v3.26.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Permanent Differences For the years ended December 31, 2025 and 2024, permanent differences were as follows:

 

 

 

Year Ended December 31,

 

 

2025

 

 

2024

 

Accumulated net distributable earnings (losses)

 

$

213

 

 

$

106

 

Paid-in capital in excess of par value

 

 

(213

)

 

 

(106

)

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

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

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

Net increase (decrease) in net assets resulting from operations

 

$

70,120

 

 

$

9,894

 

Net unrealized (appreciation) depreciation

 

 

2,769

 

 

 

350

 

Realized gain (loss) for tax not included in book income

 

 

(573

)

 

 

 

Capital losses carried forward

 

 

767

 

 

 

 

Other non-deductible expenses and excise taxes

 

 

1,156

 

 

 

106

 

Other book/tax differences

 

 

5,374

 

 

 

(474

)

Total taxable income

 

$

79,613

 

 

$

9,876

 

Schedule of Components of Accumulated Net Distributable Earnings (Losses) as Calculated on a Tax Basis

The components of accumulated net distributable earnings (losses) as calculated on a tax basis for the years ended December 31, 2025 and 2024 were as follows:

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

Undistributed ordinary income

 

$

8,195

 

 

$

1,587

 

Accumulated capital and other losses

 

 

(767

)

 

 

 

Accumulated net unrealized appreciation (depreciation)

 

 

(2,421

)

 

 

123

 

Other book/tax differences

 

 

(809

)

 

 

 

Total accumulated net distributable earnings (losses)

 

$

4,198

 

 

$

1,710

 

Schedule of Cost and Unrealized Gain (Loss) of Investments

The cost and unrealized gain (loss) of the Company’s investments, as calculated on a tax basis, at December 31, 2025 and 2024 are as follows:

 

 

 

Year Ended December 31,

 

 

2025

 

 

2024

 

Gross unrealized appreciation

 

$

5,743

 

 

$

2,411

 

Gross unrealized depreciation

 

 

(6,508

)

 

 

(2,289

)

Net unrealized appreciation (depreciation)

 

$

(765

)

 

$

122

 

 

 

 

 

 

 

 

Tax cost

 

$

1,666,182

 

 

$

888,796

 

Schedule of Company incurred capital losses The Company incurred capital losses for the years ended December 31, 2025 and 2024 as follows:

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

Short-term capital loss

 

$

(767

)

 

$

 

Long-term capital loss

 

 

 

 

 

 

Schedule of Tax Character of Distributions Paid The tax character of distributions paid during tax years ended December 31, 2025 and 2024 were as follows:

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

Distributions paid from ordinary income

 

 

67,845

 

 

 

8,290