Taxable/Distributable Income (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Tax Character of Distributions |
The tax character of distributions for the years ended December 31, 2025, 2024 and 2023 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
Ordinary income (including net short-term capital gains) |
|
$ |
254,641 |
|
|
$ |
203,192 |
|
|
$ |
94,428 |
|
Capital gains |
|
|
23,369 |
|
|
|
13,926 |
|
|
|
2,342 |
|
Return of capital |
|
|
9,943 |
|
|
|
— |
|
|
|
— |
|
Total taxable distributions |
|
$ |
287,953 |
|
|
$ |
217,118 |
|
|
$ |
96,770 |
|
|
| Schedule of Components of Accumulated Earnings (Losses) |
The components of Accumulated Earnings (Losses) on a tax basis for the years ended December 31, 2025, 2024 and 2023 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
Undistributed ordinary income - net |
|
$ |
— |
|
|
$ |
10,941 |
|
|
$ |
— |
|
Undistributed long-term capital gains |
|
|
— |
|
|
|
2,336 |
|
|
|
— |
|
Total undistributed earnings |
|
|
— |
|
|
|
13,277 |
|
|
|
— |
|
Capital loss carryforward |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Unrealized earnings (losses) - net |
|
|
(25,535 |
) |
|
|
(3,452 |
) |
|
|
(13,859 |
) |
Timing differences |
|
|
2,363 |
|
|
|
(3,880 |
) |
|
|
(1,484 |
) |
Total accumulated earnings (losses) - net |
|
$ |
(23,172 |
) |
|
$ |
(7,332 |
) |
|
$ |
(15,343 |
) |
|
| Schedule of Reclassifications of Permanent Book to Tax Basis Differences |
For the years ended December 31, 2025, 2024 and 2023 the Company made the following reclassifications of permanent book to tax basis differences:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
Paid-in capital in excess of par value |
|
$ |
(111 |
) |
|
$ |
179 |
|
|
$ |
773 |
|
Net distributable earnings (accumulated losses) |
|
$ |
111 |
|
|
$ |
(179 |
) |
|
$ |
(773 |
) |
|
| Schedule of Net Decrease in Net Assets Resulting From Operations to Total Taxable Income and Gains Available for Distributions |
The following table reconciles net decrease in net assets resulting from operations to total taxable income and gains available for distributions for the years ended December 31, 2025, 2024 and 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
Net increase (decrease) in net assets resulting from operations |
|
$ |
262,059 |
|
|
$ |
225,308 |
|
|
$ |
135,676 |
|
Net change in unrealized appreciation (depreciation) |
|
|
20,390 |
|
|
|
(16,107 |
) |
|
|
(37,095 |
) |
Unearned performance-based incentive fee on unrealized gains |
|
|
(972 |
) |
|
|
5,359 |
|
|
|
— |
|
Basis adjustment for corporate conversion |
|
|
84 |
|
|
|
(256 |
) |
|
|
(795 |
) |
Post October loss deferral |
|
|
12,096 |
|
|
|
(1,461 |
) |
|
|
(1,043 |
) |
Other book-tax differences |
|
|
(28,918 |
) |
|
|
17,552 |
|
|
|
27 |
|
Total taxable / distributable income |
|
$ |
264,739 |
|
|
$ |
230,395 |
|
|
$ |
96,770 |
|
|
| Schedule of Aggregate Unrealized Appreciation and Depreciation on Investments Based on Cost for U.S. Federal Income Tax Purposes |
The Company’s aggregate unrealized appreciation and depreciation on investments based on cost for U.S. federal income tax purposes for the years ended December 31, 2025, 2024 and 2023 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
Tax cost |
|
$ |
6,396,023 |
|
|
$ |
4,542,474 |
|
|
$ |
2,209,358 |
|
Gross unrealized appreciation |
|
|
46,209 |
|
|
|
19,858 |
|
|
|
19,035 |
|
Gross unrealized depreciation |
|
|
(51,179 |
) |
|
|
(33,268 |
) |
|
|
(31,340 |
) |
Investments at Fair Value |
|
$ |
6,391,054 |
|
|
$ |
4,529,064 |
|
|
$ |
2,197,053 |
|
|