Financial Highlights (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Financial Highlights for a Common Share Outstanding

The table below presents the financial highlights for a common share outstanding for the following periods:


	For the Years Ended December 31,
($ in thousands, except share and per share amounts)	2023			2022			2021			2020			2019				2018			2017			2016
Per share data:
Net asset value, beginning of period	$	14.99		$	15.08		$	14.74		$	15.24		$	15.10			$	15.03		$	14.85		$	—
Net investment income(1)	1.93			1.41			1.25			1.33			1.54				1.68			1.40			0.42
Net realized and unrealized gain (loss)	0.10			(0.22)			0.33			(0.35)			0.08				(0.19)			0.13			0.36
Total from operations	2.03			1.19			1.58			0.98			1.62				1.49			1.53			0.78
Repurchase of common shares(2)	0.02			0.01			—			0.08			(0.03)				—			—			14.13
Distributions declared from earnings(2)	(1.59)			(1.29)			(1.24)			(1.56)			(1.45)				(1.42)			(1.35)			(0.06)
Total increase (decrease) in net assets	0.46			(0.09)			0.34			(0.50)			0.14				0.07			0.18			14.85
Net asset value, end of period	$	15.45		$	14.99		15.08			$	14.74		$	15.24			$	15.10		$	15.03		$	14.85
Shares outstanding, end of period	389,732,868			392,476,687			393,766,855			389,966,688			392,129,619				216,204,837			97,959,595			45,833,313
Per share market value at end of period	$	14.76		$	11.55		14.16			$	12.66		$	17.89			N/A			N/A			N/A
Total Return, based on market value(3)	43.3		%	(9.9)		%	21.7		%	(20.1)		%	22.0		%	(8)	N/A			N/A			N/A
Total Return, based on net asset value(4)	15.6		%	9.0		%	11.3		%	8.7		%	10.7		%		10.2		%	10.6		%	(0.6)		%
Ratios / Supplemental Data(5)
Ratio of total expenses to average net assets(6)	13.9		%	11.0		%	9.1		%	5.0		%	4.4		%		6.4		%	6.3		%	6.5		%
Ratio of net investment income to average net assets	12.7		%	9.5		%	8.4		%	9.1		%	10.0		%		10.9		%	9.0		%	2.9		%
Net assets, end of period	$	6,021,393		$	5,882,403		$	5,937,877		$	5,746,434		$	5,977,283			$	3,264,845		$	1,472,579		$	680,525
Weighted-average shares outstanding	390,104,585			394,006,852			392,297,907			388,645,561			324,630,279				146,422,371			67,082,905			21,345,191
Total capital commitments, end of period	N/A			N/A			N/A			N/A			N/A				$	5,471,160		$	5,067,680		$	2,313,237
Ratio of total contributed capital to total committed capital, end of period	N/A			N/A			N/A			N/A			N/A				57.4		%	27.9		%	28.8		%
Portfolio turnover rate	13.2		%	11.6		%	43.1		%	14.7		%	17.7		%		29.1		%	30.8		%	25.4		%

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(1)The per share data was derived using the weighted average shares outstanding during the period.

(2)The per share data was derived using actual shares outstanding at the date of the relevant transaction.

(3)Total return based on market value is calculated as the change in market value per share during the respective periods, taking into account dividends and distributions, if any, reinvested in accordance with the Company’s dividend reinvestment plan.

(4)Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share (assuming dividends and distributions, if any, are reinvested in accordance with the Company’s dividend reinvestment plan), if any, divided by the beginning NAV per share.

(5)Does not include expenses of investment companies in which the Company invests.

(6)Prior to the management and incentive fee waivers, the total expenses to average net assets for the years ended December 31, 2020, 2019, 2018 and 2017 were 7.3%, 5.9%, 6.4% and 6.3%, respectively.