INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

INCOME TAXES

Schedule of reconciliation of net increase in net assets resulting from operations to taxable income


		Year ended December 31,
($ in thousands)		2025			2024			2023
Net increase (decrease) in net assets resulting from operations		$	14,337		$	10,851		$	20,412
Change in net unrealized (appreciation) depreciation on investments and foreign currency			(23,792)			8,406			23,248
Other book-to-tax differences			36,666			18,089			204
Taxable income before deductions for distributions		$	27,211		$	37,346		$	43,864

Schedule of tax character of distributions


		Year ended December 31,
($ in thousands)		2025					2024					2023
Ordinary income		$	33,257		100.0	%	$	41,489		100.0	%	$	36,027		100.0	%
Return of capital			—		—			—		—			—		—
Long-term capital gains			—		—			—		—			—		—
Total distributions		$	33,257		100.0	%	$	41,489		100.0	%	$	36,027		100.0	%

Schedule of tax basis components of distributable earnings


		Year ended December 31,
($ in thousands)		2025			2024			2023
Ordinary income		$	21,577		$	28,366		$	31,874
Accumulated capital and other losses			(41,856)			(27,935)			—
Net unrealized (depreciation) appreciation on investments and foreign currency			(52,057)			(54,509)			(54,020)
Distributions deferred			—			—			—
Total (accumulated deficit) distributable earnings – tax basis		$	(72,336)		$	(54,078)		$	(22,146)