Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES      
Net increase in net assets resulting from operations $ 88,728 $ 56,553 $ 66,209
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:      
Investments in portfolio companies (411,061) (325,053) (236,404)
Proceeds from sales and repayments of debt investments in portfolio companies 252,748 217,454 223,154
Proceeds from sales and return of capital of equity investments in portfolio companies 46,120 41,516 15,595
Net unrealized (appreciation) depreciation (36,428) 15,439 (46,319)
Net realized (gain) loss 9,503 (15,776) 34,010
Accretion of unearned income (7,379) (7,669) (7,833)
Payment-in-kind interest (8,394) (7,977) (5,023)
Cumulative dividends (1,186) (265) (172)
Amortization of deferred financing costs 1,108 2,579 2,053
Amortization of deferred offering costs 0 0 129
Deferred taxes 5,591 (3,883) 2,897
Changes in other assets and liabilities:      
Interest and dividend receivable (2,003) (3,846) 116
Prepaid and other assets (5,432) (2,022) 329
Accounts payable and other liabilities (1,182) 4,468 (1,037)
Interest payable (963) 643 823
Base management and incentive fees payable (120) (237) 1,703
Net cash provided by (used in) operating activities (70,350) (28,076) 50,230
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from public offering of common stock, net of underwriting and offering costs 90,532 0 0
Issuance of common stock 0 6,996 8,500
Redemption of common stock (11,647) (20,724) (24,427)
Payment of offering costs 0 0 (129)
Dividends paid (51,572) (39,756) (36,438)
Proceeds from Credit Facilities 434,000 281,000 150,000
Repayments on Credit Facilities (396,688) (201,000) (136,000)
Payment of deferred financing costs (2,015) (851) (2,262)
Net cash provided by (used in) financing activities 62,610 25,665 (40,756)
Net increase (decrease) in cash and cash equivalents (7,740) (2,411) 9,474
CASH AND CASH EQUIVALENTS AS OF BEGINNING OF PERIOD 28,375 30,786 21,312
CASH AND CASH EQUIVALENTS AS OF END OF PERIOD 20,635 28,375 30,786
Supplemental cash flow disclosures:      
Interest paid 33,782 35,813 33,594
Taxes paid 6,009 709 2,003
Non-cash financing activities:      
Dividends declared and unpaid 16,772 14,487 14,019
Value of shares issued pursuant to the dividend reinvestment plan $ 13,771 $ 17,983 $ 18,417