v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net increase (decrease) in net assets resulting from operations $ (4,218) $ 14,054
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:    
Amortization of deferred financing costs and debt issuance costs 855 721
Net accretion of discount on investments (2,513) (2,968)
Paid-in-kind interest (7,092) (5,674)
Net realized (gain) loss on investments 9,482 21,529
Net realized currency (gain) loss on non-investment assets and liabilities 136 596
Net change in unrealized (appreciation) depreciation on investments 23,799 (16,297)
Net change in unrealized currency (gain) loss on non-investment assets and liabilities (3,995) 1,339
Cost of investments purchased and change in payable for investments purchased (240,926) (316,353)
Proceeds from sales and repayments of investments and change in receivable for investments sold 444,368 395,235
Cash acquired in CSL III Merger [1] 0 37,751
Cash acquired in Credit Fund II Purchase [2] 0 6
Changes in operating assets:    
Interest and dividend receivable 3,898 17,928
Prepaid expenses and other assets 505 115
Changes in operating liabilities:    
Interest and credit facility fees payable (9,107) (1,458)
Base management and incentive fees payable (236) 84
Administrative service fees payable 477 41
Other accrued expenses and liabilities 820 (9,047)
Net cash provided by (used in) operating activities 212,389 145,801
Cash flows from financing activities:    
Repurchase of common stock (18,501) 0
Borrowings on Credit Facilities 154,651 288,932
Repayments of Credit Facilities (299,000) (215,500)
Deferred financing costs and debt issuance costs paid (68) (2,241)
Proceeds from issuance of common stock from at the market offering, net of offering and underwriting costs 0 101
Dividends paid in cash (28,723) (22,785)
Net cash provided by (used in) financing activities (191,641) 48,507
Net increase (decrease) in cash, cash equivalents and restricted cash 20,748 194,308
Cash, cash equivalents and restricted cash, beginning of period 76,493 56,575
Cash, cash equivalents and restricted cash, end of period 97,241 250,883
Supplemental disclosures:    
Interest and credit facility fees paid during the period 30,810 21,735
Taxes, including excise tax, paid during the period 2,086 2,723
Dividends declared on preferred and common stock during the period 28,108 23,757
Dividends reinvested during the period 0 949
Supplemental disclosures of non-cash financing activities:    
Common stock issued in Preferred Stock Exchange 0 50,000
Forward currency contracts    
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:    
Net change in unrealized (gain) loss on derivatives 0 3,192
Interest rate swap    
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:    
Net change in unrealized (gain) loss on derivatives (3,864) 5,007
Acquisition of CSL III    
Non-cash assets acquired:    
Investments, at fair value [1] 0 483,736
Interest receivable [1] 0 7,909
Other assets [1] 0 9,907
Total non-cash assets acquired [1] 0 501,552
Liabilities assumed:    
Debt [1] 0 206,000
Interest payable [1] 0 2,666
Incentive fee payable [1] 0 1,413
Derivative liabilities, at fair value [1] 0 812
Other liabilities [1] 0 12,839
Total liabilities assumed [1] 0 223,730
Issuance of common stock pursuant to CSL III Merger [1] 0 315,838
Transaction costs capitalized into purchase price [1] 0 1,650
Acquisition of Credit Fund II    
Non-cash assets acquired:    
Investments, at fair value [2] 0 191,097
Interest receivable [2] 0 2,737
Total non-cash assets acquired [2] 0 193,834
Liabilities assumed:    
Other liabilities [2] 0 227
Total liabilities assumed [2] 0 227
Consolidation of investments in Credit Fund II [2] 0 193,614
Transaction costs capitalized into purchase price [2] $ 0 $ 103
[1] Refer to Note 16, Merger with CSL III, to these unaudited consolidated financial statements for details of the CSL III Merger.
[2] Refer to Note 6, Middle Market Credit Fund II, to these unaudited consolidated financial statements for details of the Credit Fund II Purchase.