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 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES        
Net increase in net assets resulting from operations $ 17,063 $ 28,709 $ 5,208 $ 36,481
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:        
Purchase of investments     (157,093) (133,878)
Principal repayments of investments     19,862 5,806
Net realized loss on investments 0 29,938 9,000 29,938
Net unrealized (depreciation) appreciation of investments and other (12,214) (54,368) 6,568 (53,052)
Amortization of deferred financing costs and discounts     1,855 1,820
Bad debt expense, net of recoveries     102 (247)
Changes in assets and liabilities:        
Increase in interest receivable     (3,260) (605)
(Increase) decrease in other assets, net     (1,321) 477
Increase (decrease) in accounts payable and accrued expenses     54 (408)
(Decrease) increase in interest payable     (851) 388
Decrease in other liabilities     (60) (31)
Net cash used in operating activities     (126,617) (110,839)
CASH FLOWS FROM FINANCING ACTIVITIES        
Proceeds from issuance of common stock, net of discounts, commissions, and offering costs     0 38,435
Proceeds from line of credit     324,900 153,300
Repayments on line of credit     (49,000) (55,600)
Deferred financing costs from line of credit     (3,144) (136)
Repayment of notes payable     (127,938) 0
Distributions paid to common stockholders     (19,114) (38,077)
Net cash provided by financing activities     125,704 97,922
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH     (913) (12,917)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD     2,385 15,154
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 1,472 2,237 1,472 2,237
CASH PAID FOR INTEREST     20,885 16,822
Cash and Cash Equivalent [Abstract]        
Cash 283 210 283 210
Cash equivalents 25 1,217 25 1,217
Restricted cash 1,164 810 1,164 810
Total cash, cash equivalents and restricted cash presented in the Consolidated Statements of Cash Flows 1,472 2,237 1,472 2,237
Administrator        
Changes in assets and liabilities:        
(Increase) decrease in due from administrative agent     (1,584) 509
Increase (decrease) in fee due to related party [1]     (301) (240)
Adviser        
Changes in assets and liabilities:        
Increase (decrease) in fee due to related party [1]     (4,796) 2,203
Investment, Unaffiliated and Affiliated Issuer, Excluding Other        
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:        
Net realized loss on investments     9,000 29,938
Net unrealized (depreciation) appreciation of investments and other     6,614 (53,405)
Other        
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:        
Net unrealized (depreciation) appreciation of investments and other $ 0 $ 84 $ (46) $ 353
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.