v3.26.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Aggregate Investment Unrealized Appreciation and Depreciation for Federal Income Tax Purposes

As of December 31, 2025, 2024, and 2023 the Company’s aggregate investment unrealized appreciation and depreciation for federal income tax purposes were as follows:

 

 

 

As of December 31,

 

 

2025

 

 

2024

 

 

2023

 

Cost of investments for federal income tax purposes

 

$

213,938

 

 

$

159,410

 

 

$

156,354

 

Unrealized appreciation

 

$

7,065

 

 

$

1,514

 

 

$

1,408

 

Unrealized depreciation

 

$

(8,062

)

 

$

(1,983

)

 

$

(472

)

Net unrealized (depreciation) appreciation on investments

 

$

(997

)

 

$

(469

)

 

$

936

 
Schedule of Reclassifications for Permanent Difference Between Book and Tax Accounting

The following reclassifications have been made for the permanent difference between book and tax accounting as of December 31, 2025, 2024, and 2023. These differences result primarily from net operating losses, differences in accounting for partnership interest, and amendment fees reclassified as capital gains:

 

 

 

As of December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Common Unitholders tax reclassification

 

$

—

 

 

$

—

 

 

$

—

 

Undistributed net investment (loss) income

 

$

2,093

 

 

$

(597

)

 

$

—

 

Accumulated net realized gain (loss)

 

$

(2,093

)

 

$

597

 

 

$

—

 
Schedule of Tax Character of Shareholder Distributions

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

 

 

 

For the year ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Ordinary income

 

$

22,460

 

 

$

17,083

 

 

$

7,496

 

Long-term capital gain

 

$

1,051

 

 

$

471

 

 

$

—

 

Return of capital

 

$

8,789

 

 

$

7,545

 

 

$

5,997

 
Schedule of Components of Distributable Earnings on Tax Basis

The tax components of distributable earnings on a tax basis for the years ended December 31, 2025, 2024, and 2023 were as follows:

 

 

 

For the year ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Net tax appreciation (depreciation)

 

$

(1,200

)

 

$

(716

)

 

$

721

 

Capital loss carryover

 

$

—

 

 

$

—

 

 

$

—

 

Other cumulative effect of timing differences

 

$

(7,157

)

 

$

3,712

 

 

$

(1,303

)