v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 8 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:      
Net increase (decrease) in net assets resulting from operations $ 3,833 $ 29,540 $ 15,442
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:      
Purchases of investments (113,237) (750,855) (231,846)
Paid-in-kind interest income   (1,449) (305)
Proceeds from sales of investments and principal repayments 424 160,853 65,556
Net realized (gain) loss on investments, foreign currency transactions   4,636 184
Net change in unrealized (appreciation) depreciation on investments, foreign currency translation (1,375) (5,755) (1,391)
Amortization of premium and accretion of discount, net (106) (3,829) (1,006)
Amortization of deferred offering costs   2,731 1,521
Amortization of deferred financing costs 23 905 359
Change in operating assets and liabilities:      
(Increase) decrease in receivable from unsettled transactions   (582) (1,299)
(Increase) decrease in interest receivable (671) (1,030) (701)
(Increase) decrease in other assets (3) (161) (3,374)
Increase (decrease) in payable for investments purchased 17,762 47,593 (15,668)
Increase (decrease) in interest and other debt financing costs payable 177 2,498 1,740
Increase (decrease) in management fees payable   768 545
Increase (decrease) in accrued expenses and other liabilities 1,197 (756) 4,698
Net cash provided by (used for) operating activities (91,976) (514,893) (165,240)
Cash flows from financing activities:      
Proceeds from issuance of common stock 100,000 283,775 71,570
Increase (decrease) in subscriptions received in advance   35,490 8,500
Distributions paid   (27,070) (8,609)
Offering costs paid   (654) (3,723)
Borrowings on credit facilities 22,500 532,669 120,621
Repayments on credit facilities   (230,207) (30,500)
Deferred financing and debt issuance costs paid (1,795) (2,661)  
Net cash provided by (used for) financing activities 120,705 591,342 157,859
Effect of exchange rate changes on cash denominated in foreign currency   150 (6)
Net increase (decrease) in cash and cash equivalents 28,729 76,599 (7,387)
Cash and cash equivalents, restricted cash and foreign currency, beginning of period 25 21,367 [1] 28,754 [1]
Cash and cash equivalents, restricted cash and foreign currency, end of period [1] $ 28,754 97,966 21,367
Supplemental and non-cash financing activities:      
Cash paid during the period for interest   10,520 4,234
Cash paid during the period for taxes   327 110
Accrued but unpaid distributions   3,437 $ 1,536
Reinvestment of distributions during the period   15  
Non-cash settlement of offering costs   3,103  
Non-cash borrowings on credit facilities   4,349  
Non-cash settlement of deferred financing   $ 3,704  
[1] As of December 31, 2025, the balance included cash and cash equivalents of $84,758 (including cash denominated in foreign currency of $634) and restricted cash and cash equivalents of $13,208 (including cash denominated in foreign currency of $721). As of December 31, 2024, the balance included cash and cash equivalents of $10,695 (including cash denominated in foreign currency of $40) and restricted cash and cash equivalents of $10,672 (including cash denominated in foreign currency of $440).