Net investment income per share for the quarter ended March 31, 2025 was $0.42. Excluding purchase discount amortization per share of $0.01 from the Merger (as defined below), adjusted net investment income per share was $0.41, equating to an annualized net investment income yield on book value of 12.4%.¹ Earnings per share for the quarter ended March 31, 2025 was $0.27.

Net asset value (“NAV”) per share as of March 31, 2025 decreased 1.6% to $13.20 from $13.41 as of December 31, 2024.

As of March 31, 2025, the Company’s total investments at fair value and commitments were $3,861.6 million, comprised of investments in 163 portfolio companies across 38 industries. The investment portfolio was comprised of 97.5% senior secured debt, including 96.1% in first lien investments.²

During the quarter, the Company had new investment commitments of approximately $87.8 million of which $53.8 million were funded. Fundings of previously unfunded commitments for the quarter were $37.8 million and sales and repayments activity totaled $179.3 million, resulting in net funded investment activity of $(87.7) million.

During the quarter, MPI Engineered Technologies, LLC’s 2nd Lien/Senior Secured Debt position and ATX Networks Corp.’s 1st Lien/Senior Secured Debt position, were placed on non-accrual status. Pluralsight, Inc.’s 1st Lien/Senior Secured Debt position was restored back to accrual status due to an improvement in performance. Additionally, Animal Supply Intermediate, LLC’s 2nd Lien/Senior Secured Debt position that was on non-accrual status as of December 31, 2024 was exited. As of March 31, 2025, the Company had certain investments held in nine portfolio companies on non-accrual status. As of March 31, 2025, investments on non-accrual status amounted to 1.9% and 4.6% of the total investment portfolio at fair value and amortized cost, respectively.

The Company’s ending net debt-to-equity ratio was 1.16x as of March 31, 2025 compared to 1.17x as of December 31, 2024.

As of March 31, 2025, 48.0% of the Company’s approximately $1,874.9 million aggregate principal amount of debt outstanding was comprised of unsecured debt and 52.0% was comprised of secured debt.³

On February 26, 2025, the Board of Directors approved a reduction of the base quarterly dividend to $0.32 per share (the “Base Dividend”) with upside potential through quarterly supplemental variable distributions (the “Supplemental Dividend”) in the amount of at least 50% of the Company’s net investment income in excess of the amount of the Base Dividend to the extent there is sufficient net investment income.

The Company’s Board of Directors declared a second quarter 2025 Base Dividend of $0.32 per share and a special dividend of $0.16 per share payable to shareholders of record as of June 30, 2025.⁴

The Company’s Board of Directors also declared a first quarter 2025 Supplemental Dividend of $0.05 per share payable on or about June 13, 2025 to shareholders of record as of May 30, 2025. Adjusted for the impact of the Supplemental Dividend related to the first quarter’s earnings, the Company’s first quarter adjusted NAV per share was $13.15.⁵

On November 15, 2023, the Company entered into an equity distribution agreement pursuant to which it may issue up to $200 million in aggregate offering price of shares of its common stock through at-the-market offerings. No shares were issued during the three months ended March 31, 2025.

Investment portfolio, at fair value²

Total debt outstanding³

Net assets

Ending net debt-to-equity¹¹

Net asset value per share

Less: Supplemental Dividend per share declared post-quarter

Adjusted net asset value per share⁵

Total investment income

Net investment income after taxes

Less: Purchase discount amortization

Adjusted net investment income after taxes¹

Net realized and unrealized gains (losses)

Add: Realized/Unrealized depreciation from the purchase discount

Adjusted net realized and unrealized gains (losses)¹

Net investment income per share (basic and diluted)

Less: Purchase discount amortization per share

Adjusted net investment income per share¹

Weighted average shares outstanding

Distribution per share

Investment Type

1st Lien/Senior Secured Debt

1st Lien/Last-Out Unitranche

2nd Lien/Senior Secured Debt

Unsecured Debt

Preferred Stock

Common Stock

Total

Investments at Fair Value

Investment Type

$ Millions

% of Total

1st Lien/Senior Secured Debt

1st Lien/Last-Out Unitranche

2nd Lien/Senior Secured Debt

Unsecured Debt

Preferred Stock

Common Stock

Warrants

Total

Number of portfolio companies

Percentage of performing debt bearing a floating rate⁷

Percentage of performing debt bearing a fixed rate⁷

Weighted average yield on debt and income producing investments, at amortized cost⁸

Weighted average yield on debt and income producing investments, at fair value⁸

Weighted average leverage (net debt/EBITDA)⁹

Weighted average interest coverage⁹

Median EBITDA⁹

On October 12, 2020, we completed our merger (the “Merger”) with Goldman Sachs Middle Market Lending Corp. (“MMLC”). The Merger was accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations — Related Issues. The consideration paid to MMLC’s shareholders was less than the aggregate fair values of the assets acquired and liabilities assumed, which resulted in a purchase discount (the “purchase discount”). The purchase discount was allocated to the cost of MMLC investments acquired by us on a pro-rata basis based on their relative fair values as of the closing date. Immediately following the Merger with MMLC, we marked the investments to their respective fair values and, as a result, the purchase discount allocated to the cost basis of the investments acquired was immediately recognized as unrealized appreciation on our Consolidated Statement of Operations. The purchase discount allocated to the loan investments acquired will amortize over the life of each respective loan through interest income, with a corresponding adjustment recorded as unrealized appreciation on such loan acquired through its ultimate disposition. The purchase discount allocated to equity investments acquired will not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, we will recognize a realized gain with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired.

The discussion of the investment portfolio excludes the investment, if any, in a money market fund managed by an affiliate of The Goldman Sachs Group, Inc. (the “Money Market Fund”). As of March 31, 2025, the Company had an investment of $0.03 million in the Money Market Fund.

Total debt outstanding excludes netting of debt issuance costs of $6.8 million and $8.2 million, respectively, as of March 31, 2025 and December 31, 2024.

The $0.32 per share Base Dividend and $0.16 per share special dividend are payable on or about July 28, 2025 to shareholders of record as of June 30, 2025.

On February 26, 2025, we announced a distribution framework that is comprised of a quarterly base distribution declared in the relevant quarter and a variable supplemental distribution declared in the following quarter, subject to satisfaction of certain measurement tests and the approval of our Board.

Amount rounds to less than 0.1%.

The fixed versus floating composition has been calculated as a percentage of performing debt investments measured on a fair value basis, including income producing preferred stock investments and excludes investments, if any, placed on non-accrual status.

Computed based on the (a) annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total performing debt and other income producing investments (excluding investments on non-accrual) at amortized cost or fair value, respectively. This calculation excludes exit fees that are receivable upon repayment of the investment. Excludes the purchase discount and amortization related to the Merger.

For a particular portfolio company, we calculate the level of contractual indebtedness net of cash (“net debt”) owed by the portfolio company and compare that amount to measures of cash flow available to service the net debt. To calculate net debt, we include debt that is both senior and pari passu to the tranche of debt owned by us but exclude debt that is legally and contractually subordinated in ranking to the debt owned by us. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by us relative to other senior and junior creditors of a portfolio company. We typically calculate cash flow available for debt service at a portfolio company by taking net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”) for the trailing twelve month period. Weighted average net debt-to-EBITDA is weighted based on the fair value of our debt investments and excludes investments where net debt-to-EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

The Company’s Revolving Credit Facility has debt outstanding denominated in currencies other than U.S. Dollars (“USD”). These balances have been converted to USD using applicable foreign currency exchange rates as of March 31, 2025. As a result, the Revolving Credit Facility’s outstanding borrowings and the available debt amounts may not sum to the total debt commitment amount.

The ending net debt-to-equity leverage ratio is calculated by using the total borrowings net of cash and cash equivalents divided by equity as of March 31, 2025 and excludes unfunded commitments.

Assets

Investments, at fair value

Non-controlled/non-affiliated investments (cost of $3,436,737 and $3,533,627)

Non-controlled affiliated investments (cost of $118,749 and $139,955)

Total investments, at fair value (cost of $3,555,486 and $3,673,582)

Investments in affiliated money market fund (cost of $29 and $25,238)

Cash

Interest and dividends receivable

Deferred financing costs

Other assets

Total assets

Liabilities

Debt (net of debt issuance costs of $6,871 and $8,176)

Interest and other debt expenses payable

Management fees payable

Incentive fees payable

Distribution payable

Unrealized depreciation on foreign currency forward contracts

Secured borrowings

Accrued expenses and other liabilities

Total liabilities

Commitments and contingencies (Note 8)

Net assets

Preferred stock, par value $0.001 per share (1,000,000 shares authorized, no shares issued and outstanding)

Paid-in capital in excess of par

Distributable earnings (loss)

Total net assets

Total liabilities and net assets

Net asset value per share

Investment income:

From non-controlled/non-affiliated investments:

Interest income

Payment-in-kind income

Other income

Dividend income

From non-controlled affiliated investments:

Interest income

Dividend income

Payment-in-kind income

Other income

Total investment income

Expenses:

Interest and other debt expenses

Incentive fees

Management fees

Professional fees

Directors’ fees

Other general and administrative expenses

Total expenses

Net expenses

Net investment income before taxes

Income tax expense, including excise tax

Net investment income after taxes

Net realized and unrealized gains (losses) on investment transactions:

Net realized gain (loss) from:

Non-controlled/non-affiliated investments

Non-controlled affiliated investments

Foreign currency and other transactions

Net change in unrealized appreciation (depreciation) from:

Non-controlled/non-affiliated investments

Non-controlled affiliated investments

Foreign currency forward contracts

Foreign currency translations and other transactions

Net realized and unrealized gains (losses)

(Provision) benefit for taxes on realized gain/loss on investments

(Provision) benefit for taxes on unrealized appreciation/depreciation on investments

Net increase (decrease) in net assets from operations

Weighted average shares outstanding

Basic and diluted net investment income per share

Basic and diluted earnings (loss) per share