v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net increase (decrease) in net assets resulting from operations $ 34,452 $ 1,196
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 (27) 0
Net realized gain (loss) on foreign currency transactions 2 0
Net change in unrealized (appreciation) depreciation on investments (5,779) (1,918)
Net change in unrealized (appreciation) depreciation on foreign currency translations (29) 0
Purchases of investment securities (542,614) (103,659)
Proceeds from sales and principal repayments of investment securities 160,631 2,625
Interest and fee income paid in kind (4,104) (441)
Net amortization of investment discounts and premiums (2,030) (152)
Amortization of deferred financing costs 1,777 202
Cash received from Merger 0 1,932
Changes in operating assets and liabilities:    
Receivable for investments sold (17,729) (224)
Dividends and interest receivable (2,311) (761)
Receivable from Adviser 460 49
Prepaid expenses 304 (372)
Interest payable 4,981 2,748
Investment income incentive fees payable 1,616 0
Management fees payable 609 435
Accrued capital gains incentive fee 969 0
Payable for investments purchased (13,657) 13,657
Accrued expenses and other liabilities 1,216 1,096
Net cash provided by (used in) operating activities (381,263) (83,587)
Cash flows from financing activities:    
Proceeds from issuance of common stock 135,000 50,001
Proceeds from borrowing 910,284 126,378
Repayments of borrowing (621,840) (59,000)
Repayments of repurchase agreements (11,641) 0
Distributions paid in cash (8,056) 0
Deferred financing costs paid (2,998) (2,655)
Cash paid for foreign currency settlement (2) 0
Repayments of purchase agreements 0 (23,030)
Net cash provided by (used in) financing activities 400,747 91,694
Net increase (decrease) in cash 19,484 8,107
Cash, beginning of period 8,107 0
Cash, end of period 27,591 8,107
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for taxes 352 184
Cash paid during the period for interest 22,898 587
Securities, contributed at fair value as part of In-Kind contribution 0 386,917
Debt, contributed as part of In-Kind contribution 0 175,367
Loans sold under agreement to repurchase, contributed as part of In-Kind contribution 0 34,672
Deferred debt issuance costs, contributed as part of In-Kind contribution 0 2,822
Dividends and interest receivable, contributed as part of In-Kind contribution 0 2,289
Receivable from Adviser, contributed as part of In-Kind contribution 0 509
Interest payable, contributed as part of In-Kind contribution 0 102
Accrued expenses and other liabilities, contributed as part of In-Kind contribution $ 0 $ 53