v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Operating activities          
Net increase/(decrease) in net assets resulting from operations $ 19,490 $ 10,399 $ 33,215 $ 16,328  
Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash used in operating activities:          
Amortization of restricted stock shares     104 12  
Net change in unrealized (appreciation)/depreciation from investments 1,578 (4,990) (4,751) (7,999)  
Net change in unrealized appreciation/(depreciation) from derivatives 2,190 0 1,835 0  
Payment-in-kind interest capitalized     (12,402) (5,954) $ 12,495
Payment-in-kind warrants received     0 (1,524)  
Acquisition of Infrastructure Assets, net of rebalancing transaction of $25,174 to Series I and $(25,174) to Series II     (449,953) (272,112)  
Proceeds from sale/syndication of Infrastructure Assets     158,392 0  
Deferred offering expenses amortization     266 250  
Changes in operating assets and liabilities:          
(Increase)/decrease in prepaid expenses and other assets, excluding restricted cash [1]     (49) (975)  
(Increase)/decrease in deferred offering expenses     0 (135)  
(Increase)/decrease in due from Operating Manager     (435) (2,742)  
(Decrease)/increase in management fee payable     203 (177)  
(Decrease)/increase in accrued performance fees     (1,447) 936  
(Decrease)/increase in organization expenses payable     0 (79)  
(Decrease)/increase in deferred taxes liability     (322) 0  
(Decrease)/increase in other accrued expenses and liabilities     6,805 3,460  
(Decrease)/increase in due to Operating Manager     575 2,349  
Net cash used in operating activities     (267,964) (268,362)  
Financing activities          
Proceeds from issuance of shares     387,793 245,649  
Note Borrowings     428 0  
Payment on repurchases of shares     (9,075) (102)  
Distribution     (13,071) (1,620)  
Net cash provided by financing activities     366,075 243,927  
Cash and cash equivalents          
Net increase in cash and cash equivalents     98,111 (24,435)  
Cash and cash equivalents at beginning of period     321,542 121,271 121,271
Cash, Cash equivalents and restricted cash at end of period 419,653 [1] 96,836 [1] 419,653 [1] 96,836 [1] 321,542
Supplemental disclosure of cash flow information:          
Income taxes paid     1,953 2,022  
Payment-in-kind income     12,402 7,478  
Noncash financing activities not included - distribution payable     10,106 3,229  
Noncash financing activities not included - reinvestment of distribution     2,268 270  
Series I [Member]          
Operating activities          
Net increase/(decrease) in net assets resulting from operations 5,181 2,577 8,902 3,788  
Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash used in operating activities:          
Amortization of restricted stock shares     29 3  
Net change in unrealized (appreciation)/depreciation from investments 518 (1,276) (1,281) (1,946)  
Net change in unrealized appreciation/(depreciation) from derivatives 615 0 520 0  
Payment-in-kind interest capitalized     (3,553) (1,441) 3,182
Payment-in-kind warrants received     0 (388)  
Acquisition of Infrastructure Assets, net of rebalancing transaction of $25,174 to Series I and $(25,174) to Series II     (154,014) (64,613)  
Proceeds from sale/syndication of Infrastructure Assets     46,186 0  
Deferred offering expenses amortization     74 58  
Changes in operating assets and liabilities:          
(Increase)/decrease in prepaid expenses and other assets, excluding restricted cash [1]     (341) (140)  
(Increase)/decrease in deferred offering expenses     (64) (34)  
(Increase)/decrease in due from Operating Manager     (392) (632)  
(Decrease)/increase in management fee payable     94 (32)  
(Decrease)/increase in accrued performance fees     (276) 242  
(Decrease)/increase in organization expenses payable     0 (12)  
(Decrease)/increase in deferred taxes liability     121 0  
(Decrease)/increase in other accrued expenses and liabilities     2,293 857  
(Decrease)/increase in due to Operating Manager     428 566  
Net cash used in operating activities     (101,274) (63,724)  
Financing activities          
Proceeds from issuance of shares     147,246 82,997  
Note Borrowings     214 0  
Payment on repurchases of shares     (2,871) 0  
Distribution     (3,877) (430)  
Net cash provided by financing activities     140,712 82,567  
Cash and cash equivalents          
Net increase in cash and cash equivalents     39,438 18,843  
Cash and cash equivalents at beginning of period     84,681 21,575 21,575
Cash, Cash equivalents and restricted cash at end of period 124,119 [1] 40,418 [1] 124,119 [1] 40,418 [1] 84,681
Supplemental disclosure of cash flow information:          
Income taxes paid     643 661  
Payment-in-kind income     3,553 1,829  
Noncash financing activities not included - distribution payable     3,014 824  
Noncash financing activities not included - reinvestment of distribution     370 3  
Series II [Member]          
Operating activities          
Net increase/(decrease) in net assets resulting from operations 14,309 7,822 24,313 12,540  
Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash used in operating activities:          
Amortization of restricted stock shares     75 9  
Net change in unrealized (appreciation)/depreciation from investments 1,060 (3,714) (3,470) (6,053)  
Net change in unrealized appreciation/(depreciation) from derivatives 1,575 0 1,315 0  
Payment-in-kind interest capitalized     (8,849) (4,513) 9,313
Payment-in-kind warrants received     0 (1,136)  
Acquisition of Infrastructure Assets, net of rebalancing transaction of $25,174 to Series I and $(25,174) to Series II     (295,939) (207,499)  
Proceeds from sale/syndication of Infrastructure Assets     112,206 0  
Deferred offering expenses amortization     192 192  
Changes in operating assets and liabilities:          
(Increase)/decrease in prepaid expenses and other assets, excluding restricted cash [1]     292 (835)  
(Increase)/decrease in deferred offering expenses     64 (101)  
(Increase)/decrease in due from Operating Manager     (43) (2,110)  
(Decrease)/increase in management fee payable     109 (145)  
(Decrease)/increase in accrued performance fees     (1,171) 694  
(Decrease)/increase in organization expenses payable     0 (67)  
(Decrease)/increase in deferred taxes liability     (443) 0  
(Decrease)/increase in other accrued expenses and liabilities     4,512 2,603  
(Decrease)/increase in due to Operating Manager     147 1,783  
Net cash used in operating activities     (166,690) (204,638)  
Financing activities          
Proceeds from issuance of shares     240,547 162,652  
Note Borrowings     214 0  
Payment on repurchases of shares     (6,204) (102)  
Distribution     (9,194) (1,190)  
Net cash provided by financing activities     225,363 161,360  
Cash and cash equivalents          
Net increase in cash and cash equivalents     58,673 (43,278)  
Cash and cash equivalents at beginning of period     236,861 99,696 99,696
Cash, Cash equivalents and restricted cash at end of period $ 295,534 [1] $ 56,418 [1] 295,534 [1] 56,418 [1] $ 236,861
Supplemental disclosure of cash flow information:          
Income taxes paid     1,310 1,361  
Payment-in-kind income     8,849 5,649  
Noncash financing activities not included - distribution payable     7,092 2,405  
Noncash financing activities not included - reinvestment of distribution     $ 1,898 $ 267  
[1] Included in Cash, cash equivalents and restricted cash at the end of period are $410, $970 and $1,380 for Series I, Series II and total Company respectively, of restricted cash posted as collateral, which are included in prepaid expenses and other assets in the accompanying Consolidated Statements of Assets and Liabilities.