v3.26.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net increase (decrease) in net assets resulting from operations $ 11,912 $ 4,267
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash (used in) provided by operating activities:    
Purchases of investments [1] (409,573) (175,831)
Proceeds from sales and principal repayments of investments [1] 151,070 12,881
Net realized (gain) loss on investments (69)  
Net change in unrealized (appreciation) depreciation 1,321 325
Accretion of paid-in-kind interest (126)  
Amortization of premium and accretion of discount, net (1,120) (341)
Amortization of deferred financing costs 421 248
Amortization of prepaid expenses 15 87
Changes in operating assets and liabilities:    
Interest receivable (1,825) (527)
Prepaid expenses and other assets (1,276) (347)
Management fees payable 713 336
Professional fees payable 349 209
Administration fees payable   2
Legal fees payable 73 10
Incentive fee payable 353  
Interest and credit facility fees payable 477 99
Due to affiliate 43 (4)
Accounts payable and accrued expenses 189 68
Net cash provided by (used in) operating activities (247,053) (158,518)
Cash flows from financing activities:    
Net proceeds from issuance of shares [2] 71,071 112,630
Distributions paid (8,923) (1,054)
Borrowings of debt 338,000 58,000
Repayments of debt (158,000)  
Debt issuance costs paid (2,095)  
Net cash provided by (used in) financing activities 240,053 169,576
Net increase (decrease) in cash and cash equivalents (7,000) 11,058
Cash and cash equivalents, beginning of period 27,569 59,420
Cash and cash equivalents, end of period 20,569 70,478
Supplemental and non-cash activities    
Interest, including credit facility fees, paid during the period 3,455 199
Shares issued from dividend reinvestment plan $ 4,520 $ 623
[1] Excluded from the amounts presented for the nine months ended September 30, 2026 is $30.4 million of investments exchanged in-kind related to the Company's investment in 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 $180 and $282, respectively for the nine months ended September 30, 2026 and 2025.