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Consolidated Statements of Assets and Liabilities - USD ($)
$ in Thousands
Sep. 30, 2025
Sep. 30, 2024
Investments at fair value    
Total investments $ 2,773,328 [1],[2] $ 1,983,504 [3],[4],[5],[6],[7]
Cash and Cash Equivalents, Cost 122,688 112,050
Interest receivable 13,832 12,167
Receivable for investments sold 1,369 0
Distributions receivable 0 635
Due from affiliate 321 291
Prepaid expenses and other assets 2,143 198
Total assets 2,913,681 2,108,845
Liabilities    
Credit Facility payable, at fair value (cost-$443,885 and $9,400, respectively) 683,837 443,880
Payable for investments purchased 14,852 20,363
Interest payable on debt 19,172 14,645
Distributions payable 10,170 7,834
Base management fee payable 6,549 4,588
Incentive fee payable 6,883 3,189
Accounts payable and accrued expenses 2,166 2,187
Deferred tax liability 1,864 1,712
Due to Affiliates 739 0
Total liabilities 1,839,165 1,231,551
Commitments and contingencies (See Note 12)
Net assets    
Common stock, 77,579,896 and 58,734,702 shares issued and outstanding, respectively Par value $0.001 per share and 200,000,000 shares authorized 99 78
Paid-in capital in excess of par value 1,219,502 976,744
Accumulated deficit (145,085) (99,528)
Total net assets 1,074,516 877,294
Total liabilities and net assets $ 2,913,681 $ 2,108,845
Net asset value per share [8] $ 10.83 $ 11.31
2026 Notes Payable    
Liabilities    
Notes payable, net $ 184,609 $ 183,832
2036-R Asset-Backed Debt    
Liabilities    
Asset-Backed Debt, net 265,366 265,235
2036 Asset-Backed Debt    
Liabilities    
Asset-Backed Debt, net 284,627 284,086
2037 Asset-Backed Debt    
Liabilities    
Asset-Backed Debt, net 358,331 0
Non-controlled, Non-affiliated Investments    
Investments at fair value    
Total investments 2,491,360 1,632,269
Controlled, Affiliated Investments    
Investments at fair value    
Total investments $ 281,968 $ 351,235
[1] As of September 30, 2025, all investments are in U.S companies. Total cost, fair value, and percentage of Net Assets for the U.S. Companies were $2,819.4 million, $2,773.3 million, and 258.1%
[2] Partial PIK non-accrual security
[3] The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities.
[4] The provisions of the 1940 Act classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.
[5] Valued based on our accounting policy (See Note 2). The value of all securities was determined using significant unobservable inputs. (See Note 5)
[6] All investments are in US Companies unless noted otherwise. Total cost, fair value, and percentage of Net Assets for the U.S. Companies were $1,994.9 million, $1,983.5 million, and 226.1%
[7] All of our investments are not registered under the 1933Act and have restrictions on resale.
[8] NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period.