v3.26.1
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

7. Income Taxes

The Company’s taxable income generally differs from net increase (decrease) in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in the Company’s taxable income until they are realized. For the year ended December 31, 2025, the Company has temporary differences that are primarily due to differences between book and tax treatment of partnership income from underlying investments and the amortization of organizational costs. For the year ended December 31, 2024, the Company had temporary differences that were primarily due to differences between book and tax treatment of partnership income from underlying investments and the amortization of organizational costs. For the period from April 3,2023 (commencement of operations) to December 31, 2023, the Company had no temporary differences. For the year ended December 31, 2025, the Company had a permanent difference of $17 related to a nondeductible excise tax. For the year ended December 31, 2024 and for the period from April 3,2023 (commencement of operations) to December 31, 2023, the Company had no permanent differences.

The Company’s taxable income is an estimate and will not be finally determined until the Company files its tax return for each year. Therefore, the final taxable income, and the taxable income earned in each period and carried forward for distribution in the following period, may be different than this estimate. The estimated tax character of distributions declared for the years/periods indicated were as follows:

 

 

 

 

 

 

 

 

 

For the Period from

 

 

 

 

 

 

 

 

 

April 3, 2023

 

 

 

 

 

 

 

 

 

(commencement

 

 

 

Year Ended

 

 

Year Ended

 

 

of operations) to

 

 

 

December 31, 2025

 

 

December 31, 2024

 

 

December 31, 2023

 

Ordinary income

 

$

137,316

 

 

$

64,916

 

 

$

15,418

 

Long-term capital gains

 

 

—

 

 

 

—

 

 

 

—

 

Tax return of capital

 

 

—

 

 

 

—

 

 

 

—

 

 

As of December 31, 2025 and December 31, 2024, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

 

 

 

December 31, 2025

 

 

December 31, 2024

 

Undistributed ordinary income

 

$

694

 

 

$

1,576

 

Other book/tax temporary differences

 

 

(1,025

)

 

 

(956

)

Capital loss carryforwards

 

 

—

 

 

 

—

 

Undistributable capital gains

 

 

—

 

 

 

—

 

Net realized gain (loss) from investments in securities of unaffiliated issuers

 

 

—

 

 

 

—

 

Net unrealized depreciation from investments in securities of unaffiliated issuers

 

 

(5,295

)

 

 

409

 

Total distributable earnings (accumulated loss)

 

$

(5,626

)

 

$

1,029

 

 

As of December 31, 2025, the aggregate cost of investments for U.S. federal income tax purposes is $3,159,548. As of December 31, 2025, net unrealized depreciation on the Company’s investments (tax basis) was $(5,295), consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of $14,842 and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of $(20,137). As of December 31, 2024, the aggregate cost of investments for U.S. federal income tax purposes is $1,570,133. As of December 31, 2024, net unrealized appreciation on the Company’s investments (tax basis) was $409, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of $5,012 and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of $4,603.