INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Tax Character of Distributions

For income tax purposes, distributions made to holders of the Company’s unitholders are reported as ordinary income, capital gains, or a combination thereof. The tax character of distributions made for the year ended December 31, 2025 and December 31, 2024, and for the period from November 30, 2022 (inception) to December 31, 2023, were as follows:


		For the Year Ended
		December 31, 2025				December 31, 2024				December 31, 2023
Distributions paid from:
Ordinary income (including net short-term capital gains)		$	24,186			$	11,577			$	1,340
Net long-term capital gains			60				—				—
Total taxable distributions		$	24,246			$	11,577			$	1,340

Schedule of Book to Tax Differences Relating to Distributions

The book-to-tax differences relating to distributions made to the Company’s holders of Units resulted in reclassifications among certain capital accounts as follows:


		As of
		December 31, 2025				December 31, 2024				December 31, 2025
Paid-in capital in excess of par value		$	(101	)		$	(52	)		$	(202	)
Total distributable earnings (loss)		$	101			$	52			$	202

Schedule of Cost of Investments

The cost and unrealized gain (loss) on the Company’s consolidated financial instruments, as calculated on a tax basis, at December 31, 2025, December 31, 2024, and December 31, 2023 were as follows:


		As of
		December 31, 2025				December 31, 2024				December 31, 2023
Gross unrealized appreciation		$	2,374			$	1,839			$	271
Gross unrealized depreciation			(2,520	)			(460	)			(112	)
Net unrealized appreciation (depreciation)		$	(146	)		$	1,379			$	159
Tax cost of investments at year end		$	573,586			$	268,579			$	51,386

At December 31, 2025, the Company had available for federal income tax purposes unused capital losses of approximately $98, of which $0 are short-term and $98 are long-term, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Company for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders.