v3.25.2
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net increase (decrease) in net assets resulting from operations $ 27,247,948 [1] $ 13,522,659 [2],[3]
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:    
Net change unrealized (appreciation) depreciation on investments 1,673,696 912,836
Net change unrealized (appreciation) depreciation on derivative instruments 1,053,020 (11,637)
Net change unrealized (appreciation) depreciation on foreign currency and other transactions (2,283,839) 10,005
Net realized (gain) loss on investments (1,838,528) (1,658,790)
Net realized (gain) loss on derivative instruments 1,083,416 0
Net realized (gain) loss on foreign currency and other transactions (15,059) 1,621
Payment-in-kind interest capitalized (2,631,524) (2,157,753)
Net accretion of discount and amortization of premium (4,680,192) (3,174,036)
Amortization of deferred financing costs 366,452 343,189
Amortization of offering costs 472,216 704,934
Purchases of investments (422,242,769) (304,246,026)
Cash settlement of derivatives (1,091,562) 0
Proceeds from sale of investments and principal repayments 189,395,914 135,054,161
Changes in operating assets and liabilities:    
Interest receivable (241,669) (2,247,818)
Deferred offering costs 0 (1,187,914)
Receivable for investments sold 1,707,440 (4,163,348)
Due from Advisor 74,454 575,184
Other assets (128,085) (32,935)
Payable for investments purchased 30,912,337 35,316,086
Due to Advisor and affiliates (4,157) (38,561)
Management fee payable 373,717 209,500
Income incentive fee payable 660,937 364,760
Accrued capital gains incentive fee 90,495 (36,271)
Interest and credit facility fees payable 958,476 773,575
Accrued expenses and other liabilities 550,563 420,695
Net cash provided by (used in) operating activities (178,536,303) (130,745,884)
Cash flows from financing activities:    
Proceeds from Secured Credit Facility 192,119,000 60,000,000
Repayment of Secured Credit Facility (77,700,000) 0
Distributions paid in cash (13,158,684) (7,464,682)
Deferred offering costs paid (260,304) 0
Proceeds from issuance of common shares 91,812,896 104,522,157
Redemptions paid in cash (14,875) 0
Net cash provided by (used in) financing activities 192,798,033 157,057,475
Net increase (decrease) in cash, cash equivalents and restricted cash 14,261,730 26,311,591
Cash, cash equivalents and restricted cash, beginning of year 37,743,294 73,025,293
Cash, cash equivalents and restricted cash, end of year 52,005,024 99,336,884
Supplemental information and non-cash activities:    
Cash paid for interest 12,308,504 10,230,126
Reinvestment of distributions 28,974,325 13,125,543
Accrued but unpaid deferred offering cost $ 47,849 $ 145,282
[1] There were no Class D shares outstanding as of June 30, 2025.
[2] Common Shares issued and outstanding as of June 30, 2024, were issued pursuant to the Private Offering. As part of the Public Offering effective June 24, 2024, the Common Shares issued pursuant to the Private Offering became Class I shares. Common Shares issued pursuant to the Private Offering are reclassified as Class I shares to conform with current period presentation.
[3] There were no Class S or Class D shares outstanding as of June 30, 2024.