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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Operating activities              
Net increase (decrease) in net assets resulting from operations attributable to participating securities $ 30,548   $ 15,000   $ 89,680 $ 37,108  
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:              
Payment-in-kind interest income         (14,440) (2,043)  
Net accretion of discount on investments         (18,687) (1,351)  
Amortization of deferred financing costs 357   254   897 851  
Amortization of discount on unsecured notes         260 0  
Sales and repayments of investments         532,515 71,019  
Purchases of investments         (785,784) (46,408)  
Net realized (gain) loss from investments         21,134 341  
Net change in unrealized (appreciation) depreciation on investments         30,338 1,796  
(Increase) decrease in operating assets:              
Interest and dividend receivable         (4,994) (2,856)  
Receivable for unsettled trades         (6,686) (9,807)  
Prepaid expenses and other assets         3,431 (1,270)  
Due from broker         647 (8,336)  
Cash received in the Mergers         58,478 0  
(Increase) decrease in operating liabilities:              
Management fees payable         10,884 72  
Incentive fee on income payable         6,099 0  
Accounts payable and accrued expenses         (4,345) 3,097  
Interest and debt fees payable         18,245 4,869  
Directors' fees payable         (397) 158  
Other liabilities         550 (196)  
Net cash provided by (used in) operating activities         (62,175) 47,044  
Financing activities              
Repayments on secured borrowings         (2,586) 33,344  
Proceeds from issuance of shares of common stock         900 9,922  
Proceeds from issuance of shares of preferred stock         0 41,353  
Repurchase of common stock         (43,017) 0  
Proceeds from debt         801,724 32,000  
Payments on debt         (508,974) (70,400)  
Proceeds from short-term borrowings         0 68,583  
Repayments on short-term borrowings         0 (89,375)  
Payments of financing costs         (4,424) 0  
Common stockholder distributions         (77,434) (23,268)  
Preferred stockholder distributions         (5,570) (5,417)  
Net cash provided by (used in) financing activities         160,619 (3,258)  
Net increase (decrease) in cash, cash equivalents and restricted cash         98,444 43,786  
Cash, cash equivalents and restricted cash, beginning of period   $ 55,222   $ 26,239 55,222 26,239 $ 26,239
Cash, cash equivalents and restricted cash, end of period 153,666   70,025   153,666 70,025 55,222
Supplemental information:              
Interest and non-usage fees paid during the period         63,742 17,306  
Taxes, including excise tax, paid during the period         4,327 325  
Distributions reinvested during the period 9,803 $ 3,342 3,141 $ 2,994 23,078 9,210 12,439
Issuance of shares in connection with merger [1]         1,594,261 0  
Cash and cash equivalents 135,387   70,025   135,387 70,025 48,541
Restricted cash 18,279   0   18,279 0 6,681
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 153,666   $ 70,025   $ 153,666 $ 70,025 $ 55,222
[1] On January 24, 2024, in connection with the Mergers (as defined in Note 1 – Organization), the Company acquired net assets of $1,594.3 million for the total stock consideration of $1,598.9 million, inclusive of $4.6 million of transaction costs. For further details, refer to Note 17 – Merger with FBLC.