Consolidated Statement of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash Flows From Operating Activities:
Net increase (decrease) in net assets resulting from operations	$ 32,853	$ 7,137
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of investments	(584,094)	(441,043)
Proceeds from sale of investments and principal repayments	16,837	651
Net change in unrealized (appreciation) depreciation on investments	(112)	176
Net accretion of discount	(1,848)	(393)
Amortization of deferred financing costs	1,855	645
Amortization of deferred offering costs	0	1,186
Payment-in-kind interest capitalized	(1,471)	(373)
Changes in operating assets and liabilities:
Expense reimbursement receivable	0	2,858
Interest and other income receivable from non-controlled/non-affiliated investments	(3,959)	(841)
Prepaid assets	278	132
Other liabilities and accrued expenses	(344)	808
Interest payable	2,725	2,301
Dividend receivable	(544)	0
Accrued organizational costs	0	(1,040)
Due to affiliate	0	(87)
Management fees payable	1,016	591
Expense reimbursement payable	642	0
Net investment income incentive fee payable	605	458
Capital gains income incentive fee payable	11	0
Accrued administrative services expense payable	158	(1,452)
Net cash provided by (used for) operating activities	(535,392)	(428,286)
Cash Flows From Financing Activities:
Proceeds from issuance of common shares	249,489	162,076
Distributions paid in cash	(32,276)	(4,948)
Change in subscription receivable	(1,159)	(15)
Deferred financing costs paid	(1,766)	(1,508)
Borrowings on debt	810,490	495,630
Payment of debt	(475,990)	(238,200)
Net cash provided by (used for) financing activities	548,788	413,035
Net increase (decrease) in cash and cash equivalents	13,396	(15,251)
Cash and cash equivalents, beginning of period	12,923	67,664
Cash and cash equivalents, end of period	26,319	52,413
Supplemental disclosure of cash flow and non-cash activities:
Interest paid during the period	24,903	3,835
Reinvestment of distributions during the period	14,071	2,291
Excise tax paid during the period	$ 137	$ 2

26North BDC, Inc. 10-Q