v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net increase in net assets from operations $ 598,898 $ 321,791 $ 67,777
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used for) operating activities:      
Purchases of investments [1] (9,628,635) (6,259,487) (1,962,063)
Payment-in-kind interest capitalized (33,825) (10,855) (660)
Investments in affiliated money market fund, net 170,975 (378,741) (65,977)
Proceeds from sales of investments and principal repayments 2,141,160 778,842 181,774
Net realized (gain) loss on investments 19,867 6,228 728
Net change in unrealized (appreciation) depreciation on investments 17,506 17,585 (5,478)
Net change in unrealized (appreciation) depreciation on foreign currency translation (410) 296 (60)
Net change in unrealized (appreciation) depreciation on interest rate swaps accounted for as hedge instruments and the related hedged items 241    
Amortization of premium and accretion of discount, net (30,390) (18,010) (2,420)
Amortization of deferred financing and debt issuance costs 11,451 4,015 1,155
Amortization of deferred offering costs 1,246 1,632 1,655
Acquisition of MMLC II, net of cash acquired [1] (426,170)    
Change in operating assets and liabilities:      
(Increase) decrease in receivable for investments sold 3,015 (31,977) (8,882)
(Increase) decrease in interest and dividends receivable [1] (39,697) (28,668) (11,728)
(Increase) decrease in receivable from investment adviser (1,385) (2,724) (350)
(Increase) decrease in other assets [1] (1,837) (236) (363)
Increase (decrease) in interest and other debt expenses payable 33,608 14,213 1,122
Increase (decrease) in management fees payable 5,349 1,991 3,076
Increase (decrease) in incentive fees based on income payable 8,755 2,785 4,254
Increase (decrease) in incentive fees based on capital gains payable   (492) 492
Increase (decrease) in payable for investments purchased (213,841) 308,255 41,073
Increase (decrease) in accrued expenses and other liabilities [1] (3,664) 1,866 2,633
Net cash provided by (used for) operating activities (7,367,783) (5,271,691) (1,752,242)
Cash flows from financing activities:      
Proceeds from issuance of common shares 4,150,068 3,262,989 1,564,400
Proceeds from issuance of preferred shares     515
Redemption of preferred shares     (515)
Repurchased shares, net of early repurchase deduction (325,311) (40,451)  
Offering costs paid (973) (1,739) (2,155)
Common stock distributions paid [1] (396,939) (152,692) (28,052)
Preferred stock distributions paid     (30)
Financing costs and debt issuance costs paid (50,688) (23,775) (10,843)
Borrowings on debt [1] 9,465,461 4,731,309 792,200
Repayments of debt [1] (5,397,173) (2,402,602) (544,014)
Net cash provided by (used for) financing activities 7,444,445 5,373,039 1,771,506
Net increase (decrease) in cash 76,662 101,348 19,264
Effect of foreign exchange rate changes on cash 410 (296) 60
Cash, beginning of period 120,377 19,325 1
Cash, end of period 197,449 120,377 19,325
Supplemental and non-cash activities      
Interest expense paid [1] 171,161 59,819 6,382
Accrued but unpaid distributions 108,900 64,446 13,259
Reinvestment of common stockholder distributions 227,415 122,038 $ 24,237
Accrued but unpaid share repurchases 281,339 25,582  
Exchange of investments 152,678 $ 45,192  
Debt assumed in merger with MMLC I1 [1] $ 450,604    
[1] On October 14, 2025, in connection with the merger with MMLC II (as defined below), the Company acquired total assets of $908,108, inclusive of $886,381 of investments, $15,012 of cash and cash equivalents, $6,705 of interest and dividends receivable and $10 of other assets, net of $466,926 of assumed liabilities, inclusive of $450,604 debt assumed, $8,297 in dividend payable, $3,140 in transaction/merger fees and expenses payable and $4,885 in accrued expenses and other liabilities, which includes $623 of interest expense payable. See Note 14 “Merger with MMLC II.”