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INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Fund generates all of its income within the U.S. The Fund has elected to be treated as a corporation for U.S. federal and state income tax purposes. As a result, U.S. federal and state tax will be assessed on the Fund’s net income.

For federal income tax purposes, the estimated cost of investments held on December 31, 2025 was $2,343.2 million. The estimated gross unrealized appreciation was $190.0 million and estimated gross unrealized depreciation was $0.8 million resulting in net unrealized appreciation in value of investments of $189.2 million based on cost for U.S. federal income tax purposes.

Income taxes are accounted for using the liability method of accounting. Under such method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred assets and liabilities of a change in tax rates is recognized as income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current and deferred tax liabilities are reflected on a net basis in the financial statements.

The provision for income taxes consists of the following for the year ended December 31, 2025 and for the period from May 7, 2024 (inception) to December 31, 2024:
For the year ended December 31, 2025
For the period from May 7, 2024 (inception) to December 31, 2024
Current:
U.S. federal income tax (expense) / benefit$— $— 
State and local income tax (expense) / benefit— — 
— — 
Deferred:
U.S. federal income tax (expense) / benefit(31,300)(1,736)
State and local income tax (expense) / benefit(2,716)(168)
(34,016)(1,904)
Total:
U.S. federal income tax (expense) / benefit(31,300)(1,736)
State and local income tax (expense) / benefit(2,716)(168)
Income tax (expense)/benefit$(34,016)$(1,904)

The reconciliation of taxes from the statutory tax rate to the Fund’s effective tax rate as calculated in accordance with ASU 2023-09 is presented below:
AmountEffective Tax Rate
U.S. federal statutory tax rate$31,879 21.0 %
State and local income taxes, net of federal income tax effect2,161 1.4 %
Effect of changes in state tax laws or rates enacted in the current period (13)— %
Return to provision - temporary differences deferred (11)— %
Income tax expense$34,016 22.4 %
The reconciliation of the statutory tax rate to the Fund’s effective tax rate for the period prior to the adoption of ASU 2023-09 is as follows:
For the period from May 7, 2024 (inception) to December 31, 2024
Income tax expense at federal statutory rate21.0 %
State income tax (net of federal benefit)1.6 
Total effective rate22.6 %

The income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows as of December 31, 2025 and 2024:
As of December 31,
20252024
Deferred tax assets:
Net operating loss$1,880 $389 
Interest expense2,765 946 
Incentive fees2,544 — 
Total gross deferred tax assets7,189 1,335 
Valuation allowance— — 
Total deferred tax assets7,189 1,335 
Deferred tax liabilities
Investments(1)
42,417 3,239 
Interest rate swaps(1)
692 — 
Total deferred tax liabilities43,109 3,239 
Net deferred tax (liabilities) assets$(35,920)$(1,904)
(1)Represents the difference in book and tax basis for investments and interest rate swaps.

In assessing the realizability of deferred tax assets, the Fund considers whether it is probable that some or all of the deferred tax assets will not be realized. In determining whether the deferred taxes are realizable, the Fund considers the period of expiration of the tax asset, historical and projected taxable income, and tax liabilities for the tax jurisdiction in which the tax asset is located. Valuation allowances are provided to reduce the amounts of deferred tax assets to an amount that is more likely than not to be realized based on an assessment of positive and negative evidence, including estimates of future taxable income necessary to realize future deductible amounts.
The Fund analyzes its tax filing positions in all U.S. federal, state and local tax jurisdictions where it is required to file income tax returns for all open tax years (2024 and 2025). The Fund recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. The tax benefit recognized in the financial statements for a particular tax position is based on the largest benefit that is more likely than not to be realized. The amount of unrecognized tax benefits (“UTBs”) is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination. The Fund recognizes both accrued interest and penalties, where appropriate, related to UTBs in general, administrative and other expenses.

Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties under GAAP. The Fund reviews its tax positions monthly and adjusts its tax balances as new information becomes available.

As of December 31, 2025 and 2024, the Fund had no significant uncertain tax positions.
The Fund files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Fund is subject to examination by federal, state and local tax regulators. As of December 31, 2025, the Fund is subject to potential examination by federal, state and tax regulators for returns filed since the Fund's inception in 2024.