v3.26.1
Tax Information
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Tax Information Tax Information
The Company has elected to be treated, and intends to qualify annually for U.S. federal income tax purposes as a RIC under Subchapter M of the Code.
GAAP requires that certain components of net assets be adjusted to reflect permanent book-to-tax differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The following
permanent differences were reclassified for tax purposes among the components of net assets for the year ended December 31, 2025 and December 31, 2024 (amounts in thousands):
For the year ended December 31,
20252024
Paid-in capital$(323)$— 
Accumulated earnings (losses)323 — 
As of December 31, 2025 and December 31, 2024, the components of distributable earnings (losses) on a tax-basis detailed below differ from the amounts reflected in the Company’s Consolidated Statements of Assets and Liabilities by temporary and permanent book or tax differences arising during the years ended December 31, 2025 and December 31, 2024 (amounts in thousands).
For the year ended December 31,
 20252024
Other temporary differences$(3,703)$(2,380)
Undistributed ordinary income1,909 1,561 
Unrealized appreciation (depreciation)7,726 1,918 
Distributable earnings (losses)$5,932 $1,099 
The tax character of distributions paid for the year ended December 31, 2025 and December 31, 2024 were follows (amounts in thousands):
For the year ended December 31,
20252024
Ordinary income$30,038 $— 
Taxable income for the years ended December 31, 2025 and December 31, 2024, were as follows (amounts in thousands, except share and per share amounts):
For the year ended December 31,
20252024
Taxable income$30,386 $1,950 
Taxable income, per share1.63 0.13 
Weighted average shares of common stock outstanding18,654,831 12,275,935 
As of December 31, 2025 and December 31, 2024, gross unrealized appreciation and depreciation based on cost of investments for U.S. federal income tax purposes were as follows (amounts in thousands):
For the year ended December 31,
20252024
Tax cost of investments$876,688 $488,544 
Gross unrealized appreciation8,626 2,273 
Gross unrealized depreciation(900)(355)
Net unrealized appreciation (depreciation)$7,726 $1,918 
For the years ended December 31, 2025 and December 31, 2024, the Company accrued excise tax of $0.1 million and $0.04 million, respectively.
In accordance with ASC 740, the Company evaluates tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold, or uncertain tax positions, would be recorded as a tax expense in the current year. It is the Company’s policy to recognize accrued interest and penalties, if any,
related to unrecognized tax benefits as a component of provision for income taxes. Based on an analysis of the Company’s tax position, there are no uncertain tax positions that met the recognition or measurement criteria. The Company is currently not undergoing any tax examinations.