Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows provided by (used in) operating activities:    
Net increase (decrease) in net assets resulting from operations $ 42,502 $ 50,337
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:    
Purchases of investments [1] (529,318) (415,033)
Funding Assigned To Adviser Funds [1] 2,500 0
Principal and fee repayments received 227,485 144,483
Proceeds from the sale of debt investments 7,500 0
Proceeds from the sale of equity and warrant investments 2,907 329
Net change in unrealized (appreciation) depreciation 45,005 25,565
Net realized (gain) loss 603 1,541
Accretion of paid-in-kind interest (12,914) (13,473)
Accretion of loan discounts (1,771) (1,109)
Accretion of loan discounts on convertible notes 311 68
Loss on extinguishment of debt 0 15
Accretion of loan exit fees (10,194) (7,436)
Change in loan income, net of collections 11,308 4,365
Unearned fees related to unfunded commitments 1,113 1,102
Amortization of debt fees and issuance costs 2,487 1,842
Depreciation and amortization 85 89
Stock-based compensation and amortization of restricted stock grants [2] 4,185 3,637
Change in operating assets and liabilities:    
Interest receivable (3,094) (1,215)
Other assets (631) 2,041
Accrued liabilities (20,702) (19,345)
Net cash provided by (used in) operating activities (230,633) (222,197)
Cash flows provided by (used in) investing activities:    
Purchases of capital equipment (19) (8)
Net cash provided by (used in) investing activities (19) (8)
Cash flows provided by (used in) financing activities:    
Issuance of common stock 52,893 40,160
Offering expenses (857) (743)
Retirement of employee shares, net (3,366) (3,469)
Distributions paid (84,415) (78,873)
Issuance of debt 729,816 569,188
Repayment of debt (474,125) (360,812)
Debt issuance costs (3,822) (4,927)
Fees paid for credit facilities 0 (419)
Net cash provided by (used in) financing activities 216,124 160,105
Net increase (decrease) in cash, cash equivalents and restricted cash (14,528) (62,100)
Cash, cash equivalents and restricted cash at beginning of period 59,454 116,421
Cash, cash equivalents and restricted cash at end of period 44,926 54,321
Supplemental disclosures of cash flow information and non-cash investing and financing activities:    
Interest paid 32,396 25,580
Income tax, including excise tax, paid 5,489 6,033
Distributions reinvested $ 2,318 $ 2,511
[1] Excluded from the amounts presented are certain investment funding allocations of $177.1 million and $124.1 million, which were directly funded by the Adviser Funds (as defined in “Note 1 – Description of Business”) during the three months ended March 31, 2026 and 2025, respectively. Refer to “Note 12 – Related Party Transaction” for additional information.
[2] Stock-based compensation includes $35 thousand and $35 thousand of restricted stock and option expense related to director compensation for the three months ended March 31, 2026 and 2025, respectively.