v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash Flows from Operating Activities          
Net (decrease) increase in net assets resulting from operations     $ (35,164) $ 87  
Adjustments to reconcile the net (decrease) increase in net assets resulting from operations to net cash provided by operating activities:          
Purchases of investments     (1,830) (8,209)  
Purchases of short-term investments     (246,923) (394,467)  
Interest income paid in-kind $ (512) $ (1,345) (2,203) (2,866)  
Proceeds from sales and paydowns of investments     50,229 8,856  
Proceeds from sales of short-term investments     397,069 422,499  
Realized gain on short-term investments     (1,612) (2,033)  
Net realized loss on investments     135,751 32,894  
Change in net unrealized (appreciation)/depreciation on investments     (96,566) (27,918)  
Amortization of premium and accretion of discount, net     (2) (14)  
Amortization of deferred financing costs 170 159 236 313  
Increase (decrease) in operating assets and liabilities:          
(Increase) decrease in interest income receivable     (1,190) (280)  
(Increase) decrease in prepaid and other assets     46 30  
Increase (decrease) in payable for short-term investments purchased     (148,534) (25,999)  
Increase (decrease) in interest and credit facility expense payable     (261) 441  
Increase (decrease) in directors' fees payable     117 135  
Increase (decrease) in other accrued expenses and liabilities     (131) (265)  
Net cash (used in) provided by operating activities     49,032 3,204  
Cash Flows from Financing Activities          
Return of capital     (12,300) 0  
Deferred financing costs paid     (237) (151)  
Proceeds from credit facility     1,800 9,200  
Repayments of credit facility     (53,350) (28,600)  
Net cash used in financing activities     (64,087) (19,551)  
Net decrease in cash and cash equivalents     (15,055) (16,347)  
Cash and cash equivalents, beginning of period     20,992 17,736 $ 17,736
Cash and cash equivalents, end of period $ 5,937 $ 1,389 5,937 1,389 $ 20,992
Supplemental and non-cash financing activities          
Interest expense paid     930 2,184  
Non-cash purchases of investments due to reorganization     (38,109) 0  
Non-cash sales of investments due to reorganization     38,109 0  
Proceeds from secured borrowing     321,344 364,913  
Payment to secured borrowing     $ (321,344) $ (364,913)