v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net increase (decrease) in net assets resulting from operations $ (7,624) $ 18,663
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:    
Cash consideration for acquisition of SWK and transaction expenses, net of cash received [1] (143,408)  
Payment-in-kind interest (6,754) (7,353)
Sales or repayments of investments 55,860 107,873
Payments for derivative contracts (864) (462)
Proceeds from derivative contracts 0 449
Net realized (gain) loss on investments 43,127 (4,556)
Net realized (gain) loss on forward contracts and foreign currency transactions 878 11
Net change in unrealized (gain) loss on investments (7,110) 14,070
Net change in unrealized (gain) loss on forward contracts and foreign currency transactions (711) 1,359
Net change in unrealized (gain) loss on secured borrowings 255  
Amortization of fixed income premiums or accretion of discounts and end-of-term payments (7,242) (4,106)
Amortization of discount on secured borrowings 70  
Amortization of deferred financing costs 2,320 2,016
Changes in operating assets and liabilities:    
(Increase) decrease in interest and fees receivable (1,378) (732)
(Increase) decrease in other assets 464 (850)
Increase (decrease) in incentive fees payable (1,206) 385
Increase (decrease) in interest payable 2,898 447
Increase (decrease) in accrued expenses and other liabilities (390) 90
Net cash provided by (used in) operating activities (188,414) 73,265
Cash flows from financing activities    
Payments of deferred financing costs (4,212) (3,400)
Borrowings under credit facility 388,000 103,000
Repayments under credit facility (211,000) (155,000)
Repurchase of common stock (1,446) (8,141)
Dividends paid to stockholders (25,938) (26,517)
Net cash provided by (used in) financing activities 181,084 (73,058)
Effect of foreign currency exchange rates (14) 2
Net increase (decrease) in cash and cash equivalents (7,344) 209
Cash and cash equivalents at beginning of period 18,175 5,751
Cash and cash equivalents at end of period 10,831 5,960
Supplemental and non-cash financing cash flow information:    
Taxes paid 881 390
Interest paid 17,159 18,495
Non-cash assets acquired    
Investments at cost [1] 225,230  
Interest receivable [1] 4,262  
Other assets [1] 113  
Total non-cash assets acquired [1] 229,605  
Non-cash liabilities assumed    
SWK 2027 Notes [1] 33,470  
Accrued expenses and other liabilities [1] 110  
Total non-cash liabilities assumed [1] 33,580  
Net assets acquired at cost [1] 196,025  
Consideration for SWK Acquisition    
Cash consideration for SWK Acquisition [1] 173,543  
Cash assets acquired [1] (38,207)  
Transaction costs [1] 8,072  
Non-cash issuance of shares in connection with the SWK Acquisition [1] 43,617  
Non-cash deemed contributions received in connection with the SWK Acquisition [1] 9,000  
Total consideration for SWK Acquisition, net of cash received [1] 196,025  
Purchases of Investments    
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:    
Purchases of investments (117,599) (54,039)
2028 Notes    
Cash flows from financing activities    
Proceeds from Notes 0 107,000
2029 Notes    
Cash flows from financing activities    
Proceeds from Notes 49,430 0
2031 Notes    
Cash flows from financing activities    
Proceeds from Notes 103,250 0
2026 Notes    
Cash flows from financing activities    
Repayments from Notes (25,000) (70,000)
2027 Notes    
Cash flows from financing activities    
Repayments from Notes $ (92,000) $ (20,000)
[1] On April 6, 2026, the Company completed the acquisition of SWK Holdings Corporation. For more information, refer to "Note 13 – Acquisition of SWK Holdings Corporation" for additional information on the acquisition and the relevant accounting for the transaction.