v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities    
Net increase (decrease) in net assets resulting from operations $ 43,531 $ 26,936
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:    
Purchases of investments (309,713) (355,393)
Proceeds from principal repayments and sales of investments 258,445 38,507
Net realized (gain) on investments 501 (710)
Net realized (gain) on derivative instruments (1,827) 0
Net realized loss on foreign currency transactions 1,441 0
Net change in unrealized (gain) on investments 3,380 (8,766)
Net change in unrealized (gain) on derivative instruments (646) 0
Net change in unrealized (gain) on translation of assets and liabilities in foreign currencies (2,312) 0
Accretion of discounts (9,996) (1,299)
Payment in-kind interest capitalized (3,000) (610)
Payment in-kind dividends capitalized (1,763) 0
Amortization of deferred financing costs 691 440
Amortization of deferred offering costs 0 22
Net proceeds from settlements of derivative contracts 1,827 0
Changes in operating assets and liabilities:    
Receivable for investments sold (15,987) 11,996
Interest receivable 3,691 1,164
Dividends receivable (1,551) (1,044)
Payable for investments purchased (62,322) (134)
Interest payable (2,002) 1,462
Management Fees payable 399 580
Due to affiliates 2,375 362
Board of Trustees' fees payable (3) (3)
Accrued expenses and other liabilities 1,729 832
Net Cash Provided by (Used in) Operating Activities (93,112) (285,658)
Financing Activities    
Proceeds from Repurchase Obligations 0 39,400
Repayments of Repurchase Obligations (63,006) (72,675)
Borrowings of Revolving Credit Facilities 197,523 281,000
Repayments of Revolving Credit Facilities (374,500) (68,800)
Proceeds from Debt Securitizations 272,000 0
Deferred financing costs paid (3,173) (3,833)
Debt issuance costs paid (1,877) 0
Proceeds from issuance of common shares, net of deferred offering costs of $0 and $174 as of March 31, 2026 and March 31, 2025, respectively) 86,943 70,392
Distributions paid in cash (30,570) (17,031)
Net Cash Provided by (Used in) Financing Activities 83,340 228,453
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (9,772) (57,205)
Effect of exchange rate changes on cash and cash equivalents 871 0
Cash, Cash Equivalents and Restricted Cash, Beginning of Period 122,052 104,380
Cash, Cash Equivalents and Restricted Cash, End of Period 113,151 47,175
Supplemental Information and Non-Cash Activities    
Interest paid during the period 22,941 11,467
Excise and other taxes paid 208 90
Reinvestment of distributions during the period $ 4,104 $ 1,854