 $26.10 
Shares outstanding, end of period191,874,419 160,571,371 
Total return based on NAV (3)
3.4 %3.4 %
Total return based on market value (4)
15.9 %14.3 %
Ratios:
Ratio of net expenses to average net assets (5)
10.7 %11.7 %
Ratio of net investment income to average net assets (5)
12.8 %13.4 %
Portfolio turnover rate1.8 %1.1 %
Supplemental Data:
Net assets, end of period$5,155,665$4,190,496
Asset coverage ratio197.3 %176.4 %
(1)The per share data was derived by using the weighted average shares outstanding during the period.
(2)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 8).
(3)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company's dividend reinvestment plan) divided by the beginning NAV per share. Total return does not include sales load.
(4)Total return based on market value is calculated as the change in market value per share during the respective periods, taking into account distributions, if any, reinvested in accordance with the Company’s dividend reinvestment plan.
(5)Amounts are annualized except for expense support amounts relating to organizational costs and management fee and income based incentive fee waivers by the Adviser (refer to Note 3). For the three months ended March 31, 2024 and 2023, the ratio of total operating expenses to average net assets was 10.7% and 11.9%, respectively, on an annualized basis, excluding the effect of expense support/(recoupment) and management fee and income based incentive fee waivers by the Adviser which represented 0.0% and (0.3)%, respectively, of average net assets. The Waiver Period ended on October 28, 2023.
The following is information about the Company’s senior securities as of the dates indicated in the below table:
Class and Period
Total Amount Outstanding Exclusive of Treasury Securities(1)
 ($ in millions)
Asset Coverage per Unit (2)
 ($ in millions)
Involuntary Liquidating Preference per Unit(3)
Average Market Value per Unit(4)
Subscription Facility (5)
March 31, 2024$— $— —N/A
December 31, 2023— — —N/A
December 31, 2022— — —N/A
December 31, 2021— — —N/A
December 31, 2020— — —N/A
December 31, 2019119.8 2,151 —N/A
December 31, 2018— — —N/A
Class and Period
Total Amount Outstanding Exclusive of Treasury Securities(1)
 ($ in millions)
Asset Coverage per Unit (2)
 ($ in millions)
Involuntary Liquidating Preference per Unit(3)
Average Market Value per Unit(4)
Jackson Hole Funding Facility
March 31, 2024$387.9 $1,973 —N/A
December 31, 2023233.0 2,003 —N/A
December 31, 2022360.0 1,748 —N/A
December 31, 2021361.0 1,802 —N/A
December 31, 2020362.3 2,300 —N/A
December 31, 2019514.2 2,151 —N/A
December 31, 2018120.0 2,278 —N/A
Breckenridge Funding Facility
March 31, 2024824.4 1,973 —N/A
December 31, 2023741.7 2,003 —N/A
December 31, 2022825.0 1,748 —N/A
December 31, 2021568.7 1,802 —N/A
December 31, 2020569.0 2,300 —N/A
December 31, 2019820.3 2,151 —N/A
December 31, 201865.0 2,278 —N/A
Big Sky Funding facility
March 31, 2024500.0 1,973 —N/A
December 31, 2023480.9 2,003 —N/A
December 31, 2022499.6 1,748 —N/A
December 31, 2021499.6 1,802 —N/A
December 31, 2020200.3 2,300 —N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
Revolving Credit Facility
March 31, 2024785.7 1,973 —N/A
December 31, 2023682.3 2,003 —N/A
December 31, 2022678.4 1,748 —N/A
December 31, 2021915.0 1,802 —N/A
December 31, 2020182.9 2,300 —N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
2023 Notes (6)
March 31, 2024— — —N/A
December 31, 2023— — —N/A
December 31, 2022400.0 1,748 —N/A
December 31, 2021400.0 1,802 —N/A
December 31, 2020400.0 2,300 —N/A
December 31, 2019— — —N/A
December 31, 2018— — —N/A
Class and Period
Total Amount Outstanding Exclusive of Treasury Securities(1)
 ($ in millions)
Asset Coverage per Unit (2)
 ($ in millions)
Involuntary Liquidating Preference per Unit(3)
Average Market Value per Unit(4)
2026 Notes
March 31, 2024$800.0 $1,973 —N/A
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
March 31, 2024700.0 1,973 —N/A
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
March 31, 2024650.0 1,973 —N/A
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
March 31, 2024650.0 1,973 —N/A
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.