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
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (decrease) increase in net assets resulting from operations $ (11,855) $ 7,772
Adjustments to reconcile net (decrease) increase in net assets resulting from operations to net cash provided by (used in) operating activities:    
Purchase of investments (600) (62,842)
Principal repayments of investments 0 4,370
Net proceeds from the sale and recapitalization of investments 0 0
Net realized loss on investments 9,000 0
Net unrealized (depreciation) appreciation of investments and other 18,782 1,316
Amortization of deferred financing costs and discounts 980 910
Bad debt expense, net of recoveries 85 (165)
Changes in assets and liabilities:    
Increase in interest receivable (722) (368)
(Increase) decrease in other assets, net (1,828) 386
Increase in accounts payable and accrued expenses 958 383
(Decrease) increase in interest payable (1,154) 240
Increase in other liabilities 746 408
Net cash provided by (used in) operating activities 8,063 (50,181)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock, net of discounts, commissions, and offering costs 0 7,250
Proceeds from line of credit 149,800 77,500
Repayments on line of credit (16,100) (15,500)
Deferred financing costs from line of credit (3,060) (80)
Repayment of notes payable (127,938) 0
Distributions paid to common stockholders (9,557) (28,788)
Net cash (used in) provided by financing activities (6,855) 40,382
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 1,208 (9,799)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 2,385 15,154
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 3,593 5,355
CASH PAID FOR INTEREST 10,601 7,667
Administrator    
Changes in assets and liabilities:    
(Increase) decrease in due from administrative agent (953) 236
Increase (decrease) in fee due to related party [1] 117 145
Adviser    
Changes in assets and liabilities:    
Increase (decrease) in fee due to related party [1] (5,493) (2,972)
Investment, Unaffiliated and Affiliated Issuer, Excluding Other    
Adjustments to reconcile net (decrease) increase in net assets resulting from operations to net cash provided by (used in) operating activities:    
Net realized loss on investments 9,000 0
Net unrealized (depreciation) appreciation of investments and other 18,828 1,047
Other    
Adjustments to reconcile net (decrease) increase in net assets resulting from operations to net cash provided by (used in) operating activities:    
Net unrealized (depreciation) appreciation of investments and other $ (46) $ 269
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.
Supplemental disclosures of non-cash operating activities:
•In June 2026, we restructured our existing secured first lien term loan to Home Concepts Acquisition, Inc., with a cost basis of $12.0 million into a new $3.0 million first lien term loan, which resulted in a realized loss of $9.0 million.