v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Cash flows from operating activities:      
Net increase (decrease) in net assets resulting from operations $ 8,406 $ 7,163  
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:      
Net realized (gain) loss (64) (12)  
Net change in unrealized (appreciation) depreciation 8,653 (343)  
Purchases of investments (272,656) (151,409)  
Payment-in-kind interest income capitalized (252) 0  
Proceeds from sales and principal repayments 163,074 33,754  
Net amortization (accretion) on investments (1,713) (676)  
Amortization of deferred financing costs 418 515  
Amortization of deferred offering costs 0 31  
Changes in operating assets and liabilities:      
Interest receivable from non-controlled/non-affiliated investments (3,369) 350  
Dividend receivable from controlled/affiliated investments 200 (911)  
Receivable for investments sold 14,712 (372)  
Subscriptions received in advance (46,093) 0  
Due from affiliate 1,000 0  
Other assets 7 0  
Due from advisor 0 487  
Payable for investments purchased 22,915 0  
Interest payable 2,795 (292)  
Income incentive fees payable 355 266  
Professional fees payable 363 207  
Management fees payable 121 226  
Due to affiliate (1,887) (1,197)  
Accrued expenses and other liabilities 19 (48)  
Administration fees payable 30 30  
Capital gains incentive fees payable 0 43  
Net cash provided by (used in) operating activities (102,966) (112,188)  
Cash flows from financing activities:      
Borrowings of debt 232,500 286,618  
Repayments of debt (317,865) (254,000)  
Proceeds from shares sold 150,482 66,410  
Income distributions to common shareholders, net of distributions payable and reinvested (13,575) (4,383)  
Deferred financing costs paid (1,455) (900)  
Net cash provided by (used in) financing activities 50,087 93,745  
Net increase (decrease) in cash, cash equivalents and foreign currencies (52,879) (18,443)  
Cash, cash equivalents and foreign currencies at beginning of period 120,767 113,767 $ 113,767
Cash, Cash Equivalents and Foreign Currencies at the End of Period 67,888 95,324 $ 120,767
Supplemental cash flow information      
Interest paid during the period 7,299 5,620  
Reinvestment of distributions during the period 2,301 0  
Payment-in-kind interest income $ 248 $ 0