Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net increase in net assets resulting from operations $ 102,379 $ 47,446
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash (used in) provided by operating activities:    
Purchase of investments (171,316) (207,192)
Principal repayments of investments 21,546 33,500
Net proceeds from the sale and recapitalization of investments 3,481 48,546
Net realized loss (gain) on investments and other 27,758 (42,305)
Net unrealized (appreciation) depreciation of investments and other (123,279) 15,725
Amortization of deferred financing costs and discounts 2,792 1,951
Bad debt expense, net of recoveries (228) 1,093
Changes in assets and liabilities:    
Decrease in interest receivable 679 553
Decrease (increase) in other assets, net 872 (103)
(Decrease) increase in accounts payable and accrued expenses (173) 1,403
Increase in interest payable 21 285
Increase (decrease) in other liabilities 644 (181)
Net cash used in operating activities (118,425) (96,372)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock, net of discounts, commissions, and offering costs 41,637 2,005
Proceeds from line of credit 278,600 192,000
Repayments on line of credit (150,000) (167,500)
Repayment of notes payable (74,750) 0
Proceeds from issuance of notes payable 60,000 126,500
Deferred financing costs (1,715) (4,597)
Distributions paid to common stockholders (47,605) (52,109)
Net cash provided by financing activities 106,167 96,299
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (12,258) (73)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 15,154 3,220
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 2,896 3,147
CASH PAID FOR INTEREST 26,227 17,912
Administrator    
Changes in assets and liabilities:    
(Increase) decrease in due from administrative agent (832) 126
Increase (decrease) in fee due to related party [1] (135) (109)
Adviser    
Changes in assets and liabilities:    
Increase (decrease) in fee due to related party [1] 17,366 2,890
Investment, Unaffiliated and Affiliated Issuer, Excluding Other    
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash (used in) provided by operating activities:    
Net realized loss (gain) on investments and other 26,457 (42,305)
Net unrealized (appreciation) depreciation of investments and other (123,640) 15,725
Other    
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash (used in) provided by operating activities:    
Net realized loss (gain) on investments and other 1,301 0
Net unrealized (appreciation) depreciation of investments and other $ 361 $ 0
[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 September 2025, we restructured our existing first lien term loans and line of credit to J.R. Hobbs Co. – Atlanta, LLC with an aggregate total cost basis of $49.9 million into a new $20.0 million first lien term loan, which resulted in a realized loss of $29.9 million.