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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net increase (decrease) in net assets resulting from operations $ 206,473 $ 114,558 $ 45,841
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 on investments (2,993) 403 17
Net realized (gain) loss on foreign currency forward contracts 308 (1,755) (664)
Net realized (gain) loss on foreign currency and other transactions 467 (272) 4
Net change in unrealized (gain) loss on investments (1,085) (1,459) 5,330
Net change in unrealized (gain) loss on foreign currency forward contracts (4,588) 4,383 (711)
Net change in unrealized (gain) loss on foreign currency and other transactions (2,732) 28 (1)
Payment-in-kind interest capitalized (15,876) (7,694) (5,920)
Net accretion of discounts and amortization of premiums (9,895) (5,713) (2,616)
Purchases of investments (2,127,010) (1,223,968) (901,557)
Proceeds from principal payments and sale of investments and settlement of forward contracts 677,378 181,287 141,304
Amortization of debt issuance costs 9,429 5,741 2,263
Changes in operating assets and liabilities:      
Interest and dividend receivable (12,573) (16,258) (7,853)
Other assets 140 8,085 (9,478)
Interest payable 6,910 7,126 5,105
Payable for unsettled trades (3,997) 43,765 13,690
Base management fees payable 5,321 3,188 1,886
Incentive fees payable 4,220 2,016 1,496
Accounts payable and accrued expenses 7,454 2,818 6,235
Net cash provided by (used in) operating activities (1,262,649) (883,721) (705,629)
Cash flows from financing activities:      
Borrowings on debt 2,915,521 1,679,829 1,357,900
Repayments of debt (2,009,017) (1,195,312) (943,100)
Proceeds from short-term borrowings 0 180,198 0
Repayments of short-term borrowings 0 (180,198) 0
Debt issuance costs capitalized (18,168) (8,439) (10,562)
Proceeds from issuance of common stock 717,832 540,971 381,995
Repurchases of common stock (60,059) (43,342) (13,385)
Stockholder distributions paid (107,186) (64,436) (28,983)
Net cash provided by (used in) financing activities 1,438,923 909,271 743,865
Net increase (decrease) in cash and restricted cash and cash equivalents 176,274 25,550 38,236
Effect of foreign currency exchange rates (5) 1 (3)
Cash and restricted cash and cash equivalents, beginning of year 77,755 52,204 13,971
Cash and restricted cash and cash equivalents, end of year 254,024 77,755 52,204
Supplemental disclosure of cash flow information:      
Cash interest paid during the year 115,905 49,061 14,366
Cash paid for income taxes, including excise taxes, during the year 606 289 111
Supplemental disclosure of non-cash activities:      
Stock issued in connection with dividend reinvestment plan 79,603 40,892 15,349
Non-cash purchases of investments 2,100 0 0
Reconciliation of cash and restricted cash      
Cash and cash equivalents 129,634 17,586 5,716
Restricted cash and cash equivalents 124,390 60,169 46,488
Total cash and restricted cash and cash equivalents shown on the Consolidated Statements of Cash Flows $ 254,024 $ 77,755 $ 52,204