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 resulting from operations $ 71,202 $ 28,360 $ 2,784
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities:      
Purchases of investments (1,268,646) (605,524) (197,977)
Proceeds from principal payments and sales of investments 333,831 83,535 7,253
Increase in investments due to PIK (12,337) (1,919) 0
Accretion of discounts and amortization of premiums (3,247) (1,893) (62)
Amortization of deferred financing costs and debt issuance costs 1,819 693 26
Amortization of deferred offering costs 0 1,285 112
Net realized (gain) loss from investments 211 (463) (1,745)
Net realized gain on foreign currency transactions (582) (50) (21)
Net realized loss on foreign currency of debt 2 264 0
Net change in unrealized appreciation on investments (15,878) (365) (23)
Net change in unrealized appreciation on foreign currency translation (119) 108 (6)
Net change in unrealized appreciation on foreign currency translation on debt 2,896 (808) 135
Net change in unrealized appreciation on forward currency exchange contracts 4,273 (1,582) 90
Collateral on forward currency exchange contracts (3,332) (833) 0
Interest receivable on investments (5,926) (2,715) (3,744)
Dividend receivable (602) 0 0
Interest rate swap 63 0 0
Prepaid insurance 208 (169) 289
Prepaid financing costs 5 (75) 0
Other receivables 1,786 0 0
Due to affiliate 0 (5,420) 3,134
Interest expense payable 2,751 3,224 752
Incentive fee payable on income 2,100 1,437 148
Accrued capital gains incentive fee 1,844 0 0
Accrued expenses and other liabilities (83) 645 301
Base management fee payable 1,712 1,184 132
Net Cash Used in Operating Activities (886,049) (501,081) (188,422)
Cash Flows From Financing Activities      
Borrowings on debt 1,203,881 509,789 99,854
Repayments of debt (792,158) (231,133) 0
Payments of financing costs (4,497) (5,518) (2,436)
Payments of offering costs 0 (71) (478)
Repurchase of Common Shares (3,235) 0 0
Proceeds from issuance of Common Shares 557,320 241,111 110,744
Shareholder distributions paid (54,233) (15,944) 0
Net Cash Provided by Financing Activities 907,078 498,234 207,684
Net Increase (Decrease) in Cash, Foreign Cash, Restricted Cash and Cash Equivalents 21,029 (2,847) 19,262
Effect of foreign currency exchange rates 701 (58) 27
Cash, Foreign Cash, Restricted Cash and Cash Equivalents, Beginning of Period 16,389 19,294 5
Cash, Foreign Cash, Restricted Cash and Cash Equivalents, End of Period 38,119 16,389 19,294
Supplemental Disclosure of Cash Flow Information and Non-Cash Activities:      
Cash interest paid during the period 34,135 13,422 0
Cash paid for excise taxes during the period 155 0 0
Reinvestment of dividends during the period 5,348 3,076 32
Cash and cash equivalents 32,110 15,441 19,031
Restricted cash 50 50 50
Foreign cash 5,959 898 213
Total cash, foreign cash, restricted cash and cash equivalents shown in the consolidated statements of cash flows $ 38,119 $ 16,389 $ 19,294