Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net increase (decrease) in net assets resulting from operations $ 5,454 $ 26,975
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:    
Purchase of investments (99,164) (151,616)
Principal repayments on investments 50,486 92,262
Net proceeds from sale of investments 2,243 73,171
Increase in investments due to PIK interest or other (2,136) (966)
Net change in premiums, discounts and amortization 826 (166)
Net realized loss (gain) on investments and other (296) (57,814)
Net unrealized depreciation (appreciation) of investments 5,638 41,892
Amortization of deferred financing costs 727 518
Changes in assets and liabilities:    
Decrease (increase) in interest receivable, net (1,259) 434
Decrease (increase) in funds due from administrative agent 2,038 (460)
Decrease (increase) in other assets, net (481) (576)
Increase (decrease) in accounts payable and accrued expenses 784 471
Increase (decrease) in interest payable 679 1,362
Increase (decrease) in other liabilities 48 45
Net cash provided by (used in) operating activities (33,806) 23,989
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from line of credit 233,800 87,500
Repayments on line of credit (20,600) (96,600)
Redemption of long term debt (207,000) 0
Financing costs (192) (16)
Proceeds from issuance of common stock 0 2,471
Proceeds from issuance of preferred stock 9,853 2,250
Redemption of preferred stock (90) 0
Commissions and offering costs for issuance of common stock 0 (37)
Distributions paid to common stockholders (10,167) (19,985)
Net cash provided by (used in) financing activities 5,604 (24,417)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (28,202) (428)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 32,370 2,304
CASH AND CASH EQUIVALENTS, END OF PERIOD 4,168 1,876
Supplemental Cash Flow Elements    
CASH PAID FOR INTEREST 5,249 3,381
NON-CASH ACTIVITIES 0 0
Total fees due to Adviser    
Changes in assets and liabilities:    
Increase (decrease) in fee due to related party [1] 542 (1,653)
Fee due to Administrator    
Changes in assets and liabilities:    
Increase (decrease) in fee due to related party [1] 65 110
Investment, Unaffiliated and Affiliated Issuer, Excluding Other    
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:    
Net realized loss (gain) on investments and other (1,711) (57,724)
Net unrealized depreciation (appreciation) of investments 5,638 41,892
Other    
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:    
Net realized loss (gain) on investments and other $ 1,415 $ (90)
[1] Refer to Note 4—Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.