v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flow from operating activities    
Net increase (decrease) in net assets resulting from operations $ 2,300 $ 27,834
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 (1,289) (465)
Net accretion of discounts and amortization of premiums (2,325) (1,223)
Proceeds from sale of investments and principal repayments 242,285 66,989
Purchases of investments (557,451) (524,141)
Purchase/sale of short-term investments, net [1] 21,770 0
Net realized (gains) losses on investments 1,440 743
Net change in unrealized (appreciation) depreciation on investments 47,831 3,664
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies (651) 0
Amortization of deferred financing costs 1,003 605
Amortization of deferred offering costs 17 83
Interest receivable 8,330 (905)
Dividend receivable (109) 0
Receivable for investments sold / repaid (15,066) 6,776
Cash collateral held at broker (2,900) 0
Prepaid expenses and other assets (239) (290)
Due to affiliates 672 366
Payable for investments purchased (11,784) 17,380
Management fees payable 241 2,352
Income based incentive fee payable 188 2,477
Capital gains incentive fee payable 0 (165)
Interest payable (5,423) 991
Administrative service fee payable 147 (81)
Excise tax payable 0 (266)
Accrued expenses and other liabilities (419) 665
Net cash provided by (used in) operating activities (271,432) (396,611)
Cash flow from financing activities    
Debt borrowings 464,781 415,270
Debt repayments (206,413) (200,000)
Proceeds from issuance of shares, net of subscription receivable 155,765 204,629
Shares repurchased (66,561) 0
Distributions paid (34,136) (15,168)
Deferred offering costs paid (4) (30)
Net cash provided by (used in) financing activities 313,432 404,701
Net increase (decrease) in cash and cash equivalents 42,000 8,090
Effect of foreign exchange rate changes on cash and cash equivalents (139) 0
Cash, cash equivalents and foreign currencies at the beginning of period [1] 29,304 81,760
Cash, cash equivalents and foreign currencies at the end of period [1] 71,165 89,850
Supplemental disclosure of cash flow information and non-cash financing activities    
Cash paid for interest 30,684 13,370
Cash paid for taxes 120 0
Distributions payable 32,418 34,398
Reinvestment of distributions $ 31,150 $ 0
[1] The Company has made a prospective presentation change to reclassify money market fund investments as short-term investments, resulting in their exclusion from cash and cash equivalents beginning in the reporting period ended June 30, 2025. As a result, cash as of the beginning of the three months ended March 31, 2025 includes $62,915 of money market fund investments. As of the beginning of the three months ended March 31, 2026, short term investments are excluded from cash. See Note 2 for additional detail.