v3.25.4
INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Net operating loss $ 1,880 $ 389
Interest expense 2,765 946
Incentive fees 2,544 0
Total gross deferred tax assets 7,189 1,335
Valuation allowance 0 0
Total deferred tax assets 7,189 1,335
Deferred tax liabilities    
Investments 42,417 3,239
Interest rate swaps 692 0
Total deferred tax liabilities 43,109 3,239
Net deferred tax (liabilities) assets $ (35,920) $ (1,904)