v3.26.1
STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flow from operating activities:      
Net decrease in net assets resulting from operations $ (14,164) $ (18,777) $ 12,949
Net realized loss:      
Control investments 4,111 0 0
Non-affiliate investments 2,381 0 0
Other 155 0 0
U.S. Treasury Bills 0 (138) (34)
Net change in unrealized (appreciation) depreciation of portfolio securities:      
Control investments 8,889 15,600 (16,950)
Non-affiliate investments (5,357) 0 0
Net change in unrealized appreciation of warrant payable 297   0
Share-based incentive compensation 270 0 0
Purchase of portfolio securities (1,594) (2,247) (8,253)
Write-off of receivable from portfolio company (155) 0 0
PIK interest payable 182 0 0
Amortization of debt discount 501   0
Transaction costs 307 0 0
Net proceeds from dispositions of portfolio securities 1,794 0  
Sales (purchases) of U.S. Treasury Bills, net 0 45,093 (38,923)
Changes in operating assets and liabilities:      
Accounts receivable from affiliates 180 (539) 211
Accrued interest receivable (1,278) (1,245) (225)
Other assets (10) 366 (11)
Accounts payable and accrued liabilities 84 132 (227)
Accounts payable to related parties 1,278 (11) 103
Net cash (used in) provided by operating activities (2,129) 38,234 (51,359)
Cash flows from financing activities:      
Borrowings under margin account 0 161,907 85,923
Repayments under margin account 0 (206,862) (46,966)
Issuance of notes payable and warrants liability 2,000 0 101
Net cash provided by (used in) financing activities 2,000 (44,955) 39,058
Net decrease in cash and cash equivalents (129) (6,721) (12,301)
Cash and cash equivalents and restricted cash at beginning of period 262 6,983 19,284
Cash and cash equivalents and restricted cash at end of period 133 262 6,983
Non-cash operating and financing activities:      
Shares subscribed but not issued 298 0 0
Supplemental disclosure of cash flow information:      
Interest paid in kind on note payable $ 182 $ 138 $ 25