v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Operating activities              
Net increase (decrease) in net assets resulting from operations attributable to common stockholders and participating securities $ 26,158   $ 32,912   $ 51,017 $ 59,132  
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:              
Payment-in-kind interest income         (10,264) (10,014)  
Net accretion of discount on investments         (5,860) (15,694)  
Amortization of deferred financing costs 652   271   1,251 540  
Amortization of discount on unsecured notes         318 98  
Amortization of premium on unsecured notes         (140) 0  
Sales and repayments of investments         520,726 258,161  
Purchases of investments         (653,093) (260,977)  
Net realized (gain) loss from investments         8,046 (1,533)  
Net realized (gain) loss on derivatives (17)   0   (6) 0  
Net change in unrealized (appreciation) depreciation on investments         21,367 39,786  
Net change in unrealized (appreciation) depreciation on derivatives 111   0   349 0  
(Increase) decrease in operating assets:              
Interest and dividend receivable         5,590 458  
Receivable for unsettled trades         (26,163) (11,212)  
Prepaid expenses and other assets         374 3,224  
Due from broker         7,690 647  
Cash received in the Mergers         0 58,478  
Increase (decrease) in operating liabilities:              
Management fees payable         91 10,201  
Incentive fees on income payable         (197) 6,896  
Accounts payable and accrued expenses         2,201 (6,741)  
Payable for unsettled trades         (23,995) 0  
Interest and debt fees payable         4,980 10,277  
Directors' fees payable         0 (385)  
Other liabilities         (658) 186  
Net cash provided by (used in) operating activities         (96,376) 141,528  
Financing activities              
Repayments of secured borrowings         (29,052) 0  
Proceeds from issuance of shares of common stock         0 900  
Repurchase of common stock         (34,903) (41,170)  
Proceeds from debt         559,301 435,724  
Payments on debt         (329,300) (458,600)  
Payments of financing costs         (5,278) (4,424)  
Common stockholder distributions         (70,362) (42,924)  
Preferred stockholder distributions         (3,373) (3,884)  
Net cash provided by (used in) financing activities         87,033 (114,378)  
Net increase (decrease) in cash, cash equivalents and restricted cash         (9,343) 27,150  
Cash, cash equivalents and restricted cash, beginning of period   $ 130,760   $ 55,222 130,760 55,222 $ 55,222
Cash, cash equivalents and restricted cash, end of period 121,417   82,372   121,417 82,372 130,760
Supplemental and non-cash activities:              
Non-cash repayments of secured borrowings         1,706 2,586  
Interest and non-usage fees paid during the period         61,699 39,604  
Net taxes paid, including excise tax, during the period         1,309 4,326  
Distributions reinvested during the period 9,292 $ 9,991 9,933 $ 3,342 19,283 13,275 33,106
Issuance of shares in connection with merger [1]         0 1,594,261  
Cash and cash equivalents 105,259   64,595   105,259 64,595 119,096
Restricted cash 16,158   17,777   16,158 17,777 11,664
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 121,417   $ 82,372   $ 121,417 $ 82,372 $ 130,760
[1] On January 24, 2024, in connection with the Mergers (as defined in Note 1 – Organization), the Company acquired net assets of $1,594.3 million for the total stock consideration of $1,598.9 million, inclusive of $4.6 million of transaction costs. For further details, refer to Note 19 – Merger with FBLC.