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 (decrease) in net assets resulting from operations $ (5,122) $ 9,704 $ 371
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:      
Net realized (gain) loss on investments 16,667 (1,431) 38,769
Net realized (gain) loss on foreign currency forward contracts 0 0 (1,756)
Net realized (gain) loss on foreign currency and other transactions 0 0 135
Net change in unrealized (gain) loss on investments (139) 16,259 (15,777)
Net change in unrealized (gain) loss on foreign currency forward contracts 0 0 1,507
Payment-in-kind interest capitalized (8,219) (9,538) (9,407)
Net accretion of discounts and amortization of premiums (793) (936) (1,049)
Purchases of investments (32,048) (87,636) (62,900)
Proceeds from principal payments and sale of investments 146,725 115,040 104,674
Amortization of debt issuance costs 1,627 1,317 1,308
Changes in operating assets and liabilities:      
Interest and dividend receivable (269) (4,582) (2,892)
Other assets (90) (575) 13
Distribution receivable from affiliate (1,074) 0 0
Interest payable (222) (175) 37
Base management fees payable (387) (135) (121)
Incentive fees payable 0 (1,319) (61)
Accounts payable and accrued expenses (783) (34) (1,120)
Net cash provided by (used in) operating activities 115,873 35,959 51,731
Cash flows from financing activities:      
Borrowings on debt 57,200 100,900 94,500
Repayments of debt (159,100) (111,100) (125,000)
Debt issuance costs capitalized (942) (7) (57)
Stockholder distributions paid (20,150) (21,666) (21,666)
Net cash provided by (used in) financing activities (122,992) (31,873) (52,223)
Net increase (decrease) in cash and cash equivalents (7,119) 4,086 (492)
Cash and cash equivalents, beginning of year 9,044 4,958 5,450
Cash and cash equivalents, end of year 1,925 9,044 4,958
Supplemental disclosure of cash flow information:      
Cash interest paid during the year 14,316 20,630 21,357
Cash paid for income taxes, including excise taxes during the year 618 382 390
Supplemental disclosure of non-cash activities:      
Non-cash payable for unsettled trades 10,171 420 0
Non-cash distribution receivable from affiliate $ (10,171) $ 0 $ 0