Schedule of Components of Accumulated Losses on Tax Basis

The following table shows the components of accumulated losses on a tax basis for the year ended December 31, 2025 and the period from March 12, 2024 (Inception) through December 31, 2024 (in thousands):


	As of December 31, 2025			As of December 31, 2024
Undistributed net investment income	$	-		$	-
Other temporary differences		(1,375	)		-
Capital loss carryforward		(2	)		-
Unrealized appreciation (depreciation)		5,025			-
Total tax distributable earnings at year end	$	3,648		$	-

Schedule of Income Taxes and Excise Taxes

For the year ended December 31, 2025, the Company reclassified for book purposes amounts arising from permanent book/tax differences related to the different tax treatment of foreign currency gain(loss) and non-deductible-excise tax as follows (in thousands):


	For the Year Ended December 31, 2025
Accumulated net realized gain (loss)	$	3
Increase (Decrease) in undistributed net investment income		(3	)
Total	$	-