v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net increase (decrease) in net assets resulting from operations $ 36,752,000 $ 28,237,000
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities    
Purchase of investments (351,798,000) (480,971,000)
Proceeds from principal repayments and sales of investments 159,720,000 64,295,000
Payment-in-kind interest (3,183,000) (1,912,000)
Amortization of premium/accretion of discount, net (2,042,000) (603,000)
Net realized (gain) loss on investments 3,103,000 (145,000)
Net change in unrealized (appreciation) depreciation on investments 11,504,000 1,758,000
Amortization of deferred financing costs 1,759,000 85,000
Amortization of offering costs (283,000) 0
Changes in operating assets and liabilities:    
Due from affiliate expense support 1,550,000 (248,000)
Receivable for investments sold 6,706,000 (176,000)
Interest receivable (3,816,000) (691,000)
Prepaid expenses (128,000) 17,000
Payable for investments purchased 621,000 98,824,000
Management fee payable 210,000 219,000
Offering costs payable 408,000 0
Interest payable (8,625,000) (307,000)
Due to affiliate expense support (1,550,000) 248,000
Incentive fee payable 1,304,000 0
Board of Trustees' fees payable (198,000) (1,000)
Accounts payable and accrued expenses (60,000) (516,000)
Net cash provided by (used in) operating activities (148,046,000) (291,887,000)
Cash flows from financing activities:    
Proceeds from issuance of common shares, net 261,785,000 367,828,000
Repurchased shares, net of early repurchase deduction (8,107,000) (273,000)
Proceeds from secured borrowings 640,500,000 268,100,000
Repayments of secured borrowings (655,361,000) (310,850,000)
Distributions paid (25,243,000) (20,210,000)
Payments of deferred financing costs (6,958,000) 0
Net cash provided by (used in) financing activities 206,616,000 304,595,000
Net increase (decrease) in cash and cash equivalents 58,570,000 12,708,000
Cash and cash equivalents, beginning of period 66,944,000 8,679,000
Cash and cash equivalents, end of period 125,514,000 21,387,000
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 36,739,000 4,519,000
Taxes, including excise tax, paid during the period 563,000 31,000
Supplemental disclosure of non-cash flow information:    
Reinvestment of shareholder distributions 20,195,000 6,077,000
Share repurchases accrued but not yet paid 5,274,000 324,000
Distributions payable 8,870,000 5,896,000
Reconciliation of Cash and Cash Equivalents    
Cash 9,744,000 4,994,000
Cash equivalents 115,770,000 16,393,000
Total cash and cash equivalents shown on the consolidated statements of cash flows $ 125,514,000 $ 21,387,000