v3.26.1
Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flow from operating activities      
Net increase (decrease) in net assets resulting from operations $ 262,059 $ 225,308 $ 135,676
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:      
Accrued interest and dividends received in-kind (36,350) (22,540) (12,365)
Net accretion of discount and amortization of premium (20,229) (16,046) (7,754)
Proceeds from sale of investments and principal repayments 1,295,981 1,199,994 398,041
Purchases of investments (3,072,656) (3,464,619) (1,550,830)
Net realized (gains) losses on investments (20,853) (22,929) (4,842)
Net change in unrealized (appreciation) depreciation on investments (7,884) (5,870) (37,565)
Net receipt of settlement of derivatives (6,868) 3,137 (2,076)
Net realized (gains) losses on derivatives 6,868 (3,137) 2,076
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts 28,302 (10,238) 461
Amortization of deferred financing costs 7,418 4,650 2,117
Amortization of discount on debt 806    
(Increase) decrease in operating assets:      
Interest and dividends receivable 3,154 (12,543) (12,473)
Principal receivable (15,306) (5,503) 16,523
Prepaid expenses and other assets (7,675) 1,004 (51)
Increase (decrease) in operating liabilities:      
Due to affiliates (126) 2,302 449
Payable for investments purchased (6,486) (195,471) 189,855
Management fees payable 3,714 4,279 3,701
Income based incentive fee payable 2,971 5,275 5,064
Capital gains incentive fee payable (973) 5,359  
Interest payable 4,993 12,184 11,643
Accrued professional fees (172) 580 82
Accrued expenses and other liabilities (363) 723 374
Net cash provided by (used in) operating activities (1,579,675) (2,294,101) (861,894)
Cash flow from financing activities      
Proceeds from issuance of common shares (net of change in subscriptions receivable) 800,000 1,325,000 335,000
Proceeds from repurchase obligations 30,000 693,990 313,841
Repayment of repurchase obligations (82,043) (691,973) (263,816)
Debt borrowings 2,694,606 2,341,000 1,270,000
Debt repayments (1,633,000) (1,259,000) (709,000)
Distributions paid (184,805) (85,870) (15,678)
Deferred financing costs paid (22,141) (17,850) (11,525)
Proceeds from issuance of preferred shares, net of underwriting costs     750
Preferred dividends paid (86) (90) (8)
Preferred share redemption (750)    
Net cash provided by (used in) financing activities 1,601,781 2,305,207 919,564
Net increase in cash, cash equivalents, and restricted cash 22,106 11,106 57,670
Cash, cash equivalents, and restricted cash, beginning of period 109,712 98,606 40,936
Cash, cash equivalents, and restricted cash, end of period 131,818 109,712 98,606
Reconciliation of cash, cash equivalents, and restricted cash      
Cash and cash equivalents 128,658 [1],[2],[3],[4],[5] 109,302 [6],[7],[8],[9],[10] 98,606
Restricted cash 3,160 410  
Total cash, cash equivalents, and restricted cash 131,818 109,712 98,606
Supplemental disclosure of cash flow information and non-cash financing activities      
Cash paid for interest 187,229 122,750 36,625
Reinvestment of shareholder distributions 103,062 131,158 81,084
Incremental financing cost payable $ 707 $ 1,880 $ 114
[1] All debt and equity investments are income producing unless otherwise noted.
[2] All investments are non-controlled/non-affiliated investments as defined by the 1940 Act. The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities. The provisions of the 1940 Act also
classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.
[3] All investments are pledged as collateral under the Company's Credit Facilities (as defined below) (see Note 7. Borrowings). A single investment may be divided into parts that are individually pledged as collateral to our Credit Facilities.
[4] Cost represents amortized cost, inclusive of any capitalized paid-in-kind income ("PIK"), for debt securities, and cost plus capitalized PIK, if any, for preferred stock.
[5] Security may be an obligation of one or more entities affiliated with the named portfolio company.
[6] All debt and equity investments are income producing unless otherwise noted.
[7] All debt investments are pledged as collateral under the Company's credit facilities. As defined below (see Note 7. Borrowings), credit facilities, a single investment may be divided into parts that are individually pledged as collateral to our credit facilities.
[8] All investments are non-controlled/non-affiliated investments as defined by the 1940 Act. The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities. The provisions of the 1940 Act also classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.
[9] Cost represents amortized cost, inclusive of any capitalized paid-in-kind income ("PIK"), for debt securities, and cost plus capitalized PIK, if any, for preferred stock.
[10] Security may be an obligation of one or more entities affiliated with the named portfolio company.