v3.26.1
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 $ 88,871 $ 60,641 $ 51,622
Adjustments to reconcile the net increase in net assets resulting from operations to net cash used in operating activities:      
Purchases of investments (641,579) (455,712) (533,057)
Purchases of short-term investments 0 0 (266,108)
Interest income paid-in-kind (13,024) (9,207) (3,832)
Proceeds from sales and paydowns of investments 385,629 259,465 107,517
Proceeds from sales of short-term investments (net of $0, $0 and $676 realized gain on short term investments, respectively) 0 0 398,746
Realized (gain) loss on investments (449) (115) (412)
Change in net unrealized (appreciation)/depreciation on investments 11,707 15,078 (3,696)
Amortization of premium and accretion of discount, net (10,049) (8,531) (4,085)
Amortization of deferred financing costs 2,611 3,321 1,515
Increase (decrease) in operating assets and liabilities:      
(Increase) decrease in interest receivable 1,441 (534) (3,063)
(Increase) decrease in receivable for investment sold 1 (156) 31
(Increase) decrease in due from advisor (106) 78 104
(Increase) decrease in prepaid and other assets (1) 504 (537)
Increase (decrease) in payable for short-term investments purchased 0 0 (132,638)
Increase (decrease) in incentive fee payable 15,683 10,696 9,106
Increase (decrease) interest and credit facility expense payable (1,621) 1,878 3,123
Increase (decrease) management fees payable 889 615 1,466
Increase (decrease) directors’ fees payable 0 (11) 0
Increase (decrease) other accrued expenses and other liabilities 199 (40) 434
Net cash used in operating activities (159,798) (122,030) (373,764)
Cash Flows from Financing Activities      
Contribution from Members 239,000 193,517 258,358
Distributions to Members from distributable earnings (116,212) (86,395) (58,037)
Distributions to Members from return of capital (3,788) (2,847) (3,094)
Offering costs 0 (31) (23)
Deferred financing costs paid (1,537) (2,726) (1,145)
Proceeds from credit facilities 560,400 356,000 554,100
Repayment of credit facilities (558,700) (325,789) (315,000)
Net cash provided by financing activities 119,163 131,729 435,159
Net (decrease) increase in cash and cash equivalents (40,635) 9,699 61,395
Cash and cash equivalents, beginning of period 92,946 83,247 21,852
Cash and cash equivalents, end of period 52,311 92,946 83,247
Supplemental and non-cash financing activities      
Interest expense paid 33,869 29,628 16,074
Decrease in Distribution payable 0 0 (1,500)
(Decrease) increase in Capital call receivable 0 (13,866) 13,866
Non-cash purchases of investments due to reorganization (22,602) (326) 0
Non-cash sales of investments due to reorganization $ 22,602 $ 326 $ 0