Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows

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
CASH FLOWS FROM OPERATING ACTIVITIES      
Net increase in net assets resulting from operations $ 48,981 $ 116,082  
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:      
Investments in portfolio companies (391,937) (242,705)  
Proceeds from sales and repayments of debt investments in portfolio companies 166,033 144,716  
Proceeds from sales and return of capital of equity investments in portfolio companies 41,746 19,806  
Net unrealized (appreciation) depreciation 50,599 (63,190)  
Net realized (gain) loss (17,973) 29,545  
Accretion of unearned income (5,008) (4,484)  
Payment-in-kind interest (3,847) (3,986)  
Cumulative dividends (1,032) (681)  
Share-based compensation expense 5,105 4,842  
Amortization of deferred financing costs 1,618 1,473  
Deferred taxes 3,957 4,887  
Changes in other assets and liabilities:      
Interest and dividend receivable and other assets (9,890) (1,710)  
Interest payable (9,788) (3,274)  
Accounts payable and other liabilities (19,884) (22,629)  
Deferred fees and other 2,776 909  
Net cash used in operating activities (138,544) (20,399)  
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from public offering of common stock, net of offering costs 134,283 5,198  
Proceeds from public offering of March 2029 Notes 200,000 0  
Dividends paid (87,940) (83,870)  
Proceeds from Credit Facilities 531,000 273,000  
Repayments on Credit Facilities (663,000) (143,000)  
Debt issuance premiums, net 3,033 0  
Net cash provided by financing activities 117,376 51,328  
Net increase (decrease) in cash and cash equivalents (21,168) 30,929  
CASH AND CASH EQUIVALENTS AS OF BEGINNING OF PERIOD 41,959 78,251 $ 78,251
CASH AND CASH EQUIVALENTS AS OF END OF PERIOD 20,791 109,180 $ 41,959
Supplemental cash flow disclosures:      
Interest paid 42,187 32,924  
Taxes paid 4,263 8,046  
Non-cash financing activities:      
Value of shares issued pursuant to the dividend reinvestment plan $ 9,961 $ 9,087