v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows provided by (used in) operating activities:    
Net increase (decrease) in net assets resulting from operations $ 266,251 $ 248,909
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:    
Purchases of investments [1] (1,426,637) (1,344,789)
Fundings assigned to adviser funds [1] 2,500 0
Principal and fee repayments received 994,985 678,999
Proceeds from the sale of debt investments 63,483 67,521
Proceeds from the sale of equity and warrant investments 27,240 6,130
Net change in unrealized (appreciation) depreciation 7,284 (55,214)
Net realized (gain) loss (5,163) 60,929
Payments of derivative instruments (13) (1,551)
Accretion of paid-in-kind interest (35,819) (41,583)
Accretion of loan discounts (5,681) (5,408)
Accretion of loan discounts on convertible notes 932 690
Loss on extinguishment of debt 2 120
Accretion of loan exit fees (30,481) (23,770)
Change in loan income, net of collections 26,272 23,763
Unearned fees related to unfunded commitments (1,029) 524
Amortization of debt fees and issuance costs 8,060 6,242
Depreciation and amortization 251 254
Stock-based compensation and amortization of restricted stock grants [2] 12,204 11,061
Change in operating assets and liabilities:    
Interest receivable (1,648) (4,383)
Other assets 2,602 5,662
Accrued liabilities (3,950) (4,299)
Net cash provided by (used in) operating activities (98,355) (370,193)
Cash flows provided by (used in) investing activities:    
Purchases of capital equipment (19) (56)
Net cash provided by (used in) investing activities (19) (56)
Cash flows provided by (used in) financing activities:    
Issuance of common stock 92,421 190,913
Offering expenses (1,201) (2,074)
Retirement of employee shares, net (4,878) (5,469)
Distributions paid (256,137) (243,056)
Issuance of debt 1,866,562 1,664,362
Repayment of debt (1,598,568) (1,285,836)
Debt issuance costs (7,973) (11,076)
Fees paid for Credit Facilities (750) (3,445)
Net cash provided by (used in) financing activities 89,476 304,319
Net increase (decrease) in cash, cash equivalents and restricted cash (8,898) (65,930)
Cash, cash equivalents and restricted cash at beginning of period 59,454 116,421
Cash, cash equivalents and restricted cash at end of period 50,556 50,491
Supplemental disclosures of cash flow information and non-cash investing and financing activities:    
Interest paid 85,519 66,795
Income tax, including excise tax, paid 5,801 6,346
Distributions reinvested $ 6,515 $ 6,799
[1] Excluded from the amounts presented are certain investment funding allocations of $500.1 million and $408.1 million, which were directly funded by the Adviser Funds (as defined in “Note 1 – Description of Business”) during the nine months ended September 30, 2026 and 2025, respectively. Refer to “Note 12 – Related Party Transactions” for additional information.
[2] Stock-based compensation includes $80 thousand and $106 thousand of restricted stock and option expense related to director compensation for the nine months ended September 30, 2026 and 2025, respectively.