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:

 

 

 

Year ended December 31,

 

 

2025

 

 

2024

 

 

2023

 

Cost of investments for federal income tax purposes

 

$

1,272,824

 

 

$

1,040,123

 

 

$

779,654

 

Unrealized appreciation

 

$

38,544

 

 

$

8,619

 

 

$

8,396

 

Unrealized depreciation

 

$

(60,535

)

 

$

(18,798

)

 

$

(3,687

)

Net unrealized (depreciation) appreciation on investments

 

$

(21,991

)

 

$

(10,179

)

 

$

4,709

 

Summary of Reclassification of Net Operating Losses and Differences in Accounting for Partnership Interest and Amendment Fees as Capital Gains

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:

 

 

 

Year ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Common Unitholders tax reclassification

 

$

 

 

$

 

 

$

 

Undistributed net investment (loss) income

 

$

(11,844

)

 

$

(3,136

)

 

$

(368

)

Accumulated net realized gain (loss)

 

$

11,844

 

 

$

3,136

 

 

$

368

 

Schedule of Tax Character of Shareholder Distributions Attributable

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

 

 

 

Year ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Ordinary income

 

$

110,917

 

 

$

84,416

 

 

$

56,137

 

Long-term capital gain

 

$

5,295

 

 

$

1,979

 

 

$

400

 

Return of capital

 

$

3,788

 

 

$

2,847

 

 

$

3,094

 

Summary 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:

 

 

 

Year ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Net tax appreciation (depreciation)

 

$

(22,997

)

 

$

(11,290

)

 

$

3,788

 

Other cumulative effect of timing differences

 

$

(37,890

)

 

$

(22,255

)

 

$

11,579