v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
OPERATING ACTIVITIES    
Net increase in net assets resulting from operations $ 290,760 $ 59,402
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:    
Net accretion of investments (1,195) (12)
Net accretion of term loan payable 203 0
PIK distribution income (47,597) 0
Purchases of investments (7,582,021) (1,365,868)
Amortization of deferred financing costs 6,379 1,823
Amortization of offering costs 816 3,271
Change in deferred tax liability, net 95,676 17,326
Net change in unrealized (gain)/loss on investments (140,440) (84,576)
Net change in unrealized (gain)/loss on derivatives (76,788) 11,867
Realized loss on investments 120 253
Return of capital from investments 132,130 9,526
Proceeds from repayments or sales of investments 192,454 38,015
Changes in operating assets and liabilities:    
Management fees payable 5,704 1,482
Capital gains incentive fee payable (1,363) 8,049
Income based incentive fee payable 21,219 1,593
Accrued expenses 17,581 (3,795)
Other assets (6,375) (409)
Interest payable 4,561 835
Unsettled trades payable 129,141 31,643
Net cash used in operating activities (6,959,035) (1,269,575)
FINANCING ACTIVITIES    
Net proceeds from issuance of common stock 5,621,955 1,294,757
Borrowings from term loans 1,944,735 234,750
Repayments of term loans (329,939) (2,786)
Payments for deferred financing costs (21,899) (12,837)
Repurchased shares, net of early repurchase deduction (33,167) (11,662)
Distributions to shareholders (201,678) (43,241)
Net cash provided by financing activities 6,980,007 1,458,981
Net change in cash, cash equivalents and restricted cash 20,972 189,406
Cash, cash equivalents and restricted cash, beginning of period 320,802 27,317
Cash, cash equivalents and restricted cash, end of period 341,774 216,723
Supplemental Information:    
Interest paid during the period 77,259 14,380
Non-cash financing activity:    
Offering costs 682 1,007
Distribution reinvested $ 97,918 $ 13,184