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 $ 14,337 $ 10,851 $ 20,412
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by / (used in) operating activities:      
Payment-in-kind income (2,150) (7,260)  
Net realized (gains) losses on investments 35,383 17,993 (5,738)
Net realized loss on foreign currency translation 821   30
Net unrealized (appreciation) depreciation on investments (24,102) 9,567 21,969
Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies (33) (1,098) 1,239
Net unrealized (appreciation) depreciation on foreign currency forward contracts 343 (63) 40
Accretion of discount (3,555) (4,111) (4,493)
Amortization of deferred financing costs 1,281 1,688 1,599
Acquisition of investments (191,739) (207,283) (145,008)
Proceeds from principal payments and sales of portfolio investments 166,468 186,251 128,199
Proceeds from sales of portfolio investments to STRS JV 83,259 59,190 69,419
Net changes in operating assets and liabilities:      
Interest and dividend receivable (16) 2,518 (335)
Prepaid expenses and other receivables 25 202 (37)
Amounts receivable on unsettled investment transactions (12) 231 (60)
Amounts payable on unsettled investment transactions (3,539) 3,539  
Management fees payable (272) (663) (265)
Incentive fees payable 1,309 7,378 4,852
Accounts payable and accrued expenses (257) 52 (240)
Interest payable (429) (248) (705)
Advances received from unfunded credit facilities 150 24 (509)
Net cash provided by / (used in) operating activities 77,272 78,758 90,369
Cash flows from financing activities      
Proceeds from notes issued 174,000   34,500
Purchases of common stock, net of offering costs (7,422)    
Borrowings 39,700 119,315 132,248
Repayments of debt (242,014) (153,222) (222,099)
Deferred financing costs (3,071)   (1,445)
Distributions paid to common stockholders, net of distributions reinvested (36,609) (41,489) (35,329)
Net cash provided by / (used in) financing activities (75,416) (75,396) (92,125)
Effect of exchange rate changes on cash 33 (13) (21)
Net change in cash, cash equivalents and restricted cash 1,889 3,349 (1,777)
Cash, cash equivalents and restricted cash at beginning of period 27,836 24,487 26,264
Cash, cash equivalents and restricted cash at end of period 29,725 27,836 24,487
Supplemental and non-cash disclosure of cash flow information:      
Interest paid 22,287 26,459 29,021
Taxes, including excise tax, paid during the year 1,459 1,407 1,103
Distributions declared $ 33,257 $ 41,489 36,027
Non-cash exchanges of investments     $ 5,520