Income Tax (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Tax Character of Distributions

The tax character of distributions during the years ended December 31, 2025, 2024 and 2023 were as follows:


	For the Year Ended December 31,
	2025		2024		2023
Distributions paid from:
Ordinary Income	$	60,442	$	21,941	$	1,358
Net Long-Term Capital Gains		913		905		843
Total Taxable Distributions	$	61,355	$	22,846	$	2,201

Schedule of Reconciles Net Increase in Net Assets Resulting from Operations to Taxable Income

The following reconciles net increase in net assets resulting from operations to taxable income for the years ended December 31, 2025, 2024 and 2023:


	For the Year Ended December 31,
	2025			2024			2023
Net increase (decrease) in net assets resulting from operations	$	71,202			28,360			2,784
Net change in unrealized appreciation		(8,828	)		(2,647	)		196
Expenses not currently deductible		597			298			64
Income for tax but not book		1,750			792			62
Taxable/Distributable Income (1)	$	64,721			26,803			3,106

(1)

The calculation of estimated 2025 taxable income includes a number of estimated inputs, including information received from third parties and, as a result, actual 2025 taxable income will not be finally determined until the Company’s 2025 tax return is filed in 2026 (and, therefore, such estimate is subject to change).

Schedule of Aggregate Unrealized Appreciation and Depreciation on Investments and Forward Currency Exchange Contracts Based on Cost for U.S. Federal Income Tax Purpose

As of December 31, 2025, 2024 and 2023, the Company’s aggregate unrealized appreciation and depreciation on investments and forward currency exchange contracts based on cost for U.S. federal income tax purposes was as follows:


	For the Year Ended December 31,
	2025			2024			2023
Tax cost	$	1,666,095			717,624			192,883
Gross unrealized appreciation		24,073			7,434			2,700
Gross unrealized depreciation		(8,338	)		(6,409	)		(2,829	)
Net unrealized appreciation on investments	$	15,735			1,025			(129	)