v3.26.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows provided by/(used in) operating activities:    
Net increase/(decrease) in net assets resulting from operations $ 121,161 $ 96,144
Adjustments to reconcile net increase/(decrease) in net assets resulting from operation to net cash provided by/(used in) operating activities:    
Purchase of investments, net of deferred fees [1] (1,210,971) (1,046,394)
Proceeds from sales and paydowns of investments [1] 799,984 607,846
Net change in unrealized (appreciation)/depreciation from investments 1,007 (22,434)
Net realized (gain)/loss from investments 18,176 30,441
Accretion of original issue discounts and end of term payments on investments (45,104) (36,431)
Amortization of deferred financing costs 1,769 3,653
Stock-based compensation 10,038 8,876
Change in operating assets and liabilities    
(Increase)/Decrease in interest receivable (1,696) (2,922)
(Increase)/Decrease in other assets (2,268) (2,926)
Increase/(Decrease) in security deposits (837) (4,059)
Increase/(Decrease) in accounts payable, accrued expenses and other liabilities (1,962) (2,290)
Net cash provided by/(used in) operating activities (310,703) (370,496)
Cash flows provided by/(used in) investing activities:    
Disposal/(Acquisition) of fixed assets (514) (357)
Net cash provided by/(used in) investing activities (514) (357)
Cash flows provided by/(used in) financing activities    
Issuance of common stock, net of issuance costs 235,536 194,932
Retirement of employee shares (3,818) (3,522)
Cash distributions paid (177,223) (98,582)
Repayment of Secured Notes (25,100)  
Issuance of Unsecured Notes, net of issuance costs 296,576 127,021
Repayment of Unsecured Notes (125,000) (217,756)
Borrowings under Credit Facility 1,611,800 1,164,200
Repayments under Credit Facility (1,500,000) (795,600)
Net cash provided by/(used in) financing activities 312,771 370,693
Net increase/(decrease) in cash, cash equivalents and restricted cash 1,554 (160)
Cash, cash equivalents and restricted cash at beginning of period 19,110 9,627
Cash, cash equivalents and restricted cash at end of period 20,664 9,467
Supplemental and non-cash investing and financing activities:    
Cash paid for interest 66,206 48,394
Income tax, including excise tax, paid 2,877 2,722
Non-cash purchase of investments through issuance of common stock 4,483  
Distribution payable   38,244
Distributions reinvested $ 1,630 $ 930
[1] Excludes co-investments of $106.4 million for the nine months ended September 30, 2026 funded by the Company on behalf of or directly funded by affiliate funds. Refer to “Note 12 – Related Party Transactions” for additional information.