v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Summary of Tax Character of Stockholder Distributions

The tax character of stockholder distributions attributable to the years ended December 31, 2025 and 2024 and the period from May 5, 2023 (Commencement of Operations) through December 31, 2023, was as follows (in thousands):

 

 

 

For the Year Ended December 31, 2025

 

 

For the Year Ended December 31, 2024

 

 

For the period from
May 5, 2023
(Commencement of Operations) through December 31, 2023

 

Ordinary Income

 

$

28,983

 

 

$

10,145

 

 

$

—

 

Capital Gain

 

—

 

 

—

 

 

 

—

 

Total

 

$

28,983

 

 

$

10,145

 

 

$

—

 
Summary of Components of Accumulated Losses on Tax Basis and Aggregate Investment Unrealized Appreciation and Depreciation The following table shows the components of accumulated losses on a tax basis for the years ended December 31, 2025 and 2024 (in thousands):

 

 

As of
December
31, 2025

 

 

As of
December 31, 2024

 

Undistributed net investment income

 

$

5,388

 

 

$

8,407

 

Other temporary differences

 

 

(1,407

)

 

 

(875

)

Post October loss deferrals

 

 

—

 

 

 

—

 

Capital loss carryover

 

 

(2,161

)

 

 

(97

)

Unrealized appreciation (depreciation)

 

 

8,520

 

 

 

2,130

 

Components of tax distributable earnings at year end

 

$

10,340

 

 

$

9,565

 

The Company’s aggregate investment unrealized appreciation and depreciation for federal income tax purposes was as follows (in thousands):

 

 

As of
December
31, 2025

 

 

As of
December 31, 2024

 

Tax Cost

 

$

905,241

 

 

$

291,955

 

Gross Unrealized Appreciation

 

$

13,386

 

 

$

3,945

 

Gross Unrealized Depreciation

 

 

(4,469

)

 

 

(1,815

)

Net Unrealized Investment Appreciation (Depreciation)

 

$

8,917

 

 

$

2,130

 
Summary of Book Purpose Amounts Arising from Permanent book/Tax Differences Related to Different Tax Treatment of Foreign Currency For the years ended December 31, 2025 and 2024 and the period from May 5, 2023 (Commencement of Operations) through December 31, 2023, 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

 

 

For the Year Ended December 31, 2024

 

 

For the period from
May 5, 2023
(Commencement of Operations) through December 31, 2023

 

Accumulated net realized gain (loss)

 

$

2,572

 

 

$

87

 

 

$

—

 

Increase (Decrease) in undistributed net investment income

 

 

(2,350

)

 

 

238

 

 

 

110

 

Total

 

$

222

 

 

$

325

 

 

$

110