Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows provided by (used in) operating activities:    
Net increase (decrease) in net assets resulting from operations $ 172,683 $ 129,224
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:    
Purchases of investments [1] (988,392) (972,421)
Fundings assigned to adviser funds [1] 2,500 0
Principal and fee repayments received 843,277 414,436
Proceeds from the sale of debt investments 24,086 47,500
Proceeds from the sale of equity and warrant investments 15,011 929
Net change in unrealized (appreciation) depreciation 15,439 (22,225)
Net realized (gain) loss (7,099) 59,157
Payments of derivative instruments 25 (1,551)
Accretion of paid-in-kind interest (25,256) (27,108)
Accretion of loan discounts (4,337) (3,643)
Accretion of loan discounts on convertible notes 621 379
Loss on extinguishment of debt 2 36
Accretion of loan exit fees (20,192) (15,281)
Change in loan income, net of collections 25,913 15,874
Unearned fees related to unfunded commitments (164) (583)
Amortization of debt fees and issuance costs 5,176 3,954
Depreciation and amortization 169 170
Stock-based compensation and amortization of restricted stock grants [2] 8,138 7,335
Change in operating assets and liabilities:    
Interest receivable 663 (2,951)
Other assets 1,857 4,540
Accrued liabilities (2,833) (4,791)
Net cash provided by (used in) operating activities 67,287 (367,020)
Cash flows provided by (used in) investing activities:    
Purchases of capital equipment (19) (27)
Net cash provided by (used in) investing activities (19) (27)
Cash flows provided by (used in) financing activities:    
Issuance of common stock 52,893 190,913
Offering expenses (871) (2,062)
Retirement of employee shares, net (4,185) (4,495)
Distributions paid (170,381) (159,421)
Issuance of debt 1,078,816 1,501,362
Repayment of debt (1,028,746) (1,207,890)
Debt issuance costs (3,822) (11,040)
Fees paid for credit facilities 0 (3,445)
Net cash provided by (used in) financing activities (76,296) 303,922
Net increase (decrease) in cash, cash equivalents and restricted cash (9,028) (63,125)
Cash, cash equivalents and restricted cash at beginning of period 59,454 116,421
Cash, cash equivalents and restricted cash at end of period 50,426 53,296
Supplemental disclosures of cash flow information and non-cash investing and financing activities:    
Interest paid 50,068 37,008
Income tax, including excise tax, paid 5,693 6,289
Distributions reinvested $ 4,302 $ 5,046
[1] Excluded from the amounts presented are certain investment funding allocations of $365.5 million and $275.8 million, which were directly funded by the Adviser Funds (as defined in “Note 1 – Description of Business”) during the six months ended June 30, 2026 and 2025, respectively. Refer to “Note 12 – Related Party Transaction” for additional information.
[2] Stock-based compensation includes $49 thousand and $71 thousand of restricted stock and option expense related to director compensation for the six months ended June 30, 2026 and 2025, respectively.