XML 33 R7.htm IDEA: XBRL DOCUMENT v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
11 Months Ended 12 Months Ended
Dec. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Feb. 08, 2022
[1]
Cash flows from operating activities:        
Net increase (decrease) in net assets resulting from operations $ 12,979 [1],[2] $ 70,380 $ 34,722  
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities        
Purchase of investments (93,554) [1] (879,719) (206,879)  
Proceeds from principal repayments and sales of investments 38,221 [1] 201,591 47,485  
Payment-in-kind interest (1,275) [1] (4,427) (2,333)  
Amortization of premium/accretion of discount, net (506) [1] (1,259) (820)  
Net realized (gain) loss on investments 347 [1] (766) (768)  
Net change in unrealized (appreciation) depreciation on investments 3,480 [1] 1,940 652  
Amortization of deferred financing costs 14 [1] 623 174  
Amortization of offering costs 0 [1] 7 0  
NCPCF Acquisition, net of cash acquired [3] 0 [1] (206,529) 0  
Changes in operating assets and liabilities:        
Due from affiliate for expense support (2,215) [1] (656) (753)  
Receivable for investments sold (196) [1] (13,189) 35  
Interest receivable (4,282) [1] 378 (1,330)  
Prepaid expenses (29) [1] (3) (12)  
Payable for investments purchased 0 [1] 11,679 338  
Interest payable 533 [1] 11,613 97  
Management fee payable 0 [1] 745 0  
Due to affiliate for expense support 2,215 [1] 656 753  
Board of Trustees' fees payable 128 [1] 0 0  
Accounts payable and accrued expenses 985 [1] (162) 777  
Net cash provided by (used in) operating activities (43,155) [1] (807,098) (127,862)  
Cash flows from financing activities:        
Proceeds from issuance of common shares 1 [1] 449,958 92,850  
Repurchased shares, net of early repurchase deduction 0 [1] (980) 0  
Proceeds from secured borrowings 162,500 [1] 1,012,100 135,250  
Repayments of secured borrowings (7,500) [1] (549,850) (124,500)  
Repayments of Note (32,731) [1] 0 0  
Distributions paid (13,070) [1] (42,298) (32,568)  
Payments of deferred financing costs (260) [1] (3,567) (276)  
Net cash provided by (used in) financing activities 108,940 [1] 865,363 70,756  
Net increase (decrease) in cash and cash equivalents 65,785 [1] 58,265 (57,106)  
Cash and cash equivalents, beginning of period   8,679 65,785 [1]  
Cash and cash equivalents, end of period 65,785 [1] 66,944 8,679  
Supplemental disclosure of cash flow information:        
Cash paid during the period for interest 3,702 [1] 7,033 10,482  
Financing costs paid through expense support 462 [1] 0 2  
Amortization of deferred financing costs paid through expense support 60 [1] 0 0  
Cash paid during the period for excise taxes 0 [1] 33 2  
Investments acquired through NCPCF Acquisition 0 [1] 486,933 0  
Debt assumed from NCPCF Acquisition 0 [1] 281,500 0  
Supplemental disclosure of non-cash flow information:        
Purchases of investments (296,231) [1] 0 0  
Issuance of common shares, net 263,500 [1] 0 0  
Reinvestment of shareholder distributions 0 [1] 21,115 847  
Payable for share repurchases 0 [1] 2,005 0  
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]        
Cash 65,785 3,721 1,089  
Cash Equivalents 0 63,223 7,590  
Total cash and cash equivalents and restricted cash shown on the Consolidated Statements of Cash Flows $ 65,785 [1] $ 66,944 $ 8,679 $ 0
[1] For the period February 8, 2022 (inception) through December 31, 2022.
[2] For the period February 8, 2022 (inception) through December 31, 2022
[3] On December 11, 2024, in connection with the Fund’s acquisition of substantially all of Nuveen Churchill Private Credit Fund’s assets and liabilities, the Fund acquired total assets of $506,973, inclusive of $486,933 of investments, $14,448 of cash and cash equivalents and $5,592 of other assets, net of $285,996 of assumed liabilities, inclusive of $281,500 outstanding debt obligations. See Note 11 “NCPCF Acquisition” for more information.