v3.26.1
Consolidated Statement of Cash Flows (unaudited)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2026
USD ($)
Cash flows from operating activities    
Net increase (decrease) in net assets resulting from operations $ 2,316 $ 258
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 231 423
Amortization of deferred debt issuance costs 34 62
Amortization of discounts on issued debt securities   30
Accretion of discounts and amortization of premiums   (61)
Net realized (gain) loss on foreign currency transactions 0 66
Net realized (gain) loss on forward currency contracts (19) (19)
Net change in unrealized (appreciation) depreciation on investments (204) 3,891
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies 106 232
Net change in unrealized (appreciation) depreciation on forward currency contracts (41) (234)
Proceeds from (fundings of) revolving loans, net   (779)
Fundings of investments   (75,703)
Proceeds from principal payments and sales of portfolio investments   2,882
Payment-in-kind interest capitalized (208) (419)
Non-cash dividends capitalized (22) (56)
Acquisition of subsidiaries, net of cash acquired   (73,031) [1]
Changes in operating assets and liabilities:    
Interest receivable   (339) [2]
Receivable for investments   229 [2]
Other assets   (2,092) [2]
Interest payable   1,030 [2]
Management and income incentive fees payable   659 [2]
Payable for investments purchased   (411) [2]
Accrued trustee fees   19 [2]
Accounts payable and other liabilities   2,171 [2]
Net cash provided by (used in) operating activities   (141,192)
Cash flows from financing activities    
Borrowings on debt   101,858
Repayments of debt   (64,430)
Capitalized debt issuance costs   (862)
Deferred offering costs   (583)
Proceeds from issuance of common shares   119,499
Repurchase of shares   (20,510)
Distributions paid   (1,489)
Net cash provided by (used in) financing activities   133,483
Net change in cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies   (7,709)
Effect of foreign currency exchange rates   (29)
Cash, beginning of period   20,510 [3]
Cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies, end of period 12,772 [4] 12,772 [4]
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest   2,285 [5]
Distributions declared for the period 4,168 4,168
Supplemental disclosure of non-cash financing activity:    
Change in distributions payable   (729)
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]    
Cash 169 169
Cash equivalents 4,726 4,726
Foreign currencies (cost of $159) 152 152
Restricted cash 2,772 2,772
Restricted cash equivalents 4,650 4,650
Restricted foreign currencies (cost of $306) 303 303
Total cash, cash equivalents, foreign currencies, restricted cash and restricted foreign currencies shown in the Consolidated Statement of Cash Flows $ 12,772 [4] $ 12,772 [4]
[1] On December 31, 2025, in connection with the acquisition of GPIF S Funding, GPIF S Holdings, and PIF Holding Blocker S, the Company acquired total assets of $181,410, inclusive of $178,643 of investments, $1,605 of cash, cash equivalents, foreign currencies, restricted cash and restricted foreign currencies, $754 of interest receivable, and $408 of receivable for investments, net of $106,774 of assumed liabilities, inclusive of $105,525 debt assumed.
[2] Represents change in operating assets and liabilities from the Company’s opening balance.
[3] Represents the Company’s opening cash balance.
[4] See Note 2 for a description of cash, cash equivalents, foreign currencies, restricted cash, restricted cash equivalents and restricted foreign currencies.
[5] Cash paid for interest expense excludes $295 of interest payable under the BANA Credit Facility (as defined below) assumed in connection with the GPIF S Purchase Agreement (as defined below).