v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Operating activities      
Net increase (decrease) in net assets resulting from operations attributable to common stockholders and participating securities $ 18,471 $ 24,859  
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:      
Payment-in-kind interest income (3,933) (3,790)  
Net accretion of discount on investments (2,659) (3,603)  
Amortization of deferred financing costs 937 599  
Accretion of discount on unsecured notes 329 158  
Amortization of premium on unsecured notes (69) (69)  
Sales and repayments of investments 246,242 323,902  
Purchases of investments (241,525) (282,505)  
Net realized (gain) loss from investments 32,798 (3,463)  
Net realized (gain) loss on derivatives 19 11  
Net change in carrying value of unsecured notes attributed to hedging (1,960) 0  
Net change in unrealized (appreciation) depreciation on investments (11,638) 21,232  
Net change in unrealized (appreciation) depreciation on derivatives (143) 238  
(Increase) decrease in operating assets:      
Interest and dividend receivable 3,208 2,190  
Receivable for unsettled trades 1,420 2,781  
Prepaid expenses and other assets 729 1,013  
Due from broker 0 7,690  
Increase (decrease) in operating liabilities:      
Management fees payable (499) (177)  
Incentive fees on income payable (619) 397  
Accounts payable and accrued expenses (1,669) (1,177)  
Payable for unsettled trades 7,472 (23,961)  
Interest and debt fees payable 2,173 8,045  
Directors' fees payable 15 15  
Other liabilities 1,759 (574)  
Net cash provided by (used in) operating activities 50,858 73,811  
Financing activities      
Repayments of secured borrowings 0 (29,052)  
Proceeds from debt 442,000 195,000  
Payments on debt (497,000) (125,000)  
Payments of financing costs 0 (3,627)  
Common stockholder distributions (25,660) (34,712)  
Preferred stockholder distributions (1,226) (1,686)  
Net cash provided by (used in) financing activities (81,886) 923  
Net increase (decrease) in cash, cash equivalents and restricted cash (31,028) 74,734  
Cash, cash equivalents and restricted cash, beginning of period 120,683 130,760 $ 130,760
Cash, cash equivalents and restricted cash, end of period 89,655 205,494 120,683
Supplemental and non-cash activities:      
Non-cash repayments of secured borrowings 0 1,706  
Interest and non-usage fees paid during the period 30,968 24,595  
Net taxes paid, including excise tax, during the period 0 720  
Distributions reinvested during the period 6,857 9,991 35,668
Cash and cash equivalents 73,235 189,947 100,581
Restricted cash 16,420 15,547 20,102
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 89,655 $ 205,494 $ 120,683