v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 8 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2025
OPERATING ACTIVITIES:    
Net increase in net assets resulting from operations $ 6,530 $ 117,769
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:    
Net accretion of investments 0 (91)
Purchases of investments (347,854) (2,713,811)
Amortization of deferred financing costs 343 3,413
Amortization of offering costs 620 3,974
Change in deferred tax liability, net 1,904 34,016
Net change in unrealized (gain) / loss on investments 8,395 (140,126)
Net change in unrealized (gain) / loss on derivatives (9,590) 6,506
Realized loss on investments 0 103
Return of capital from investments 323 10,954
Proceeds from repayments or sales of investments 0 61,721
Changes in operating assets and liabilities:    
Management fees payable 0 2,226
Capital gains incentive fee payable 149 11,195
Income based incentive fee payable 0 2,353
Accrued expenses 43 (3,242)
Other assets (662) (3,687)
Interest payable 4,541 4,365
Unsettled trades payable 0 235,961
Net cash used in operating activities (335,258) (2,366,401)
FINANCING ACTIVITIES:    
Net proceeds from issuance of common stock 155,665 1,928,229
Borrowings from term loans 212,504 855,231
Repayments of term loans 0 (4,526)
Payments for deferred financing costs (5,594) (22,872)
Repurchased shares, net of early repurchase deduction 0 (23,441)
Distributions to shareholders 0 (72,735)
Net cash provided by financing activities 362,575 2,659,886
Net change in cash, cash equivalents and restricted cash 27,317 293,485
Cash, cash equivalents and restricted cash, beginning of period   27,317
Cash, cash equivalents and restricted cash, end of period 27,317 320,802
Supplemental Information:    
Interest paid during the period 29 22,591
Non-cash financing activity:    
Offering costs 3,698 1,030
Distribution reinvested $ 0 $ 25,424