Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows provided by (used in) operating activities:      
Net increase (decrease) in net assets resulting from operations $ 339,737 $ 262,966 $ 337,484
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:      
Purchases of investments [1] (1,695,973) (1,542,447) (1,598,584)
Fundings assigned to Adviser Funds [1] 0 118,379 350,686
Principal and fee repayments received 848,191 955,682 1,002,433
Proceeds from the sale of debt investments 74,521 0 0
Proceeds from the sale of equity and warrant investments 46,378 49,438 43,202
Net change in unrealized (appreciation) depreciation (38,812) 31,209 (25,010)
Net realized (gain) loss 40,611 31,486 (8,437)
Payments for derivative instruments (1,551) (849) 0
Accretion of paid-in-kind interest (55,923) (51,270) (24,670)
Accretion of loan discounts (7,172) (4,636) (6,939)
Accretion of loan discount on convertible notes 1,000 0 0
Loss on extinguishment of debt 184 171 0
Accretion of loan exit fees (33,109) (26,655) (24,961)
Change in loan income, net of collections 27,552 23,509 23,796
Unearned fees related to unfunded commitments (965) (400) (2,650)
Amortization of debt fees and issuance costs 8,503 6,956 6,980
Depreciation and amortization 337 466 190
Stock-based compensation and amortization of restricted stock grants [2] 14,791 12,485 11,927
Change in operating assets and liabilities:      
Interest receivable (5,337) 62 (1,050)
Other assets 3,193 1,672 (22,466)
Accrued liabilities 8,043 13,688 6,347
Net cash provided by (used in) operating activities (425,801) (118,088) 68,278
Cash flows provided by (used in) investing activities:      
Purchases of capital equipment (89) (705) (887)
Net cash provided by (used in) investing activities (89) (705) (887)
Cash flows provided by (used in) financing activities:      
Issuance of common stock 206,789 220,875 344,347
Offering expenses (2,363) (2,546) (6,132)
Retirement of employee shares, net (6,490) (3,430) (12,702)
Distributions paid (325,992) (303,475) (273,677)
Issuance of debt 1,996,362 1,332,154 659,000
Repayment of debt (1,484,839) (1,118,525) (683,000)
Debt issuance costs (11,013) (4,282) 0
Fees paid for credit facilities (3,531) (1,570) (5,090)
Net cash provided by (used in) financing activities 368,923 119,201 22,746
Net increase (decrease) in cash, cash equivalents, foreign cash and restricted cash (56,967) 408 90,137
Cash, cash equivalents, foreign cash and restricted cash at beginning of period 116,421 116,013 25,876
Cash, cash equivalents, foreign cash and restricted cash at end of period 59,454 116,421 116,013
Supplemental disclosures of cash flow information and non-cash investing and financing activities:      
Interest paid 83,449 77,850 67,149
Income tax, including excise tax, paid 6,408 5,253 5,267
Distributions reinvested $ 9,271 $ 8,769 $ 4,624
[1] Excluded from the amounts presented are certain investment funding allocations of $579.1 million and $264.8 million, which were directly funded by the Adviser Funds (as defined in “Note 1 – Description of Business”) during the year ended December 31, 2025 and 2024, respectively. Refer to “Note 13 – Related Party Transaction” for additional information.
[2] Stock-based compensation includes $142 thousand, $143 thousand, and $117 thousand of restricted stock and option expense related to director compensation for the years ended December 31, 2025, 2024, and 2023, respectively.