v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Net increase in net assets resulting from operations $ 84,319 $ 111,860 $ 122,004
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in by operating activities:      
Net realized losses (gains) on investments 12,880 56 11
Net change in unrealized depreciation (appreciation) of investments 7,693 4,330 (16,827)
Amortization of purchase discount (6,725) (4,754) (3,890)
Amortization of deferred financing costs 2,523 2,091 984
Non-cash investment income (6,424) (9,468) (5,824)
(Increase) decrease in operating assets:      
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities 110 258 134
Interest and dividend receivable 474 (314) (2,883)
Receivable from unsettled securities sold 4,086 (7,311) (2,992)
Other assets 49 (337) 180
Increase (decrease) in operating liabilities:      
Payable for unsettled securities purchased 411 (1,344) 1,344
Management fee payable 107 291 191
Interest payable (173) (28) 755
Accrued organizational and offering expenses 0 0 (61)
Payable to affiliates 25 (25) (13)
Other liabilities 0 (5) (48)
Net cash flows provided by (used in) operating activities 25,378 (20,342) (27,575)
Cash flows from financing activities      
Distributions paid (88,218) (49,698) 0
Deferred financing costs paid (1,674) (2,319) (5,579)
Net cash flows (used in) provided by financing activities (20,492) 18,583 33,721
Net increase (decrease) in cash and cash equivalents 4,886 (1,759) 6,146
Cash and cash equivalents at the beginning of the period 20,399 22,158 16,012
Cash and cash equivalents at the end of the period 25,285 20,399 22,158
Supplemental disclosure of cash flow information      
Cash interest paid 29,589 34,022 27,189
Non-cash operating activities:      
Non-cash activity on investments 31,990 1,567 0
Non-cash financing activities:      
Distributions declared and payable 0 0 56,514
Value of shares issued in connection with reinvestment of distributions 15,568 124,031 89,398
Accrual for deferred financing costs 3 0 4
Wells Credit Facility      
Cash flows from financing activities      
Proceeds from Wells Credit Facility 339,000 313,100 149,000
Repayment of Wells Credit Facility (269,600) (242,500) (109,700)
Investments Including Delayed Draw Facilities      
(Increase) decrease in operating assets:      
Cash paid for purchase of investments (421,456) (461,813) (230,547)
Investments Excluding Drawn Revolvers      
(Increase) decrease in operating assets:      
Proceeds from sales and paydowns of investments 351,973 347,760 110,507
Drawn Revolving Credit Facilities      
(Increase) decrease in operating assets:      
Cash paid for purchase of investments (523) (578) (466)
Drawn Revolvers      
(Increase) decrease in operating assets:      
Cash paid for purchase of investments (23,924) (27,796) (30,915)
Proceeds from sales and paydowns of investments $ 19,953 $ 26,785 $ 30,781