v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
OPERATING ACTIVITIES:      
Net increase in net assets resulting from operations $ 781,638 $ 406,116 $ 94,039
Adjustments to reconcile net increase in net assets resulting from operations:      
Net realized gains on investments and foreign currency transactions (46,490) (17,914) (6,255)
Net unrealized (gains) losses on investments and foreign currency transactions 297 (63,803) (19,297)
Net (gain) loss on interest rate swaps accounted for as hedge instruments and the related hedged items (1,532) 278  
Net accretion of discount on investments (36,193) (16,606) (4,319)
PIK interest (70,285) (21,958) (2,158)
Collections of PIK interest 327    
PIK dividends (16,519) (4,134) (277)
Collections of PIK dividends 2,776 0 0
Amortization of debt issuance costs 17,769 6,953 1,841
Accretion of discount on notes payable 7,440 707  
Amortization of offering costs 1,705 3,864 4,009
Purchases of investments (18,462,102) (10,183,079) (3,092,622)
Proceeds from repayments or sales of investments 7,371,003 2,427,677 754,845
Changes in operating assets and liabilities:      
Interest receivable (102,115) (91,904) (15,552)
Other assets (49,401) (40,965) (18,677)
Base management fee payable (5,398) (4,421) (1,851)
Income based fee payable 18,024 11,224 4,606
Capital gains incentive fee payable 5,821 10,162 3,162
Interest and facility fees payable 79,961 56,792 1,656
Interest rate swap collateral payable 132,500 4,650  
Accounts payable and other liabilities 24,264 33,242 5,081
Net cash used in operating activities (10,335,714) (7,474,277) (2,288,067)
FINANCING ACTIVITIES:      
Borrowings on debt 14,617,865 8,777,313 1,535,449
Repayments of debt (8,060,280) (4,908,317) (825,100)
Debt issuance costs (50,751) (47,375) (10,851)
Net proceeds from issuance of common shares 5,260,227 4,061,640 1,563,647
Repurchased shares, net of early repurchase deduction     (78)
Distributions to shareholders (550,131) (232,907) (30,445)
Secured borrowing, net 240,465    
Net cash provided by financing activities 10,607,148 7,586,732 2,232,622
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH   271,434  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 170,427 57,972 113,417
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 441,861 170,427 57,972
Supplemental Information:      
Interest paid during the period 422,344 119,598 21,609
Distributions declared and payable during the period $ 815,675 $ 347,088 $ 53,166