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Earnings Per Share | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share Shares used in the computation of the Company’s basic and diluted earnings per share are as follows:
(in thousands, except per share data) |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Numerator |  |  |  |  |  |  |  |
Net increase (decrease) in net assets resulting from operations |  | $ | 119,685 |  |  | $ | 68,711 |  |  | $ | 248,909 |  |  | $ | 201,527 |
Less: Total distributions declared |  | (85,388) |  |  | (77,943) |  |  | (249,855) |  |  | (231,868) |
Total Earnings (loss), net of total distributions |  | 34,297 |  |  | (9,232) |  |  | (946) |  |  | (30,341) |
Earnings (loss), net of distributions attributable to common shares |  | 34,042 |  |  | (9,232) |  |  | (947) |  |  | (30,341) |
Add: Distributions declared attributable to common shares |  | 84,752 |  |  | 77,263 |  |  | 247,749 |  |  | 229,650 |
Numerator for basic change in net assets per common share |  | 118,794 |  |  | 68,031 |  |  | 246,802 |  |  | 199,309 |
Add: Income impact of assumed conversion of 2028 Convertible Notes |  | 4,116 |  | — |  | 9,096 |  |  | —
Numerator for diluted change in net assets per common share |  | $ | 122,910 |  |  | $ | 68,031 |  |  | $ | 255,898 |  |  | $ | 199,309 |
Denominator |  |  |  |  |  |  |  |
Basic weighted average common shares outstanding |  | 180,360 |  | 161,019 |  | 175,633 |  | 159,742
Incremental shares from assumed conversion of 2028 Convertible Notes |  | 13,387 |  | — |  | 10,015 |  | —
Common shares issuable |  | 611 |  | 496 |  | 603 |  | 511
Weighted average common shares outstanding assuming dilution |  | 194,358 |  | 161,515 |  | 186,251 |  | 160,253
Change in net assets per common share: |  |  |  |  |  |  |  |
Basic |  | $ | 0.66 |  |  | $ | 0.42 |  |  | $ | 1.41 |  |  | $ | 1.25 |
Diluted |  | $ | 0.63 |  |  | $ | 0.42 |  |  | $ | 1.37 |  |  | $ | 1.24 |
In the table above, unvested share-based payment awards that have non-forfeitable rights to distributions or distribution equivalents are treated as participating securities for calculating earnings per share. Unvested common stock options and restricted stock units are also considered for the purpose of calculating diluted earnings per share. The issuance of the 2028 Convertible Notes is considered part of the if-converted method for calculation of diluted earnings per share. In applying the if-converted method, conversion is not assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. For the three and nine months ended September 30, 2025, there was no anti-dilution when applying the if-converted method for the 2028 Convertible Notes. The calculation of change in net assets resulting from operations per common share assuming dilution, excludes all anti-dilutive shares. For the three and nine months ended September 30, 2025 and 2024, the number of anti-dilutive shares, as calculated based on the weighted average closing price of the Company’s common stock for the periods, are as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Anti-dilutive Securities |  | 2025 |  | 2024 |  | 2025 |  | 2024
Unvested common stock options |  | 1,527 |  | 832 |  | 1,217 |  | 1,212
Unvested restricted stock awards |  | — |  |  | 152 |  | 1,094 |  | 398
As of September 30, 2025 and December 31, 2024, the Company was authorized to issue 300.0 million shares of common stock with a par value of $0.001. Each share of common stock entitles the holder to one vote.

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