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Financial Highlights (Tables)
 12 Months Ended
Dec. 31, 2025
Investment Company [Abstract]  
Summary of Financial Highlights
The following is a schedule of financial highlights of the Company for the years ended December 31, 2025, 2024, 2023, 2022 and 2021:
Year Ended December 31,
20252024202320222021
Per Share Data:
Net asset value, beginning of year
$23.64 $24.46 $24.89 $27.17 $25.02 
Results of operations(1)
Net investment income (loss)2.34 2.90 3.18 3.05 2.76 
Net realized gain (loss) and unrealized appreciation (depreciation)
(2.29)(0.82)(0.70)(2.74)4.28 
Net increase (decrease) in net assets resulting from operations0.05 2.08 2.48 0.31 7.04 
Stockholder distributions(2)
Distributions from net investment income(2.80)(2.90)(2.95)(2.66)(2.47)
Distributions from net realized gain on investments— — — — — 
Net decrease in net assets resulting from stockholder distributions(2.80)(2.90)(2.95)(2.66)(2.47)
Capital share transactions
Issuance of common stock(3)
— — — — (2.20)
Repurchases of common stock(4)
— — 0.04 0.07 0.01 
Deduction of deferred costs(5)
— — — — (0.23)
Net increase (decrease) in net assets resulting from capital share transactions— — 0.04 0.07 (2.42)
Net asset value, end of period$20.89 $23.64 $24.46 $24.89 $27.17 
Per share market value, end of year
$14.81 $21.72 $19.97 $17.50 $20.94 
Shares outstanding, end of year
280,066,433 280,066,433 280,066,433 281,731,750 284,543,091 
Total return based on net asset value(6)
0.21 %8.50 %10.12 %1.40 %18.47 %
Total return based on market value(7)
(20.31)%25.29 %32.45 %(4.61)%41.45 %
Ratio/Supplemental Data:
Net assets, end of year
$5,849 $6,622 $6,849 $7,012 $7,730 
Ratio of net investment income to average net assets(8)
10.22 %11.90 %12.67 %11.42 %10.36 %
Ratio of total operating expenses to average net assets(8)
13.52 %13.29 %13.32 %10.96 %9.35 %
Ratio of net operating expenses to average net assets(8)
13.52 %13.29 %13.32 %10.17 %8.82 %
Portfolio turnover41.19 %33.38 %12.14 %28.61 %49.82 %
Total amount of senior securities outstanding, exclusive of treasury securities
$7,620 $7,385 $8,223 $8,731 $9,179 
Asset coverage per unit(9)
1.77 1.90 1.83 1.80 1.84 
_______________
(1)The per share data was derived by using the weighted average shares outstanding during the applicable period.
(2)The per share data for distributions reflect the actual amount of distributions declared per share during the applicable period.
(3)During the year ended December 31, 2021, the issuance of common stock on a per share basis reflects the incremental net asset value changes as a result of the issuance of shares of common stock pursuant to the 2021 Merger at the fair value of FSK’s common stock issued based on the shares outstanding resulting from the 2021 Merger.
(4)Represents the incremental impact of the Company’s respective stock repurchase programs by buying shares in the open market at a price lower than net asset value per share.
(5)Represents the impact on NAV of merger accounting by the permanent write-off of the Company’s deferred merger costs and FSKR’s deferred costs and prepaid assets as well as the mark-to-market of FSKR’s 4.25% Notes due 2025.
(6)The total return based on net asset value for each year presented was calculated by taking the net asset value per share as of the end of the applicable year, adding the distributions per share that were declared during the applicable calendar year and dividing the total by the net
asset value per share at the beginning of the applicable year. Total return based on net asset value does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of the Company’s common stock. The historical calculation of total return based on net asset value in the table should not be considered a representation of the Company’s future total return based on net asset value, which may be greater or less than the return shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. The total return calculations set forth above represent the total return on the Company’s investment portfolio during the applicable period and do not represent an actual return to stockholders.
(7)The total return based on market value for each period presented was calculated based on the change in market price during the applicable period, including the impact of distributions reinvested in accordance with the Company’s DRP. Total return based on market value does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of the Company’s common stock. The historical calculation of total return based on market value in the table should not be considered a representation of the Company’s future total return based on market value, which may be greater or less than the return shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets, general economic conditions and fluctuations in per share market value. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods.
(8)Weighted average net assets during the applicable period are used for this calculation. The following is a schedule of supplemental ratios for the years ended December 31, 2025, 2024, 2023, 2022 and 2021:
Year Ended December 31,
20252024202320222021
Ratio of subordinated income incentive fees to average net assets2.13 %2.45 %2.57 %1.31 %0.83 %
Ratio of interest expense to average net assets7.25 %6.81 %6.63 %4.82 %4.10 %
Ratio of excise taxes to average net assets0.34 %0.34 %0.31 %0.25 %0.21 %
(9)Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness.
Summary of Supplemental Ratios The following is a schedule of supplemental ratios for the years ended December 31, 2025, 2024, 2023, 2022 and 2021:
Year Ended December 31,
20252024202320222021
Ratio of subordinated income incentive fees to average net assets2.13 %2.45 %2.57 %1.31 %0.83 %
Ratio of interest expense to average net assets7.25 %6.81 %6.63 %4.82 %4.10 %
Ratio of excise taxes to average net assets0.34 %0.34 %0.31 %0.25 %0.21 %