v3.26.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities    
Net Increase (Decrease) in Net Assets Resulting from Operations $ 145,682 $ 91,710
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by/(used in) operating activities:    
Purchases of investments (2,525,037) (1,345,725)
Proceeds from sales, exits and repayments of investments 777,251 277,169
Payment-in-kind interest capitalized (4,389) (1,720)
Accretion of original issue discount, net of amortized premiums on investments (6,624) (2,933)
Amortization of debt issuance costs 5,440 2,192
Net realized (gain) loss from investments in securities of unaffiliated issuers 7,254 0
Net change in unrealized (appreciation) depreciation from investments in securities of unaffiliated issuers 9,220 (1,751)
Changes in Assets and Liabilities:    
(Increase)/decrease in interest receivable (6,579) (3,129)
(Increase)/decrease in prepaid and other assets 422 (768)
(Increase)/decrease in receivables for investments sold 361 0
(Increase)/decrease in receivable from Advisor 0 731
Increase/(decrease) in interest payable (780) (176)
Increase/(decrease) in management fee payable 3,353 1,413
Increase/(decrease) in incentive fee payable 1,900 1,119
Increase/(decrease) in directors' fees payable 19 25
Increase/(decrease) in payables for investments purchased 56 1,815
Increase/(decrease) in accrued expenses 1,270 397
Net cash provided by/(used in) operating activities (1,591,181) (979,631)
Financing activities    
Proceeds from issuance of shares, net of changes in subscriptions received in advance 1,269,297 563,028
Repurchase of shares, net of change in repurchase offer payable (142) (9,246)
Distributions, net of distribution reinvestment plan and change in distributions payable (98,182) (41,971)
Borrowings under lines of credit 1,665,411 862,400
Repayments to lines of credit (1,354,162) (693,000)
Issuance of debt securitization 0 348,000
Issuance of unsecured notes 150,000 0
Debt issuance costs paid (3,825) (9,899)
Net cash provided by/(used in) financing activities 1,628,397 1,019,312
Net increase/(decrease) in cash and cash equivalents and restricted cash and restricted cash equivalents 37,216 39,681
Cash and restricted cash and cash equivalents and restricted cash equivalents at beginning of the period 169,794 31,244
Cash and restricted cash and cash equivalents and restricted cash equivalents at end of the period 207,010 70,925
Supplemental information and non-cash activities    
Interest paid on lines of credit, debt securitizations, and unsecured notes 59,450 46,957
Issuance of shares in connection with distribution reinvestment plan 50,626 39,649
Reconciliation to the Consolidated Statement of Assets and Liabilities    
Cash and restricted cash 22,759 9,865
Cash equivalents and restricted cash equivalents 184,251 61,060
Total cash and restricted cash and cash equivalents and restricted cash equivalents $ 207,010 $ 70,925