v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Operating activities      
Net Increase (Decrease) in Net Assets Resulting from Operations $ 15,089 $ 130,661 $ 66,274
Adjustments to reconcile net increase (decrease) in net assets to net cash provided by/(used in) operating activities:      
Purchases of investments (506,473) (1,818,473) (1,192,589)
Proceeds from sales, exits and repayments of investments 35,327 386,417 204,006
Payment-in-kind interest capitalized (135) (3,066) (1,063)
Accretion of original issue discount, net of amortized premiums on investments (618) (5,360) (4,227)
Amortization of debt issuance costs 358 2,724 1,631
Net realized gain (loss) from investments in securities of unaffiliated issuers (313) 0 0
Net change in unrealized (appreciation) depreciation from investments in securities of unaffiliated issuers 722 2,396 (3,508)
Changes in Assets and Liabilities:      
(Increase)/decrease in interest receivable (5,599) (8,055) (5,673)
(Increase)/decrease in prepaid and other assets 0 (759) 0
(Increase)/decrease in receivables for investments sold (28) (361) 28
(Increase)/decrease in receivable from Advisor (1,076) 731 344
(Increase)/decrease in due from affiliate (85) 0 85
Increase/(decrease) in interest payable 2,526 5,604 1,988
Increase/(decrease) in management fee payable 776 2,255 1,391
Increase/(decrease) in incentive fee payable 590 1,466 1,392
Increase/(decrease) in directors' fees payable 50 43 (13)
Increase/(decrease) in payables for investments purchased 2,757 (7,555) 4,797
Increase/(decrease) in due to affiliate 1 0 (1)
Increase/(decrease) in accrued expenses 1,604 1,213 146
Net cash provided by/(used in) operating activities (454,527) (1,310,119) (924,992)
Financing activities      
Proceeds from issuance of shares, net of changes in subscriptions received in advance 327,242 908,229 556,941
Repurchase of shares, net of change in repurchase offer payable 0 (9,245) (3,856)
Distributions, net of distribution reinvestment plan and change in distributions payable (539) (60,687) (20,079)
Borrowings under lines of credit 226,000 1,128,900 981,000
Repayments to lines of credit (71,500) (1,004,400) (575,000)
Issuance of debt securitization 0 348,000 6,435
Issuance of unsecured notes 0 150,000 (6,435)
Debt issuance costs paid (7,762) (12,128) (1,694)
Net cash provided by/(used in) financing activities 473,441 1,448,669 937,312
Net increase/(decrease) in cash and cash equivalents and restricted cash and restricted cash equivalents 18,914 138,550 12,320
Cash and restricted cash and cash equivalents and restricted cash equivalents at beginning of the period 10 31,244 18,924
Cash and restricted cash and cash equivalents and restricted cash equivalents at end of the period 18,924 169,794 31,244
Supplemental information and non-cash activities      
Interest paid on lines of credit and debt securitizations 7,773 60,287 32,453
Cash paid for state and local taxes 47 288 24
Cash paid for excise taxes 0 17 0
Issuance of shares in connection with distribution reinvestment plan 6,461 56,253 30,301
Investments purchased through participation agreements 93,871 0 7,800
Borrowings incurred through participation agreements 93,871 0 7,800
Reconciliation to the Consolidated Statement of Assets and Liabilities      
Cash and restricted cash 1,661 24,169 7,952
Cash equivalents and restricted cash equivalents 17,263 145,625 23,292
Total cash and restricted cash and cash equivalents and restricted cash equivalents $ 18,924 $ 169,794 $ 31,244