Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of permanent differences resulting in reclassification of net assets |
For the years ended December 31, 2025 and 2024, and the reporting period ended December 31, 2023, permanent differences were as follows:
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December 31, 2025 |
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|
December 31, 2024 |
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|
December 31, 2023 |
|
Undistributed net investment income (loss) |
$ |
632 |
|
|
$ |
961 |
|
|
$ |
379 |
|
Accumulated net realized gain (loss) |
|
894 |
|
|
|
178 |
|
|
|
4 |
|
Paid in capital |
|
(1,525 |
) |
|
|
(1,139 |
) |
|
|
(383 |
) |
|
| Summary of reconciliation of increase in net assets resulting from operations |
The following reconciles the increase in net assets resulting from operations to taxable income for the years ended December 31, 2025 and 2024, and the reporting period ended December 31, 2023:
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December 31, 2025 |
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December 31, 2024 |
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December 31, 2023 |
|
Net increase (decrease) in net assets resulting from operations |
$ |
31,318 |
|
|
$ |
24,325 |
|
|
$ |
212 |
|
Net realized gain (loss) |
|
63 |
|
|
|
1,952 |
|
|
|
— |
|
Net change in unrealized appreciation (depreciation) |
|
2,060 |
|
|
|
(26 |
) |
|
|
(199 |
) |
Expenses not currently deductible and income and realized losses not currently includable |
|
(78 |
) |
|
|
(78 |
) |
|
|
1,107 |
|
Non-deductible expenses and income not includable |
|
1,526 |
|
|
|
1,136 |
|
|
|
383 |
|
Taxable income net of capital loss carryforward |
|
34,889 |
|
|
|
27,309 |
|
|
|
1,503 |
|
Capital loss carryforward |
|
1,711 |
|
|
|
— |
|
|
|
— |
|
Taxable/distributable income |
$ |
36,600 |
|
|
$ |
27,309 |
|
|
$ |
1,503 |
|
|
| Schedule of components of accumulated under-distributed (over-distributed) earnings as calculated on tax basis |
The components of accumulated under-distributed (over-distributed) earnings as calculated on a tax basis for the taxable years ended December 31, 2025 and 2024, and the reporting period ended December 31, 2023 are as follows:
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December 31, 2025 |
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|
December 31, 2024 |
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December 31, 2023 |
|
Distributable ordinary income |
$ |
7,954 |
|
|
$ |
1,787 |
|
|
$ |
255 |
|
Distributable capital gains |
|
— |
|
|
|
559 |
|
|
|
4 |
|
Net unrealized (appreciation) depreciation |
|
(3,850 |
) |
|
|
(1,728 |
) |
|
|
199 |
|
Other temporary book/tax differences |
|
(952 |
) |
|
|
(1,029 |
) |
|
|
(1,107 |
) |
Capital loss carryforward |
|
(1,711 |
) |
|
|
— |
|
|
|
— |
|
Total accumulated earnings (losses) - net |
$ |
1,441 |
|
|
$ |
(411 |
) |
|
$ |
(649 |
) |
|
| Schedule of cost and unrealized gain (loss) of company's investments on tax basis |
The cost and unrealized gain (loss) of the Company’s investments, as calculated on a tax basis, at December 31, 2025, 2024, and 2023 are as follows:
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December 31, 2025 |
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|
December 31, 2024 |
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|
December 31, 2023 |
|
Tax cost |
$ |
571,192 |
|
|
$ |
653,701 |
|
|
$ |
70,883 |
|
Gross unrealized appreciation |
|
3,266 |
|
|
|
4,135 |
|
|
|
317 |
|
Gross unrealized depreciation |
|
(7,116 |
) |
|
|
(5,863 |
) |
|
|
(118 |
) |
Net unrealized investment appreciation (depreciation) on investments |
$ |
(3,850 |
) |
|
$ |
(1,728 |
) |
|
$ |
199 |
|
|