v3.25.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Operating activities            
Net increase (decrease) in net assets resulting from operations $ (15,906,584) $ (51,276,517)   $ 4,988,004 $ (46,219,376)  
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:            
Net realized (gain) loss       107,214,713 35,682,007  
Change in net unrealized (appreciation) depreciation of investments       (52,405,373) 74,624,174  
Net amortization of investment discounts and premiums       (7,353,577) (8,917,216)  
Amortization of original issue discount on debt       119,956 168,593  
Interest and dividend income paid in kind       (12,314,102) (7,644,181)  
Amortization of deferred debt issuance costs       2,618,207 2,017,896  
Cash acquired in the Merger       0 11,670,610  
Merger costs capitalized into purchase price       0 (2,366,408)  
Changes in assets and liabilities:            
Purchases of investments [1],[2]       (163,597,176) (142,018,224)  
Proceeds from disposition of investments       132,596,189 [1] 209,290,364 [1] $ 517,085,063
Decrease (increase) in interest, dividends and fees receivable [1]       (1,786,299) 2,426,108  
Decrease (increase) in due from broker [1]       851,683 997,346  
Decrease (increase) in receivable for investments sold [1]       (3,753,008) 671,442  
Decrease (increase) in prepaid expenses and other assets [1]       1,222,443 (422,524)  
Increase (decrease) in payable for investments purchased [1]       4,919,403 (1,554,064)  
Increase (decrease) in incentive fees payable [1]       0 104,336  
Increase (decrease) in interest and debt related payables [1]       209,673 1,116,938  
Increase (decrease) in Interest Rate Swap, at fair value [1]       (774,861) (835,923)  
Increase (decrease) in reimbursements due to the Advisor [1]       463,576 (175,858)  
Increase (decrease) in management fees payable [1]       (2,264,755) (7,578,769)  
Increase (decrease) in accrued expenses and other liabilities [1]       (312,467) (1,205,669)  
Net cash provided by (used in) operating activities       10,642,229 119,831,602  
Financing activities            
Draws on credit facilities       137,000,000 113,800,092  
Repayments of credit facility draws       (82,279,620) (411,091,157)  
Payments of debt issuance costs       0 (5,500,000)  
Dividends paid to shareholders [3]       (49,333,355) (55,999,047)  
Repurchase of shares       (301,378) 0  
Proceeds from issuance of unsecured notes       0 321,386,000  
Net cash provided by (used in) financing activities       5,085,647 (37,404,112)  
Net increase (decrease) in cash and cash equivalents (including restricted cash)       15,727,876 82,427,490  
Cash and cash equivalents (including restricted cash) at beginning of period     $ 112,241,946 91,589,702 112,241,946 112,241,946
Cash and cash equivalents (including restricted cash) at end of period $ 107,317,578 $ 194,669,436   107,317,578 194,669,436 $ 91,589,702
Supplemental cash flow information            
Interest payments       30,489,695 29,135,531  
Excise tax payments       478,159 165,495  
Non-cash assets acquired            
Investments [4],[5]       0 586,983,708  
Interest, dividends and fees receivable [4]       0 10,373,421  
Due from broker [4]       0 2,048,141  
Other assets [4]       0 3,731,006  
Total non-cash assets acquired [4]       0 603,136,276  
Liabilities assumed            
Debt [4]       0 315,296,749  
Dividends payable [4]       0 7,257,191  
Management fees payable [4]       0 1,888,664  
Interest Rate Swap, at fair value [4]       0 1,674,309  
Incentive fees payable [4]       0 1,363,625  
Other liabilities [4]       0 4,495,330  
Total liabilities assumed [4]       0 331,975,868  
Issuance of shares in connection with the Merger     $ 280,464,610 0 [4] 280,464,610  
Merger costs capitalized into purchase price [4]       $ 0 $ 2,366,408  
[1] Adjusted for assets acquired and liabilities assumed as a result of the Merger (as defined in Note 1 “Organization and Nature of Operations”), as applicable for the six months ended June 30, 2024.
[2] Excludes $586,983,708 of cost of investments acquired in connection with the Merger for the six months ended June 30, 2024.
[3] Includes payment of dividends payable of $7,257,191 assumed in the Merger declared on March 4, 2024 by the BCIC Board of Directors for the benefit of former BCIC shareholders of record as of March 15, 2024.
[4] On March 18, 2024, in connection with the Merger, the Company acquired net assets in exchange for shares issued of the Company's common stock with a market value of $280,464,610 plus $2,366,408 in merger costs capitalized into the purchase price.
[5] Investments acquired were recorded at fair value at the date of the acquisition, which is also the Company's initial cost basis in the investments, and reflects the impact of a $21,886,848 purchase discount for the six months ended June 30, 2024.