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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Operating activities            
Net increase (decrease) in net assets resulting from operations $ (51,276,517)   $ 16,250,686 $ (46,219,376) $ 38,964,565  
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:            
Net realized (gain) loss       35,682,007 31,024,332  
Change in net unrealized (appreciation) depreciation of investments       74,624,174 (17,143,512)  
Net amortization of investment discounts and premiums       (8,917,216) (2,620,291)  
Amortization of original issue discount on debt       168,593 105,402  
Interest and dividend income paid in kind       (7,644,181) (3,600,481)  
Amortization of deferred debt issuance costs       2,017,896 1,433,974  
Cash acquired in the Merger       11,670,610 0  
Merger costs capitalized into purchase price       (2,366,408) 0  
Changes in assets and liabilities:            
Purchases of investments [1],[2]       (142,018,224) (89,512,996)  
Proceeds from disposition of investments       209,290,364 [1] 50,882,555 [1] $ 218,669,941
Decrease (increase) in interest, dividends and fees receivable [1]       2,426,108 (3,163,728)  
Decrease (increase) in due from broker [1]       997,346 0  
Decrease (increase) in receivable for investments sold [1]       671,442 0  
Decrease (increase) in prepaid expenses and other assets [1]       (422,524) 881,447  
Increase (decrease) in payable for investments purchased [1]       (1,554,064) (1,937,465)  
Increase (decrease) in incentive fees payable [1]       104,336 971,920  
Increase (decrease) in interest and debt related payables [1]       1,116,938 677,735  
Increase (decrease) in Interest Rate Swap, at fair value       (835,923) 0  
Increase (decrease) in reimbursements due to the Advisor [1]       (175,858) (1,172,961)  
Increase (decrease) in management fees payable [1]       (7,578,769) (257,547)  
Increase (decrease) in accrued expenses and other liabilities [1]       (1,205,669) 31,654  
Net cash provided by (used in) operating activities       119,831,602 5,564,603  
Financing activities            
Draws on credit facilities       113,800,092 162,008,059  
Repayments of credit facility draws       (411,091,157) (85,830,997)  
Payments of debt issuance costs       (5,500,000) (32,968)  
Dividends paid to shareholders [3]       (55,999,047) (41,014,757)  
Proceeds from issuance of unsecured notes       321,386,000 0  
Net cash provided by (used in) financing activities       (37,404,112) 35,129,337  
Net increase (decrease) in cash and cash equivalents (including restricted cash)       82,427,490 40,693,940  
Cash and cash equivalents (including restricted cash) at beginning of period   $ 112,241,946   112,241,946 82,435,171 82,435,171
Cash and cash equivalents (including restricted cash) at end of period $ 194,669,436   $ 123,129,111 194,669,436 123,129,111 $ 112,241,946
Supplemental cash flow information            
Interest payments       29,135,531 21,244,543  
Excise tax payments       165,495 35,440  
Non-cash assets acquired            
Investments   586,983,708   586,983,708 [4],[5] 0 [4],[5]  
Interest, dividends and fees receivable [5]       10,373,421 0  
Due from broker [5]       2,048,141 0  
Other assets [5]       3,731,006 0  
Total non-cash assets acquired [5]       603,136,276 0  
Liabilities assumed            
Debt [5]       315,296,749 0  
Dividends payable [5]       7,257,191 0  
Management fees payable [5]       1,888,664 0  
Interest Rate Swap at fair value [5]       1,674,309 0  
Incentive fees payable [5]       1,363,625 0  
Other liabilities [5]       4,495,330 0  
Total liabilities assumed [5]       331,975,868 0  
Issuance of shares in connection with the Merger   $ 280,464,610   280,464,610 [5]    
Merger costs capitalized into purchase price [5]       $ 2,366,408 $ 0  
[1] Adjusted for assets acquired and liabilities assumed as a result of the Merger (as defined in Note 1 “Organization and Nature of Operations”), as applicable.
[2] Excludes $586,983,708 of cost of investments acquired in connection with the Merger.
[3] Includes payment of dividends payable of $7,257,191 assumed in the Merger declared on March 4, 2024 by the BCIC Board of Directors for the benefit of former BCIC shareholders of record as of March 15, 2024.
[4] Investments acquired were recorded at fair value at the date of the acquisition, which is also the Company's initial cost basis in the investments, and reflects the impact of a $21,886,848 purchase discount.
[5] On March 18, 2024, in connection with the Merger, the Company acquired net assets in exchange for shares issued of the Company's common stock with a market value of $280,464,610 plus $2,366,408 in merger costs capitalized into the purchase price.