INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

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)

Schedule of Effective Income Tax Rate Reconciliation

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:


	Amount		Effective Tax Rate


U.S. federal statutory tax rate	$	31,879	21.0	%
State and local income taxes, net of federal income tax effect	2,161		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 rate	21.0	%
State income tax (net of federal benefit)	1.6
Total effective rate	22.6	%

Schedule of Deferred Tax Assets and Liabilities

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,
	2025		2024

Deferred tax assets:
Net operating loss	$	1,880	$	389
Interest expense	2,765		946
Incentive fees	2,544		—

Total gross deferred tax assets	7,189		1,335
Valuation allowance	—		—
Total deferred tax assets	7,189		1,335
Deferred tax liabilities
Investments(1)	42,417		3,239
Interest rate swaps(1)	692		—

Total deferred tax liabilities	43,109		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.