v3.25.4
Consolidated Statements of Cash Flow - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net decrease in net assets resulting from operations $ (2,661) $ (5,633) $ (17,185)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by (used in) operating activities:      
Amortization of debt issuance costs 2,645 1,783 1,852
Net realized loss on investments 55,114 34,631 29,702
Net realized loss on extinguishment of debt 2,819 0 151
Net unrealized (appreciation) depreciation on investments (10,859) 18,785 48,780
Purchase of investments (223,819) (182,364) (218,689)
Principal payments received on investments 234,454 146,360 152,293
PIK interest on investments (2,349) (3,261) (8,433)
Proceeds from sale of investments 6,031 302 11,066
Equity received in settlement of interest and fee income (5,126) 0 (89)
Warrants received in settlement of fee income (71) (359) (80)
Accrued interest converted to common stock 137 0 0
Changes in assets and liabilities:      
Decrease (increase) in interest receivable 687 (922) 1,773
Decrease (increase) in end-of-term payments 3,786 (1,711) (2,035)
Decrease in unearned income (2,728) (2,886) (3,700)
Increase in other assets (1,366) (246) (650)
Increase (decrease) in other accrued expenses 5 (535) 1,393
Decrease in base management fee payable (70) (7) (13)
Decrease in incentive fee payable 0 0 (1,392)
Net cash provided by (used in) operating activities 56,629 3,937 (5,256)
Cash flows from financing activities:      
Proceeds from issuance of 2028 Notes 57,500 0 0
Proceeds from issuance of common stock, net of offering costs 14,081 66,353 65,093
Advances on Credit Facilities 15,000 75,000 104,250
Repayment of Credit Facilities 0 (70,000) (35,000)
Debt issuance costs (7,213) (4,852) (735)
Distributions paid (53,094) (46,370) (40,523)
Net cash (used in) provided by financing activities (14,804) 21,209 50,512
Net increase in cash, cash equivalents and restricted cash 41,825 25,146 45,256
Cash, cash equivalents and restricted cash:      
Beginning of period 100,868 75,722 30,466
End of period 142,693 100,868 75,722
Supplemental disclosure of cash flow information:      
Cash paid for interest 29,928 30,436 26,880
Supplemental non-cash operating and financing activities:      
Refinanced debt investment balances 78,750 27,660 32,500
Warrant and equity investments received and recorded as unearned income 2,305 1,768 2,683
Debt converted to common stock 25,750 0 0
Distributions payable 15,053 13,159 11,011
End-of-term payments receivable 9,742 13,528 11,816
Non-cash income 14,001 12,113 17,123
Cash 105,519 70,264 46,630
Investments in money market funds 34,711 27,266 26,450
Restricted investments in money market funds 2,463 3,338 2,642
Total cash, cash equivalents and restricted cash 142,693 100,868 75,722
The 2031 Convertible Notes [Member]      
Cash flows from financing activities:      
Proceeds from Convertible Debt 0 20,000 0
The 2030 Convertible Notes [Member]      
Cash flows from financing activities:      
Proceeds from Convertible Debt 40,000 0 0
Asset-backed Notes 2019 [Member]      
Cash flows from financing activities:      
Repayment of note 0 0 (42,573)
Asset-backed Notes 2022 [Member]      
Cash flows from financing activities:      
Repayment of note $ (81,078) $ (18,922) $ 0