v3.25.4
Tax Information
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Tax Information

11. TAX INFORMATION

The tax character of distributions was as follows:

 

 

For the Year Ended December 31, 2025

 

 

For the Year Ended December 31, 2024

 

 

For the Year Ended December 31, 2023

 

 

Distributions paid from:

 

 

 

 

 

 

 

 

 

 

 Ordinary Income

 

$

659,156

 

 

$

320,664

 

 

$

65,578

 

 

Net Long-Term Capital Gains

 

 

1,355

 

 

 

5,253

 

 

 

—

 

 

Total Taxable Distributions

 

$

660,511

 

 

$

325,917

 

 

$

65,578

 

 

 

The components of Accumulated Earnings (Losses) on a tax basis were as follows:

 

 

 

December 31, 2025

 

 

December 31, 2024

 

 

December 31, 2023

 

 

Undistributed Ordinary Income - net

 

$

1,355

 

 

$

1,601

 

 

$

1,310

 

 

Undistributed Long-Term Capital Gains

 

 

—

 

 

$

1,355

 

 

$

—

 

 

Total Undistributed Earnings

 

$

1,355

 

 

$

2,956

 

 

$

1,310

 

 

Capital Loss Carryforward

 

 

 

 

 

 

 

 

 

 

    Perpetual Short-Term

 

$

—

 

 

$

—

 

 

$

(584

)

 

Timing Differences (Dividend, Distributions Payable, Post - October Loss Deferral and Incentive Fees)

 

 

(2,071

)

 

 

—

 

 

 

(492

)

 

Unrealized Earnings (Losses)—net

 

 

(64,179

)

 

 

(4,873

)

 

 

1,965

 

 

Total Accumulated Earnings (Losses)—net

 

$

(64,895

)

 

$

(1,917

)

 

$

2,199

 

 

The Company’s aggregate unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows:

 

 

December 31, 2025

 

 

December 31, 2024

 

 

December 31, 2023

 

 

Tax cost

 

$

15,985,041

 

 

$

7,734,384

 

 

$

1,848,619

 

 

Gross unrealized appreciation

 

 

52,353

 

 

 

33,822

 

 

 

12,576

 

 

Gross unrealized depreciation

 

 

(116,532

)

 

 

(38,695

)

 

 

(10,611

)

 

Net unrealized investment appreciation (depreciation)

 

$

(64,179

)

 

$

(4,873

)

 

$

1,965

 

 

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of material modification of debt securities, unrealized appreciation (depreciation) on derivatives and changes in the fair value of the hedged liabilities attributable to the risk being hedged.

In order to present certain components of the Company’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Company’s accounts. These reclassifications have no impact on the net asset value of the Company and result primarily from differences in the tax treatment of underlying fund investments, certain non-deductible expenses and return of capital distributions. For the years ended December 31, 2025, December 31, 2024, and December 31, 2023, the Company reclassified $3,189, ($10) and $0 from total distributable earnings to paid-in capital in excess of par.

The following table reconciles net increase in net assets resulting from operations to taxable income:

 

 

December 31, 2025

 

 

December 31, 2024

 

 

December 31, 2023

 

 

Net increase in net assets resulting from operations

 

$

598,898

 

 

$

321,791

 

 

$

67,777

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

Net unrealized (gains) losses

 

 

55,875

 

 

 

3,094

 

 

 

(1,965

)

 

Income not currently taxable

 

 

(1,509

)

 

 

10

 

 

 

—

 

 

Expenses not currently deductible

 

 

1,026

 

 

 

75

 

 

 

492

 

 

Expenses for tax but not for book

 

 

(48

)

 

 

(492

)

 

 

—

 

 

Realized gain (loss) differences

 

 

4,667

 

 

 

3,084

 

 

 

—

 

 

Taxable income net of capital loss carryforward

 

$

658,909

 

 

$

327,562

 

 

$

66,304

 

 

Capital loss carryforward

 

 

—

 

 

 

—

 

 

 

584

 

 

Taxable income(1)

 

$

658,909

 

 

$

327,562

 

 

$

66,888

 

 

 

(1)
Taxable income is an estimate and is not fully determined until the Company’s tax return is filed.

 

ASC Topic 740 Accounting for Uncertainty in Income Taxes (“ASC 740”) provides guidance on the accounting for and disclosure of uncertainty in tax position. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Based on its analysis of its tax position for all open tax years (the current and prior years, as applicable), the Company has concluded that it does not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740. Such open tax years remain subject to examination and adjustment by tax authorities.