Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Cash Flows

v3.25.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net increase in net assets resulting from operations $ 58,693 $ 36,089
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:    
Investments in portfolio companies (286,906) (253,889)
Proceeds from sales and repayments of debt investments in portfolio companies 208,777 169,961
Proceeds from sales and return of capital of equity investments in portfolio companies 19,897 39,496
Net unrealized (appreciation) depreciation (35,886) 24,656
Net realized (gain) loss 26,141 (23,802)
Amortization of deferred financing costs 819 2,338
Accretion of unearned income (5,702) (5,740)
Payment-in-kind interest (6,104) (5,100)
Cumulative dividends (902) (101)
Deferred taxes 1,407 3,625
Changes in other assets and liabilities:    
Interest and dividend receivable (1,725) (4,650)
Prepaid and other assets 39 (714)
Management and incentive fees payable (326) (1,271)
Interest payable 486 2,365
Accounts payable and other liabilities (3,590) 3,354
Net cash used in operating activities (24,882) (13,383)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from public offering of common stock, net of underwriting and offering costs 90,532 0
Issuance of common stock 0 7,000
Redemption of common stock (2,685) (16,765)
Dividends paid (34,556) (29,686)
Proceeds from Credit Facilities 305,000 252,000
Repayments on Credit Facilities (341,688) (181,000)
Payment of deferred financing costs (2,015) (26)
Net cash provided by financing activities 14,588 31,523
Net increase (decrease) in cash and cash equivalents (10,294) 18,140
CASH AND CASH EQUIVALENTS AS OF BEGINNING OF PERIOD 28,375 30,786
CASH AND CASH EQUIVALENTS AS OF END OF PERIOD 18,081 48,926
Supplemental cash flow disclosures:    
Interest paid 24,265 24,766
Taxes paid 4,504 489
Non-cash financing activities:    
Dividends declared and unpaid 17,016 14,478
Value of shares issued pursuant to the dividend reinvestment plan $ 13,771 $ 13,578