v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities:    
Net increase (decrease) in net assets resulting from operations $ 8,348 $ 6,713
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:    
Net realized (gains) losses on investments (88) 0
Net change in unrealized (gains) losses (net of the change in deferred tax liability) 3,829 (896)
Net accretion of discount on investments (739) (408)
Amortization of deferred financing costs 266 150
Payment in-kind interest income (733) (199)
Purchases of portfolio investments (24,456) (153,097)
Sales or repayments of portfolio investments 72,314 4,486
Increase (decrease) in operating assets and liabilities:    
(Decrease) increase in interest receivable 1,617 (1,944)
(Decrease) increase in due from affiliates 297 (268)
Increase in receivable for paydowns of investments (146) 0
(Increase) Decrease in prepaid expenses and other assets 525 505
Increase in payable for investments purchased 0 9,893
Increase in management fees payable 7 332
Increase in interest payable 565 222
Increase in incentive fee payable 239 480
Decrease in due to affiliates 0 (271)
Increase in accrued other general and administrative expenses 346 574
Net cash provided by (used in) operating activities 62,191 (133,728)
Cash Flows provided by (used in) Financing Activities:    
Borrowings on Secured Loan Facility 3,000 157,000
Repayments on Secured Loan Facility (62,423) (54,000)
Borrowings on Credit Facility 13,000 0
Proceeds from Secured Borrowing 0 35,434
Repayments on Secured Borrowing 0 (67,969)
Deferred financing costs paid 0 (2,750)
Distributions paid in cash (11,821) (3,517)
Proceeds from issuance of shares 0 70,150
Net cash provided by (used in) financing activities (58,244) 134,348
Net increase (decrease) in cash and cash equivalents 3,947 620
Cash and cash equivalents and restricted cash, beginning of period 10,235 22,885
Cash and cash equivalents and restricted cash, end of period 14,182 23,505
Supplemental and Non-Cash Information:    
Interest paid during the period 7,024 3,876
Reinvestment of distributions during the period $ 6 $ 3