v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net increase (decrease) in net assets resulting from operations $ 13,999 $ 13,450
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities    
Amortization of deferred offering costs 312 107
Amortization of deferred financing costs 1,881 824
Net accretion of discount on investments (5,197) (798)
Net change in unrealized (appreciation) depreciation on investments 30,541 (478)
Net change in unrealized (appreciation) depreciation on derivative instruments 5,777 0
Net realized loss on investments (605) 154
Cost of investments purchased (618,396) (298,425)
Proceeds from repayments of investments 185,540 28,007
Payment-in-kind interest capitalized (2,777) (292)
Change in operating assets and liabilities:    
Expense support reimbursement 0 0
Deferred offering costs (185) (400)
Prepaid expenses and other assets (183) (115)
Receivable for interest, other income, and investments sold (11,965) (1,325)
Due to Adviser 385 1,090
Management and incentive fees payable 281 956
Administrative service fee payable 24 460
Interest and credit facility fees payable 13,669 516
Accrued expenses and other liabilities 686 (292)
Net cash used in operating activities (386,213) (256,561)
Cash flows from financing activities    
Proceeds from issuance of common stock 60,979 233,755
Repurchase of common stock (61,566) (383)
Shareholder distributions paid (35,353) (12,501)
Borrowings on debt 928,091 238,700
Repayments on debt (513,500) (199,750)
Debt issuance costs paid (4,376) (563)
Common stock proceeds received in advance 3,280 (2,627)
Net cash provided by financing activities 377,555 256,631
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents (8,658) 70
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period 49,642 [1],[2],[3],[4] 33,335
Cash and cash equivalents and restricted cash and cash equivalents, end of period 40,984 [5],[6],[7] 33,405
Supplemental disclosures    
Interest, including credit facility fees, paid during the period 15,352 10,767
Reinvestment of shareholder distributions 8,632 1,249
Shareholder distributions declared 45,155 15,000
Change in distribution payable 1,170 1,251
Cash and cash equivalents 23,421  
Restricted cash and cash equivalents 17,563  
Total cash and cash equivalents and restricted cash and cash equivalents $ 40,984 [5],[6],[7] $ 33,405
[1] The Company uses an internally developed industry classification system which was developed using the Global Industry Classification Standard (“GICS”®) as a reference. All investments are ultimately focused in enterprise software, data and technology-enabled business sectors.
[2] The following table shows the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which is not always indicative of the primary source of the portfolio company’s business:
[3] Unless otherwise indicated, all investments held by the Company (the “Company” includes the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in U.S. dollars and headquartered in the United States. All investments are income producing unless otherwise indicated. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for all debt investment and preferred equity. Unit amount is presented for Other Equity, with the exception of HPC GPFS Arsenal Co-Invest (Cayman) LP and Tactical Equipment III, L.P., which presents investment cost.
[4] Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate (“SOFR”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2025. Variable rate loans typically include an interest reference rate floor feature.
[5] The Company uses an internally developed industry classification system which was developed using the Global Industry Classification Standard (“GICS”®) as a reference. All investments are ultimately focused in enterprise software, data and technology-enabled business sectors.
[6] The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
[7] Unless otherwise indicated, all investments held by the Company (the “Company” includes the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in U.S. dollars and headquartered in the United States. All investments are income producing unless otherwise indicated. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for all debt investment and preferred equity. Unit amount is presented for Other Equity, with the exception of HPC GPFS Arsenal Co-Invest (Cayman) LP, HPC Preferred Opportunities, L.P. and Tactical Equipment III, L.P., which presents investment cost.