v3.25.4
CONSOLIDATED STATEMENT 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 $ 5,632 $ 15,944 $ 2,234
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:      
Fundings and purchases of investments, net (155,740) (132,478) (105,342)
Principal payments and proceeds from investments 145,740 158,644 109,038
Payment-in-kind interest on investments (5,310) (3,499) (1,361)
Net change in unrealized (gains) losses on investments (3,854) 5,320 230
Net realized (gains) losses on investments 24,583 14,824 43,510
Accretion of debt investment fees (5,394) (3,365) (4,720)
Amortization of debt fees and issuance costs 1,463 1,154 908
Change in operating assets and liabilities:      
Interest receivable, prepaid expenses and other assets 1,556 (1,556) (636)
Base management fee payable 5 89 159
Other accrued expenses and liabilities 120 (3,916) (280)
Net cash (used in) provided by operating activities 8,801 51,161 43,740
Cash Flows from Financing Activities:      
Borrowings under revolving credit facility 93,000 49,000 52,500
Repayments under revolving credit facility (115,000) (48,500) (74,000)
Common stock distributions paid (21,557) (42,641) (38,565)
Preferred stock distributions paid (63) (63) (63)
Deferred credit facility costs 314 0 (2,117)
Debt issuance costs of 2027 Notes 0 0 (16)
Proceeds from issuance of common stock 0 0 42,300
Net cash (used in) provided by financing activities (43,306) (42,204) (19,961)
Net change in cash, cash equivalents and restricted cash (34,505) 8,957 23,779
Cash, cash equivalents and restricted cash at beginning of period 69,802 60,845 37,066
Cash, cash equivalents and restricted cash at end of period 35,297 69,802 60,845
Cash and cash equivalents 17,859 41,222 45,398
Restricted cash 17,438 28,580 15,447
Total cash, cash equivalents and restricted cash shown in the statement of cash flows 35,297 69,802 60,845
Supplemental Disclosures of Cash Flow Information:      
Cash paid for interest 11,875 14,946 14,848
Excise taxes paid $ 323 $ 572 $ 250