v3.26.1
Consolidated Statements of Cash Flows - 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 $ 7,871 $ 1,782
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash (used in) provided by operating activities:    
Purchases of investments (255,643) (55,381)
Proceeds from sales and principal repayments of investments [1] 120,112 7,836
Net realized (gain) loss on investments (69)  
Net change in unrealized (appreciation) depreciation 733 298
Accretion of paid-in-kind interest (73)  
Amortization of premium and accretion of discount, net (834) (177)
Amortization of deferred financing costs 252 165
Amortization of prepaid expenses 10 55
Changes in operating assets and liabilities:    
Interest receivable (356) (325)
Prepaid expenses and other assets (1,506) (49)
Management fees payable 516 (935)
Professional fees payable 282 124
Administration fees payable   2
Legal fees payable 304 110
Incentive fee payable (15)  
Interest and credit facility fees payable 324 (1)
Due to affiliate 80 23
Board fees payable 107  
Accounts payable and accrued expenses 197 23
Net cash provided by (used in) operating activities (127,708) (46,450)
Cash flows from financing activities:    
Net proceeds from issuance of shares [2]   82,037
Distributions paid (6,834)  
Borrowings of debt 203,000 0
Repayments of debt (73,000)  
Debt issuance costs paid (2,095)  
Net cash provided by (used in) financing activities 121,071 82,037
Net increase (decrease) in cash and cash equivalents (6,637) 35,587
Cash and cash equivalents, beginning of period 27,569 59,420
Cash and cash equivalents, end of period 20,932 95,007
Supplemental and non-cash activities    
Interest, including credit facility fees, paid during the period 1,184 $ 133
Shares issued from dividend reinvestment plan $ 3,456  
[1] Excluded from the amounts presented for the six months ended June 30, 2026, is $30.4 million of investments exchanged in-kind related to the Company's investment in the Andalusian Credit Rated JV I, LLC.  Refer to Note 4 – Investments for additional information.
[2] Proceeds from the issuance of shares are presented net of placement agent fees of $0 and $128, respectively for the six months ended June 30, 2026 and 2025.