v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 8 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Cash flow from operating activities      
Net increase (decrease) in net assets resulting from operations $ 212 $ 31,318 $ 24,325
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:      
Payment-in-kind interest capitalized 0 (242) 0
Net accretion of discount and amortization of premium (46) (2,270) (1,339)
Proceeds from sale of investments and principal repayments 243 357,940 81,492
Purchases of investments (66,131) (326,808) (619,154)
Net realized (gains) losses on investments 0 2,667 1,571
Net change in unrealized (appreciation) depreciation on investments (199) 2,060 (26)
Amortization of deferred financing costs 151 763 615
Amortization of continuous offering costs 374 3,081 1,951
Changes in operating assets and liabilities:      
Interest and dividends receivable (1,654) 189 (2,593)
Prepaid expenses and other assets (71) (14) 7
Due to affiliates 0 (85) 138
Due from adviser 0 1,731 (2,585)
Accrued administration expense 547 (78) (78)
Management fees payable 0 160 0
Accrued professional fees 444 255 133
Accrued expenses and other liabilities 881 (250) 57
Accrued interest and other borrowing costs 0 728 4,648
Net cash provided by (used in) operating activities (65,249) 71,145 (510,838)
Cash flow from financing activities      
Proceeds from issuance of shares 252,700 1,279 50,049
Borrowings under credit facility 0 201,900 330,600
Debt repayments 0 (188,400) (5,000)
Distributions paid (1,244) (30,910) (22,670)
Deferred financing costs paid (1,736) (980) (1,313)
Deferred offering costs paid (1,076) (2,028) (2,904)
Net cash provided by (used in) financing activities 248,644 (19,139) 348,762
Net increase (decrease) in cash and cash equivalents 183,395 52,006 (162,076)
Cash and cash equivalents, beginning of period   21,319 183,395
Cash and cash equivalents, end of period 183,395 73,325 21,319
Supplemental disclosure of cash flow information and non-cash financing activities      
Interest paid during the period 0 25,102 7,029
Accrued but unpaid debt financing costs 1,313    
Distributions payable 0 2,616 2,548
Accrued but unpaid share repurchases 0   490
Accrued but unpaid offering costs 275 161 311
Reinvestment of distributions 0 13 8
Excise taxes paid $ 0 $ 72 $ 9