v3.26.1
Consolidated Statements of Cash Flows (Unaudited)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Cash Flows from Operating Activities:    
Net Increase (Decrease) in Net Assets Resulting from Operations $ (6,476) $ (53)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:    
Purchases and originations of investments, net (209,716) (51,324)
Proceeds from sale of investments and principal repayments 1,091 0
Paid-in-kind interest income (2,169) 0
Paid-in-kind dividend income (1,548) 0
Net change in unrealized (gains) losses on investments 9,725 28
Net change in unrealized (gains) losses on translation of assets and liabilities in foreign currencies (384) 0
Net amortization of discount on investments (387) (28)
Accrual of deferred offering costs (266) (107)
Amortization of deferred offering costs 144 408
Accrual of deferred financing costs (78) (82)
Amortization of deferred financing costs 479 176
Changes in Operating Assets and Liabilities:    
Interest receivable 1,361 (594)
Management fees payable 257 42
Incentive fees on net investment income 189 0
Incentive fees on net capital gains (126) 0
Interest payable (372) 227
Excise tax payable (151) 0
Dividend receivable 11 (2)
Other assets (62) 0
Due to affiliate 2,319 368
Accrued expenses and other liabilities 182 (98)
Net Cash Provided by (used in) Operating Activities (205,977) (51,039)
Cash Flows from Financing Activities:    
Proceeds from issuance of Common Stock 58,699 40,000
Deferred financing costs paid (706) (1,295)
Distributions paid to Common Stockholders in cash (1,697) 0
Net Cash Provided by (used in) Financing Activities 138,793 86,305
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Cash (67,184) 35,266
Cash and Cash Equivalents, Including Restricted Cash, Beginning of Period 139,030 32,280
Cash and Cash Equivalents, Including Restricted Cash, End of Period 71,846 67,546
Supplemental information and non-cash activities:    
Interest paid during the period 5,118 154
Reinvestment of distributions during the period 2,149 0
Excise and other taxes paid during the period 156 0
Cash and cash equivalents 67,221  
Restricted cash and cash equivalents 4,625  
Total Cash and cash equivalents, and Restricted cash presented in the Consolidated Statements of Cash Flows 71,846 67,546
Credit Facility [Member]    
Cash Flows from Financing Activities:    
Borrowings on debt 267,797 70,200
Repayments on debt (231,300) (22,600)
ABL Credit Facility [Member]    
Cash Flows from Financing Activities:    
Borrowings on debt $ 46,000 $ 0