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 $ 34,123 $ 36,752
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities    
Purchase of investments (424,982) (351,798)
Proceeds from principal repayments and sales of investments 144,907 159,720
Payment-in-kind interest (4,729) (3,183)
Amortization of premium/accretion of discount, net (2,222) (2,042)
Net realized (gain) loss on investments 1,817 3,103
Net change in unrealized (appreciation) depreciation on investments 26,142 11,504
Amortization of deferred financing costs 1,311 1,759
Amortization of offering costs 399 (283)
BDC V Acquisition, net of cash acquired [1] (335,316) 0
Changes in operating assets and liabilities:    
Due from affiliate expense support (295) 1,550
Receivable for investments sold (4,113) 6,706
Interest receivable 1,314 (3,816)
Prepaid expenses (76) (128)
Payable for investments purchased (5,655) 621
Management fee payable (1,970) 210
Offering costs payable 185 408
Interest payable 7,951 (8,625)
Due to affiliate expense support 295 (1,550)
Incentive fees payable 297 1,304
Board of Trustees' fees payable (168) (198)
Accounts payable and accrued expenses 2,640 (60)
Net cash provided by (used in) operating activities (558,145) (148,046)
Cash flows from financing activities:    
Proceeds from issuance of common shares 167,220 261,785
Repurchased shares, net of early repurchase deduction (55,845) (8,107)
Proceeds from secured borrowings 730,500 640,500
Repayments of secured borrowings (231,000) (655,361)
Distributions paid (37,619) (25,243)
Payments of deferred financing and issuance costs (2,084) (6,958)
Net cash provided by (used in) financing activities 571,172 206,616
Net increase (decrease) in cash and cash equivalents 13,027 58,570
Cash and cash equivalents, beginning of period 54,187 66,944
Cash and cash equivalents, end of period 67,214 125,514
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 25,108 36,739
Taxes, including excise tax, paid during the period 0 563
Investments acquired through BDC V Acquisition [1] 840,972 0
Debt assumed from BDC V Acquisition [1] 511,000 0
Supplemental disclosure of non-cash flow financing activities:    
Reinvestment of shareholder distributions 24,013 20,195
Distributions payable 10,711 8,870
Payable for share repurchases 33,392 5,274
Reconciliation of Cash and Cash Equivalents    
Cash 9,092 9,744
Cash equivalents 58,122 115,770
Total cash and cash equivalents shown on the consolidated statements of cash flows $ 67,214 $ 125,514
[1] On May 1, 2026, the Fund acquired substantially all of BDC V's assets and liabilities. In connection with this acquisition, the Fund acquired total assets of $861,759, consisting of $840,972 of portfolio investments, $11,638 of cash and cash equivalents, and $9,149 of other assets. The Fund also assumed total liabilities of $514,805, net of deferred financing costs, which included $510,049 of outstanding debt obligations. See Note 9, 'BDC V Acquisition,' for more information.