v3.26.1
Consolidated Statements of Cash Flows (Unaudited)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Cash Flows from Operating Activities:      
Net Increase (Decrease) in Net Assets Resulting from Operations $ 276 $ (6,199) $ (103)
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   (281,493) (133,689)
Proceeds from sale of investments and principal repayments   17,898 0
Paid-in-kind interest income   (4,114) 0
Paid-in-kind dividend income   (3,139) 0
Net change in unrealized (gains) losses on investments 7,037 16,762 168
Net change in unrealized (gains) losses on translation of assets and liabilities in foreign currencies (1,449) (1,833) 0
Net realized (gains) losses on investments (1) (1) 0
Net amortization of discount on investments   (712) (84)
Accrual of deferred offering costs   (377) (151)
Amortization of deferred offering costs   318 840
Accrual of deferred financing costs   (114) (82)
Amortization of deferred financing costs 463 942 391
Changes in Operating Assets and Liabilities:      
Interest receivable   1,877 (800)
Management fees payable   446 143
Incentive fees on net investment income   355 0
Incentive fees on net capital gains   (126) 0
Interest payable   (143) 480
Excise tax payable   (90) 0
Dividend receivable   25 (34)
Other assets   128 0
Due to affiliate   1,421 1,263
Accrued expenses and other liabilities   73 (204)
Net Cash Provided by (used in) Operating Activities   (258,096) (131,862)
Cash Flows from Financing Activities:      
Proceeds from issuance of Common Stock   58,699 90,000
Deferred financing costs paid   (706) (1,598)
Preferred Stock dividends (93) (93) (93)
Distributions paid to Common Stockholders in cash   (2,677) 0
Net Cash Provided by (used in) Financing Activities   143,651 242,109
Effect of exchange rate changes on cash and cash equivalents   (6) 0
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Cash and Cash Equivalents   (114,451) 110,247
Cash and Cash Equivalents, Including Restricted Cash and Cash Equivalents, Beginning of Period   139,030 32,280
Cash and Cash Equivalents, Including Restricted Cash and Cash Equivalents, End of Period 24,579 24,579 142,527
Supplemental information and non-cash activities:      
Interest paid during the period   10,381 723
Reinvestment of distributions during the period   3,941 0
Excise and other taxes paid during the period   156 0
Cash and cash equivalents 16,964 16,964  
Restricted cash and cash equivalents 7,615 7,615  
Total Cash and Cash Equivalents, and Restricted Cash and Cash Equivalents presented in the Consolidated Statements of Cash Flows $ 24,579 24,579 142,527
Credit Facility [Member]      
Cash Flows from Financing Activities:      
Borrowings on debt   358,028 213,500
Repayments on debt   (401,600) (59,700)
ABL Credit Facility [Member]      
Cash Flows from Financing Activities:      
Borrowings on debt   $ 132,000 $ 0