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 (decrease) in net assets resulting from operations $ 117,737 $ 206,473 $ 114,558
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:      
Net realized (gain) loss on investments 5,329 (2,993) 403
Net realized (gain) loss on foreign currency forward contracts 1,271 308 (1,755)
Net realized (gain) loss on foreign currency and other transactions (1,293) 467 (272)
Net change in unrealized (gain) loss on investments 99,796 (1,085) (1,459)
Net change in unrealized (gain) loss on foreign currency forward contracts 4,673 (4,588) 4,383
Net change in unrealized (gain) loss on foreign currency and other transactions 9,290 (2,732) 28
Payment-in-kind interest capitalized (22,052) (15,876) (7,694)
Net accretion of discounts and amortization of premiums (13,580) (9,895) (5,713)
Purchases of investments (2,836,465) (2,127,010) (1,223,968)
Proceeds from principal payments and sale of investments and settlement of forward contracts 956,212 677,378 181,287
Amortization of debt issuance costs 9,744 9,429 5,741
Changes in operating assets and liabilities:      
Interest and dividend receivable (25,855) (12,573) (16,258)
Receivable for unsettled trades (27,213) 0 0
Other assets (566) 140 8,085
Interest payable 13,676 6,910 7,126
Payable for unsettled trades (40,966) (3,997) 43,765
Base management fees payable 5,719 5,321 3,188
Incentive fees payable (353) 4,220 2,016
Accounts payable and accrued expenses 7,893 7,454 2,818
Net cash provided by (used in) operating activities (1,737,003) (1,262,649) (883,721)
Cash flows from financing activities:      
Borrowings on debt 4,123,901 2,915,521 1,679,829
Repayments of debt (3,060,756) (2,009,017) (1,195,312)
Proceeds from short-term borrowings 0 0 180,198
Repayments of short-term borrowings 0 0 (180,198)
Debt issuance costs capitalized (17,049) (18,168) (8,439)
Proceeds from issuance of common stock 920,442 717,832 540,971
Repurchases of common stock (127,752) (60,059) (43,342)
Stockholder distributions paid (139,575) (107,186) (64,436)
Net cash provided by (used in) financing activities 1,699,211 1,438,923 909,271
Net increase (decrease) in cash and restricted cash and cash equivalents (37,792) 176,274 25,550
Effect of foreign currency exchange rates 15 (5) 1
Cash and restricted cash and cash equivalents, beginning of year 254,024 77,755 52,204
Cash and restricted cash and cash equivalents, end of year 216,247 254,024 77,755
Supplemental disclosure of cash flow information:      
Cash interest paid during the year 160,821 115,905 49,061
Cash paid for income taxes, including excise taxes, during the year 1,383 606 289
Supplemental disclosure of non-cash activities:      
Stock issued in connection with dividend reinvestment plan 109,626 79,603 40,892
Non-cash purchases of investments 0 2,100 0
Reconciliation of cash and restricted cash      
Cash and cash equivalents 69,216 129,634 17,586
Restricted cash and cash equivalents 147,031 124,390 60,169
Total cash and restricted cash and cash equivalents shown on the Consolidated Statements of Cash Flows $ 216,247 $ 254,024 $ 77,755