v3.25.2
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets    
Investments at fair value $ 1,275,931 [1],[2],[3],[4] $ 842,856 [5],[6],[7],[8]
Cash 29,517 28,489
Interest and fees receivable 5,782 3,303
Deferred financing costs 2,613 1,509
Due from advisor 309 0
Total assets 1,314,152 876,157
Liabilities    
Repurchase agreements 758,638 501,200
Interest Payable 1,915 1,356
Accrued administration fees 1,288 562
Accrued incentive fees 210 0
Distribution payable 0 13,220
Other payable 697 978
Total liabilities 762,748 517,316
Commitments & Contingencies (Note 7)
Redeemable Series A Cumulative Preferred Shares, $0.001 par value, 125 shares authorized; 125 issued and outstanding as of June 30, 2025, and none issued and outstanding as of December 31, 2024, net of offering costs 111 0
Total net assets applicable to common shareholders 551,293 358,841
Net assets applicable to common shareholders    
Common Shares, $0.001 par value, unlimited shares authorized, 20,167,474 and 13,583,897 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 20 14
Paid-in-capital in excess of par value 524,981 349,987
Distributable earnings (loss) 26,292 8,840
Total net assets applicable to common shareholders 551,293 358,841
Total liabilities, redeemable preferred shares and net assets applicable to common shareholders $ 1,314,152 $ 876,157
Net asset value per share applicable to common shares (in dollars per share) $ 27.34 $ 26.42
[1] All debt investments are income-producing, unless otherwise noted.
[2] All investments are U.S. domiciled.
[3] All of the Company's investments, except the investments noted by this footnote, are qualifying assets under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of June 30, 2025, qualifying assets represent 100.0% of the Company's total assets.
[4] All of the Company’s investments are Non-Control/Non-Affiliate investments. Non-Control/Non-Affiliate investments are defined as investments in which the Company own less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.
[5] All of the Company’s investments are Non-Control/Non-Affiliate investments. Non-Control/Non-Affiliate investments are defined as investments in which the Company own less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.
[6] All debt investments are income-producing, unless otherwise noted.
[7] All investments are U.S. domiciled.
[8] All of the Company's investments, except the investments noted by this footnote, are qualifying assets under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2024, qualifying assets represent 100.0% of the Company's total assets.