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
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows provided by (used in) operating activities:    
Net increase (decrease) in net assets resulting from operations $ 129,224 $ 132,816
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:    
Purchases of investments (972,421) [1] (955,095)
Fundings assigned to Adviser Funds 0 [1] 118,379
Principal and fee repayments received 414,436 487,668
Proceeds from the sale of debt investments 47,500 0
Proceeds from the sale of equity and warrant investments 929 19,148
Net change in unrealized (appreciation) depreciation (22,225) 31,088
Net realized (gain) loss 59,157 (2,384)
Payments of derivative instruments (1,551) (849)
Accretion of paid-in-kind interest (27,108) (25,164)
Accretion of loan discounts (3,643) (1,981)
Accretion of loan discounts on convertible notes 379 0
Loss on extinguishment of debt 36 0
Accretion of loan exit fees (15,281) (13,287)
Change in loan income, net of collections 15,874 10,981
Unearned fees related to unfunded commitments (583) 517
Amortization of debt fees and issuance costs 3,954 3,518
Depreciation and amortization 170 282
Stock-based compensation and amortization of restricted stock grants [2] 7,335 6,050
Change in operating assets and liabilities:    
Interest receivable (2,951) 1,122
Other assets 4,540 (3,323)
Accrued liabilities (4,791) 9,115
Net cash (used in) operating activities (367,020) (181,399)
Cash flows provided by (used in) investing activities:    
Purchases of capital equipment (27) (670)
Net cash (used in) investing activities (27) (670)
Cash flows provided by (used in) financing activities:    
Issuance of common stock 190,913 67,275
Offering expenses (2,062) (903)
Retirement of employee shares, net (4,495) (1,305)
Distributions paid (159,421) (150,093)
Issuance of debt 1,501,362 656,000
Repayment of debt (1,207,890) (466,000)
Debt issuance costs (11,040) 0
Fees paid for credit facilities (3,445) 0
Net cash provided by financing activities 303,922 104,974
Net increase (decrease) in cash, cash equivalents, foreign cash and restricted cash (63,125) (77,095)
Cash, cash equivalents, foreign cash and restricted cash at beginning of period 116,421 116,013
Cash, cash equivalents, foreign cash and restricted cash at end of period 53,296 38,918
Supplemental disclosures of cash flow information and non-cash investing and financing activities:    
Interest paid 37,008 35,536
Income tax, including excise tax, paid 6,289 5,156
Distributions reinvested $ 5,046 $ 3,832
[1] Excluded from the amounts presented are certain investment funding allocations of $275.8 million and $111.7 million, which were directly funded by the Adviser Funds (as defined in "Note 1 – Description of Business") during the six month period ended June 30, 2025 and 2024, respectively. Refer to “Note 12 – Related Party Transaction” for additional information.
[2] Stock-based compensation includes $71 thousand and $71 thousand of restricted stock and option expense related to director compensation for the six months ended June 30, 2025 and 2024, respectively.