v3.25.2

Share Data and Net Assets | 9 Months Ended
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Jun. 30, 2025
Stockholders' Equity Note [Abstract] |
Share Data and Net Assets | Share Data and Net Assets Earnings per Share The following table sets forth the computation of basic and diluted earnings per share, pursuant to ASC Topic 260-10, Earnings per Share, for the three and nine months ended June 30, 2025 and 2024:
(Share amounts in thousands) |  | Three months ended June 30, 2025 |  | Three months ended June 30, 2024 |  | Nine months ended June 30, 2025 |  | Nine months ended June 30, 2024
Earnings (loss) per common share — basic and diluted: |  |  |  |  |  |  |  |
Net increase (decrease) in net assets resulting from operations |  | $ | 38,352 |  |  | $ | 1,120 |  |  | $ | 9,342 |  |  | $ | 20,992 |
Weighted average common shares outstanding — basic and diluted |  | 88,086 |  |  | 81,830 |  |  | 85,402 |  |  | 79,804 |
Earnings (loss) per common share — basic and diluted |  | $ | 0.44 |  |  | $ | 0.01 |  |  | $ | 0.11 |  |  | $ | 0.26 |
Changes in Net Assets The following table presents the changes in net assets for the three and nine months ended June 30, 2025:
|  | Common Stock |  |  |  |  |  |
(Share amounts in thousands) |  | Shares |  | Par Value |  | Additional paid-in-capital |  | Accumulated Overdistributed Earnings |  | Total Net Assets
Balance as of September 30, 2024 |  | 82,245 |  |  | $ | 822 |  |  | $ | 2,264,449 |  |  | $ | (777,460) |  |  | $ | 1,487,811 |
Net investment income |  | — |  |  | — |  | — |  | 44,302 |  | 44,302
Net unrealized appreciation (depreciation) |  | — |  | — |  | — |  | (19,614) |  | (19,614)
Net realized gains (losses) |  | — |  | — |  | — |  | (17,310) |  | (17,310)
(Provision) benefit for taxes on realized and unrealized gains (losses) |  | — |  | — |  | — |  | (139) |  | (139)
Distributions to stockholders |  | — |  | — |  | — |  | (45,235) |  | (45,235)
Issuance of common stock under dividend reinvestment plan |  | 95 |  | 1 |  | 1,454 |  | — |  | 1,455
Repurchase of common stock under dividend reinvestment plan |  | (95) |  | (1) |  | (1,454) |  | — |  | (1,455)
Balance as of December 31, 2024 |  | 82,245 |  |  | $ | 822 |  |  | $ | 2,264,449 |  |  | $ | (815,456) |  |  | $ | 1,449,815 |
Net investment income |  | — |  |  | — |  |  | — |  |  | 39,055 |  |  | 39,055
Net unrealized appreciation (depreciation) |  | — |  |  | — |  |  | — |  |  | (82,023) |  |  | (82,023)
Net realized gains (losses) |  | — |  |  | — |  |  | — |  |  | 6,705 |  |  | 6,705
(Provision) benefit for taxes on realized and unrealized gains (losses) |  | — |  |  | — |  |  | — |  |  | 14 |  |  | 14
Distributions to stockholders |  | — |  |  | — |  |  | — |  |  | (41,400) |  |  | (41,400)
Issuance of common stock under dividend reinvestment plan |  | 276 |  |  | 3 |  |  | 4,286 |  |  | — |  |  | 4,289
Repurchase of common stock under dividend reinvestment plan |  | (276) |  |  | (3) |  |  | (4,286) |  |  | — |  |  | (4,289)
Issuance of common stock in private placement |  | 5,672 |  |  | 57 |  |  | 99,943 |  |  | — |  |  | 100,000
Issuance of common stock in connection with the "at the market" offering |  | 169 |  |  | 2 |  |  | 2,945 |  |  | — |  |  | 2,947
Balance as of March 31, 2025 |  | 88,086 |  |  | $ | 881 |  |  | $ | 2,367,337 |  |  | $ | (893,105) |  |  | $ | 1,475,113 |
Net investment income |  | — |  |  | — |  |  | — |  |  | 33,481 |  |  | 33,481
Net unrealized appreciation (depreciation) |  | — |  |  | — |  |  | — |  |  | 18,572 |  |  | 18,572
Net realized gains (losses) |  | — |  |  | — |  |  | — |  |  | (13,432) |  |  | (13,432)
(Provision) benefit for taxes on realized and unrealized gains (losses) |  | — |  |  | — |  |  | — |  |  | (269) |  |  | (269)
Distributions to stockholders |  | — |  |  | — |  |  | — |  |  | (36,996) |  |  | (36,996)
Issuance of common stock under dividend reinvestment plan |  | 269 |  |  | 3 |  |  | 3,748 |  |  | — |  |  | 3,751
Repurchase of common stock under dividend reinvestment plan |  | (269) |  |  | (3) |  |  | (3,748) |  |  | — |  |  | (3,751)
Balance as of June 30, 2025 |  | 88,086 |  |  | $ | 881 |  |  | $ | 2,367,337 |  |  | $ | (891,749) |  |  | $ | 1,476,469 |
The following table presents the changes in net assets for the three and nine months ended June 30, 2024:
|  | Common Stock |  |  |  |  |  |
(Share amounts in thousands) |  | Shares |  | Par Value |  | Additional paid-in-capital |  | Accumulated Overdistributed Earnings |  | Total Net Assets
Balance as of September 30, 2023 |  | 77,225 |  |  | $ | 772 |  |  | $ | 2,166,330 |  |  | $ | (651,338) |  |  | $ | 1,515,764 |
Net investment income |  | — |  |  | — |  | — |  | 44,189 |  | 44,189
Net unrealized appreciation (depreciation) |  | — |  | — |  | — |  | (25,025) |  | (25,025)
Net realized gains (losses) |  | — |  | — |  | — |  | (8,453) |  | (8,453)
(Provision) benefit for taxes on realized and unrealized gains (losses) |  | — |  | — |  | — |  | (176) |  | (176)
Distributions to stockholders |  | — |  | — |  | — |  | (48,897) |  | (48,897)
Issuance of common stock in connection with the "at the market" offering |  | 1,641 |  | 17 |  | 32,296 |  | — |  | 32,313
Issuance of common stock under dividend reinvestment plan |  | 99 |  | 1 |  | 1,935 |  | — |  | 1,936
Balance as of December 31, 2023 |  | 78,965 |  |  | $ | 790 |  |  | $ | 2,200,561 |  |  | $ | (689,700) |  |  | $ | 1,511,651 |
Net investment income |  | — |  |  | — |  | — |  | 41,367 |  | 41,367
Net unrealized appreciation (depreciation) |  | — |  | — |  | — |  | (25,252) |  | (25,252)
Net realized gains (losses) |  | — |  | — |  | — |  | (6,603) |  | (6,603)
(Provision) benefit for taxes on realized and unrealized gains (losses) |  | — |  | — |  | — |  | (175) |  | (175)
Distributions to stockholders |  | — |  | — |  | — |  | (44,715) |  | (44,715)
Issuance of common stock in connection with the "at the market" offering |  | 2,334 |  | 23 |  | 45,950 |  | — |  | 45,973
Issuance of common stock under dividend reinvestment plan |  | 97 |  | 1 |  | 1,852 |  | — |  | 1,853
Balance as of March 31, 2024 |  | 81,396 |  |  | $ | 814 |  |  | $ | 2,248,363 |  |  | $ | (725,078) |  |  | $ | 1,524,099 |
Net investment income |  | — |  |  | — |  | — |  | 44,575 |  | 44,575
Net unrealized appreciation (depreciation) |  | — |  | — |  | — |  | 26,199 |  | 26,199
Net realized gains (losses) |  | — |  | — |  | — |  | (69,452) |  | (69,452)
(Provision) benefit for taxes on realized and unrealized gains (losses) |  | — |  | — |  | — |  | (202) |  | (202)
Distributions to stockholders |  | — |  | — |  | — |  | (45,180) |  | (45,180)
Issuance of common stock in connection with the "at the market" offering |  | 749 |  | 7 |  | 14,214 |  | — |  | 14,221
Issuance of common stock under dividend reinvestment plan |  | 100 |  | 1 |  | 1,872 |  | — |  | 1,873
Balance as of June 30, 2024 |  | 82,245 |  |  | $ | 822 |  |  | $ | 2,264,449 |  |  | $ | (769,138) |  |  | $ | 1,496,133 |
Distributions Distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend is determined by the Board of Directors and is based on management’s estimate of the Company’s annual taxable income. Net realized capital gains, if any, may be distributed to stockholders or retained for reinvestment. The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Company’s Board of Directors declares a cash distribution, then the Company’s stockholders who have not “opted out” of the Company’s DRIP will have their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. If the Company’s shares are trading at a premium to net asset value, the Company typically issues new shares to implement the DRIP with such shares issued at the greater of the most recently computed net asset value per share of common stock or 95% of the current market price per share of common stock on the payment date for such distribution. If the Company’s shares are trading at a discount to net asset value, the Company typically purchases shares in the open market in connection with the Company’s obligations under the DRIP. For income tax purposes, the Company has reported its distributions for the 2024 calendar year as ordinary income. The character of such distributions was appropriately reported to the Internal Revenue Service and stockholders for the 2024 calendar year. To the extent the Company’s taxable earnings for a fiscal and taxable year fall below the amount of distributions paid for the fiscal and taxable year, a portion of the total amount of the Company’s distributions for the fiscal and taxable year is deemed a return of capital for U.S. federal income tax purposes to the Company’s stockholders. The following table reflects the distributions per share that the Company has paid, including shares issued under the DRIP, on its common stock during the nine months ended June 30, 2025 and 2024:
Distribution |  | Date Declared |  | Record Date |  | Payment Date |  | Amount per Share |  | Cash Distribution |  | DRIP Shares Issued |  | DRIP Shares Value (3) |  |
Quarterly |  | November 7, 2024 |  | December 16, 2024 |  | December 31, 2024 |  | $ | 0.55 |  |  | $ | 43.8 | million |  | 94,970 |  | (1) | $ | 1.5 | million |  |
Quarterly |  | January 27, 2025 |  | March 17, 2025 |  | March 31, 2025 |  | $ | 0.40 |  |  | $ | 31.5 | million |  | 234,752 |  | (1) | $ | 3.7 | million |  |
Supplemental |  | January 27, 2025 |  | March 17, 2025 |  | March 31, 2025 |  | $ | 0.07 |  |  | $ | 5.6 | million |  | 41,082 |  | (1) | $ | 0.6 | million |  |
Quarterly |  | April 28, 2025 |  | June 16, 2025 |  | June 30, 2025 |  | $ | 0.40 |  |  | $ | 31.6 | million |  | 256,343 |  | (1) | $ | 3.6 | million |  |
Supplemental |  | April 28, 2025 |  | June 16, 2025 |  | June 30, 2025 |  | $ | 0.02 |  |  | $ | 1.6 | million |  | 12,817 |  | (1) | $ | 0.2 | million |  |
Total for the nine months ended June 30, 2025 |  | $ | 1.44 |  |  | $ | 114.1 | million |  | 639,964 |  |  | $ | 9.5 | million |  |
Distribution |  | Date Declared |  | Record Date |  | Payment Date |  | Amount per Share |  | Cash Distribution |  | DRIP Shares Issued |  | DRIP Shares Value |  |
Quarterly |  | November 8, 2023 |  | December 15, 2023 |  | December 29, 2023 |  | $ | 0.55 |  |  | $ | 41.7 | million |  | 87,472 |  | (2) | $ | 1.7 | million |  |
Special |  | November 8, 2023 |  | December 15, 2023 |  | December 29, 2023 |  | $ | 0.07 |  |  | $ | 5.3 | million |  | 11,133 |  | (2) | $ | 0.2 | million |  |
Quarterly |  | January 26, 2024 |  | March 15, 2024 |  | March 29, 2024 |  | $ | 0.55 |  |  | $ | 42.8 | million |  | 96,850 |  | (2) | $ | 1.9 | million |  |
Quarterly |  | April 26, 2024 |  | June 14, 2024 |  | June 28, 2024 |  | $ | 0.55 |  |  | $ | 43.3 | million |  | 100,029 |  | (2) | $ | 1.9 | million |  |
Total for the nine months ended June 30, 2024 |  | $ | 1.72 |  |  | $ | 133.1 | million |  | 295,484 |  |  | $ | 5.7 | million |  |
__________ (1) Shares were purchased on the open market and distributed. (2) New shares were issued and distributed. (3) Totals may not sum due to rounding. Common Stock Issuances During the three and nine months ended June 30, 2024, the Company issued 100,029 and 295,484 shares of common stock, respectively, as part of the DRIP. The Company is party to an equity distribution agreement, dated February 7, 2022, as amended, by and among the Company, Oaktree and Oaktree Administrator and Keefe, Bruyette & Woods, Inc., Citizens JMP Securities, LLC, Raymond James & Associates, Inc. and SMBC Nikko Securities America, Inc., pursuant to which the Company may offer and sell shares of its common stock from time to time having an aggregate offering price of up to $300.0 million under its current shelf registration statement. Sales of the common stock may be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on the Nasdaq Global Select Market or similar securities exchanges or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices. In connection with the "at the market" offering, the Company issued and sold 168,055 shares of common stock during the nine months ended June 30, 2025 for net proceeds of $3.0 million (net of offering costs).
|  | Number of Shares Issued |  | Gross Proceeds |  | Placement Agent Fees |  | Net Proceeds (1) |  | Average Sales Price per Share (2)
"At the market" offering |  | 168,055 |  |  | $ | 2,987 |  |  | $ | 26 |  |  | $ | 2,960 |  |  | $ | 17.77 |
(1) Net proceeds excludes offering costs of less than $0.1 million. (2) Represents the gross sales price, including supplemental payments by Oaktree, before deducting placement agent fees and estimated offering expenses. In connection with the at-the-market offering, an affiliate of Oaktree made additional supplemental payments to the Company in an amount equal to $0.3 million during the nine months ended June 30, 2025 to ensure that the sales price per share of common stock was not less than the Company’s current net asset value per share. These amounts are included in gross proceeds in the table above. In connection with the "at the market" offering, the Company issued and sold 4,724,506 shares of common stock during the nine months ended June 30, 2024 for net proceeds of $92.5 million (net of offering costs).
|  | Number of Shares Issued |  | Gross Proceeds |  | Placement Agent Fees |  | Net Proceeds (1) |  | Average Sales Price per Share (2)
"At the market" offering |  | 4,724,506 |  |  | $ | 93,685 |  |  | $ | 937 |  |  | $ | 92,748 |  |  | $ | 19.83 |
(1) Net proceeds excludes offering costs of $0.2 million. (2) Represents the gross sales price before deducting placement agent fees and estimated offering expenses. On January 31, 2025, the Company and Oaktree Capital I, L.P., an affiliate of Oaktree, entered into a purchase agreement pursuant to which Oaktree Capital I, L.P. purchased 5,672,149 shares of the Company’s common stock on February 3, 2025 for an aggregate purchase price of $100.0 million. These shares were sold at $17.63 per share, which was the Company’s net asset value per share as of January 31, 2025 as calculated in accordance with Section 23 of the Investment Company Act. Oaktree Capital I, L.P. has agreed not to sell the shares acquired in this transaction through February 3, 2026.

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