v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Tax Character of Distributions The tax character of distributions made for the years ended December 31, 2025, December 31, 2024, and 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)

 

$

312,944

 

 

$

282,812

 

 

$

161,416

 

Net long-term capital gains

 

 

—

 

 

 

—

 

 

 

—

 

Total taxable distributions

 

$

312,944

 

 

$

282,812

 

 

$

161,416

 
Schedule of Book-to-Tax 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,
2023

 

Paid-in capital in excess of par value

 

$

1,028

 

 

$

630

 

 

$

(71

)

Total distributable earnings (loss)

 

 

(1,028

)

 

 

(630

)

 

 

71

 

 
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

 

$

47,765

 

 

$

54,816

 

 

$

20,911

 

Gross unrealized depreciation

 

 

(138,344

)

 

 

(78,868

)

 

 

(53,216

)

Net unrealized appreciation (depreciation)

 

 

(90,579

)

 

 

(24,052

)

 

 

(32,305

)

Tax cost of investments at year end

 

$

6,699,705

 

 

$

6,103,560

 

 

$

3,227,449